Introduction The National Assembly recently passed the Recognition of Customary Marriages Amendment Bill, which has fundamental financial implications regarding customary marriages in South Africa. The draft bill seeks to amend certain provisions of the Recognition of Customary Marriages Act (the Act) and bring the provisions of the Act in line with the Constitutional Court ruling...Read More

Historic Judgment favours black women married in apartheid era A recent decision of the Durban High Court has made a ground-breaking judgment for black marriages concluded before 1988, ruling that all marriages prior to this date will automatically be recognized and declared as marriages in community of property. The former Black Administration Act (‘the Act’),...Read More

Right of pre-emption in a shareholder agreement vs provision in the will The right of pre-emption is a contractual arrangement, usually between shareholders, granting each other the right to acquire each other’s shares. A question posed to us recently was, what happens upon death where the agreement does not specifically provide that the pre-emptive rights...Read More

The “honour” of being an executor in a deceased’s estate You may feel privileged to be asked to be an executor in an estate and assist in the winding up of one’s affairs as they trusted you implicitly to ensure that their final wishes are carried out. But what does it entail? In many cases,...Read More

If your Trust is buying or selling immovable property, extra care must be taken with the drafting of the agreement of sale to ensure it is a binding and valid agreement. Here are some of the points to be considered for the agreement to be valid: Authority of Trustees Trustees may only enter into a...Read More

DECEASED ESTATES PAY TAX It is true! Even after you are no longer part of the economy, you are still liable to pay tax! As you may already know, everything is taxed, even small items you purchase at the shop on a regular day like a can of coke. HOW DOES THIS WORK WITH A...Read More

SIGNING SURETY – THE STING’S IN THE TAIL “She just did not want to be liable if he defaulted, a common regret felt by those who stand surety for defaulting debtors” (extract from judgment below) In the beginning…You are totally relaxed. The bank won’t give your son /daughter / spouse/partner/ company/ friend a loan unless...Read More

“Invincibility lies in the defence; the possibility of victory in the attack” (Sun Tzu) It’s an all-too-common scenario.  When you try to recover your money from a debtor, you find that all his/her assets (including the luxury home, holiday house, and ocean-going yacht) are held by a family or business trust. Creditors: Follow the Assets...Read More

“Invincibility lies in the defence; the possibility of victory in the attack” (Sun Tzu) It’s an all-too-common scenario.  When you try to recover your money from a debtor, you find that all his/her assets (including the luxury home, holiday house, and ocean-going yacht) are held by a family or business trust. Creditors: Follow the Assets...Read More

A bequest to your divorced spouse in your will, which was made prior to your divorce, will not necessarily fall away after divorce. According to the Wills Act 7 of 1953, unless expressly stated otherwise, a bequest to your divorced spouse will be deemed to have been revoked should you die within three months of your...Read More