Fiduciary Industry News You should know about
Occasional changes to legislation or industry practice affect the administration process of deceased estates. The most recent changes are mentioned below and are updated periodically
Section 18 (3) estates - Value of assets
The asset value of an estate determines the process of administration thereof.
In a recent change to the Administration of Estates Act, 65 of 1965, the value for the administration of an estate in terms of Section 18(3) of the act, has been increased from R125 000 to R250 000.
The process for administering an estate in terms of Section 18(3) is much simpler and quicker than for that of an estate which has a gross asset value of more than R250 000.
Please contact us for more detailed information in this regard.
Date of amendment Nov 24, 2014
Intestate Sucession - Changed Values
Changes were made to the Intestate Succession Act, which have an influence on the value of the inheritance of surviving spouses.
Where in the past a surviving spouse was entitled to R125 000 or a child's portion, whichever was the greater, the amount has now been increased to R250 000.
More information is available on request.
Date of amendment Nov 24, 2014
Customary Marraiges - Extension for Registration
On December 12, 2014, a notice was issued in the Government Gazette, relating to Section 4(3)(a) of the Recognition of Customary Marraiges Act 1998 ( Act No. 120 of 1998).
This notice extended the period allowed for the registration of the recognition of customary marraiges up to 31 December 2016.
This will have an influence on the marital regime under which the estates of persons married in terms of the Customary Marriages Act are administered.
Date of amendmentDec 12, 2014