Check your will and es­tate plan

Weekend Argus (Saturday Edition) - - PERSONAL FINANCE -

Draw up a will if do not al­ready have one. If you have one, check that it is still up to date. Changes to your fam­ily’s cir­cum­stances may ne­ces­si­tate changes to your will – for ex­am­ple, mar­riage, di­vorce, or the birth of a child or grand­child.

You may also need to up­date your will as a re­sult of re­cent changes to the Es­tate Duty Act. Cou­ples can now leave all their as­sets to each other, and the last-dy­ing spouse can leave up to R7 mil­lion to heirs without pay­ing es­tate duty. De­pend­ing on how your will is drafted, you may wish to amend it in light of the changes.

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