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padjakkels

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Everything posted by padjakkels

  1. The final will and testament will be added here when we get to that part in the series. Process: Part 1: Gather information - This post. Please post any facts of Joe here that you want to be added. Part 2: Facts of estate - All facts will be added here. Part 3: Gather questions - Any questions about the facts can be posted here. - WE ARE HERE NOW! Part 4: Prepare will - Published will can be seen here. Part 5: Questions on will - Any questions about the will can be posted here. Part 6: Prepare estate planning - Published estate planning can be seen here. Part 7: Questions on estate planning -Any questions about the estate planning can be posted here.
  2. Please post any questions here about the facts of the estate. Process: Part 1: Gather information - This post. Please post any facts of Joe here that you want to be added. Part 2: Facts of estate - All facts will be added here. Part 3: Gather questions - Any questions about the facts can be posted here. - WE ARE HERE NOW! Part 4: Prepare will - Published will can be seen here. Part 5: Questions on will - Any questions about the will can be posted here. Part 6: Prepare estate planning - Published estate planning can be seen here. Part 7: Questions on estate planning -Any questions about the estate planning can be posted here.
  3. PART 2 - Facts of estate Only @padjakkels can post here. Facts will be added here about the estate. Name: Joe Somebody Age: 40 Address: 3 Church Street, Stellenbosch. Married to: Sandy Somebody Kids: Mary (from 1st marraige), Mark and Scott Work: Bakkery - own business Who will inherit: ? ASSETS House : Market Value - R1,700,000 Cost? 2nd House : Market Value R1,500,000, Cost R500,000 EasyEquities account: R230,000 (invested R100,000) EasyEquities TFSA: R780,000 (invested R450,000) 2011 GTI : ? Bakkery - 95% BitX account - 3 bitcoins worth R12,000 each LIABILITIES House Bond - R1,200,000 Process: Part 1: Gather information - This post. Please post any facts of Joe here that you want to be added. Part 2: Facts of estate - All facts will be added here. Part 3: Gather questions - Any questions about the facts can be posted here. - WE ARE HERE NOW! Part 4: Prepare will - Published will can be seen here. Part 5: Questions on will - Any questions about the will can be posted here. Part 6: Prepare estate planning - Published estate planning can be seen here. Part 7: Questions on estate planning -Any questions about the estate planning can be posted here.
  4. Welcome to Wills and Testaments 101 Why is a will important? A will instruct how you estate must be dealt with as per you last wishes. Clear instructions will make it easy for your relatives and you will avoid unnessary family disputes. What will happen if I do not have a will? Will all my assets go to the government? No, there are certain rules that must be followed for a intestate succession. You can read more about it here. Most South Africans do not have a will.... We want to create an interactive series showing members what the process is of drawing up a will and testament, consider the following scenario below which will act as the basis of this series. Joe wants to draw up a will for himself but are not sure where to start and how the process will work. We want to gather information about Joe from the forum. So it will be random information that will make up his estate. We will then work through the process on the forum with lots of time for questions and suggestions. The result will be a final will, but we will even go further and do an estate planning also. With the estate planning we will be able to see how the estate play out in rand value, what costs there will be, who will inherit what, etc. The process will be as follow: Part 1: Gather information - This post. Please post any facts of Joe here that you want to be added. Part 2: Facts of estate - All facts will be added here. Part 3: Gather questions - Any questions about the facts can be posted here. - WE ARE HERE NOW! Part 4: Prepare will - Published will can be seen here. Part 5: Questions on will - Any questions about the will can be posted here. Part 6: Prepare estate planning - Published estate planning can be seen here. Part 7: Wills and Testaments 101 - Questions on the estate planning Any questions/information can also be emailed to [email protected] or posted in this thread.
  5. Are you asking me or @AndyC? Haha I'm asking everyone!
  6. care to share the area, R35K for 500 odd m² seems like a nice sit and hold Me and @padjakkels bought it together pretty impulsive if you ask me (: Its in Touwsrivier, so probably not a "good" area, but for the price by the heck not. == Welcome btw, hope you enjoy the stay here. Any suggestions what we should do with the property? Should we sell it again? Develop it?
  7. Interesting read. Any idea on the easiest and least costly avenue to get a will drawn up? Well, from an accountants view, I would suggest go to your accountant or attorney for help. But the average Joe do not have one of these. Another option is to go to your bank, but to them you are only a number and you can not negotiate the executors fee to a lower percentage. And their customer services are NOT great, I speak from experience. Another option is to get templates from internet, copy and paste them into one document, but you will never be certain if you left anything out or that something will be confusing/not clear in your will. Best will be the to approach someone professional.
  8. Not with the new minimum wages... My domestic worker only comes in once a week... and nothing broken in the 6 years I have her.
