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In South Africa, "inheritance tax" is a term commonly used to refer to estate duty, a tax levied on the property of deceased persons. However, it's important to note that the financial implications don't stop there. Other taxes, such as Capital Gains Tax (CGT), and concepts like death duties, also play critical roles in the financial landscape of inheritance.
Planning for something fun like your next big holiday or your dream wedding can be fun and many people willingly put many hours and a fair amount of blood, sweat and tears into these events. However, there is something far more important to plan for and it’s never too early to start - estate planning.
Clever estate planning involves finding ways for reducing estate duty costs and is an essential part of the financial planning process, as this ensures that your heirs benefit fully from their inheritance.
During the estate planning process, it’s important to be aware of the fact that there are certain assets that cannot be included in your will.
These are known as non-probate assets, or assets that pass outside of will. For better understanding of the term non-probate, we can look at what probate means.
Estate planning is an essential part of the overall financial strategy to secure a financially stable and sustainable future.
There are many parts that make up the whole, all of which need to be addressed in order to protect the legacy you leave behind and all the rightful heirs and beneficiaries.
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