  9. Stumbled on this company: Madesure Home (I am not promoting them in any way!!) They have policies for low income employees, eg. domestic workers, garden workers, etc. Do you think it is worth while to take out a policy for your domestic worker? Basically for R95 per month, they get: Hospital benefits Hospital Cash Plan for Accidental Injury – R1,000 per day for up to 14 days P/A – 48-Hour waiting period. ER24: Emergency Medical Care with access to immediate medical assistance for you and your family. Available 24/7. Hotline 083 124. Hospital Guarantee Cash R7,500 Emergency Transportation at R100,000 Life Support equipment is also provided up to R100,000. Rehabilitation – where an employee is unable to perform his own job but can be rehabilitated to perform a different job, the policy covers 80% (up to R75,000) of the re-training costs. Disability benefits Permanent Disability Cover. R50,000. No waiting periods. Mobility Cover Up to R150,000 for permanent disability. Covers costs for electric wheelchair + prosthetics. Childcare R200 per day for 28 days on Accidental Disability of main member/spouse/child. 7-day waiting period. Funeral benefits Final Rest. R18,000. Covers all causes of death. Accidental Death R50,000 cover. Body Repatriation Up to R35,000 cover. This pays for transportation costs of the deceased or critically injured. Income protection Income Replacement for Serious Illness (i.e. Cancer, heart attack, stroke) pays up to R1,000 per week for up to 13 weeks. Max claim age 55. 30-day waiting period. Does not cover pre-existing conditions. Lifestyle benefits HIV accidental exposure benefit – covers a 7-day course of STI medication. Up to R100,000 cover. (Pays out for HIV infection due to blood transfusion or rape). Trauma Counseling R750 per session. (up to R25,000 per family member p.a.) Covering acts of violence. Debt Saver Program – debt assist, protection from creditors and free credit checks. Avis 14 Seater – Discounted rate for 7 days. Website: http://madesure.co.za/madesure-home/ My feelings is that I want to do as much as possible for my domestic worker I am able to, and the above doesn't look to bad....
  10. Original article: http://www.netwerk24.com/Sake/Ekonomie/sa-verloor-die-meeste-kapitaal-nog-20170104 The graph shows the flow of capital in and out of SA.
  11. Anyone buying bitcoin today? With Moody possible down grading today? Sent from my SM-A700F using Tapatalk
  12. Bitcoin. Hoping to make a few rands when Moody announces down grade. Bitcoin should climb then. [FACE WITH TEARS OF JOY] Sent from my SM-A700F using Tapatalk
  13. What is laracasts? Potcasts of lara croft? [FACE WITH TEARS OF JOY] Sent from my SM-A700F using Tapatalk
  14. Thanks.... but I do not like wechat...its drains my battery... but maybe its worth it and just disable wechat if Im not using it! EDIT: lol offer expired 31/08/2016!
  15. With Groupon that closed in S.A.... what alternatives are there? Suggestions: Dealzone - https://dealzone.co.za/ Catch of the day - http://catchoftheday.co.za/ Coupons - http://www.couponsa.co.za/ Vouchercloud - https://www.vouchercloud.co.za/ Picodi - https://www.picodi.com/za/ Deal Africa - http://www.dealafrica.co.za/# One day only - https://www.onedayonly.co.za Discount Vouchers - http://discountvouchers.co.za/ Snap n Save - https://snapnsave.co.za/ Do people still use this today? At some shops you get loyalty points also, do you use this? Can you use this combined? Scenario: A local supermarket (OK) let you join their loyalty points program. So for every R100 you spend, you get about R1 back. Its not much, but remember this is a small town and it is the only decent supermarket here. If you use Snap n Save, you get discount/rebates on certain products. Make payment with your credit card - and you get eBucks also. So for buying your groceries from your local supermarket, you can get discounts/rebates from three different companies if you time and plan it. Is it worth it? What do you think?
  16. Yesterday I made a few rands on Bitcoin. I saw (only a bit late) that the value of Bitcoin have a steady climb... I bought R500 worth of Bitcoin through the BitX platform. About 4 hours I saw its coming down again, I then sold it quickly. I got R579 out again. So for that few hours, I made R79 which is not to bad. About 14%. So if one have the right timing, then you can make a few bucks with bitcoin. So it helps if the USA make news and negativly influence the value of SA Rand.
  17. The above is also available on Easy Equities JSE grants formal approval for listing Friday, 14 October 2016 Declaration announcement released on SENS Friday, 14 October 2016 Opening date of the initial subscription at 09h00 on: Monday, 24 October 2016 Closing date of the initial subscription at 16h00 on1: Tuesday, 25 October 2016 Letters of allotment (each an LA) issued2: Wednesday, 26 October 2016 Ramp-up Period in respect of cash subscriptions commences: Wednesday, 26 October 2016 Announcement of results and conversion ratio in respect of initial subscription: Wednesday, 2 November 2016Ramp-up Period in respect of cash subscriptions ends on or before 12h00 on: Thursday, 3 November 2016 Listing of Securities3 from commencement of trading at 09h00 on:Friday, 4 November 2016 Stupid question...what does initial subscription mean? Can you buy shares before its open for trading on 4th November?
  18. What is said hereunder is not meant to be a comprehensive guide on wills. A will is a specialized document, which should preferably be drawn up by an expert like an attorney, trust company etc. The information is merely to inform the user of this site about some basic aspects of wills. Who is competent to make a will? All persons of 16 years and over, unless at the time of making the will he/she is mentally incapable of appreciating the consequence of his/her action. Who is competent to act as a witness to a will? All persons of 14 years and over and who at the time he/she witnesses a will are not incompetent to give evidence in a court of law. A beneficiary to a will should not sign as a witness, because he/she will then be disqualified from receiving any benefit from that will. There are some exceptions to this rule. What are the requirements for a valid will? 1. Since 1 January 1954 all wills must be in writing. It can be written by hand, typed or printed. 2. The testator/testatrix must sign the will at the end thereof. 3. The signature of the testator/testatrix must be made in the presence of two or more competent witnesses. 4. The witnesses must attest and sign the will in the presence of the testator/testatrix and of each other. 5. If the will consists of more than one page, each page other than the page on which it ends must be signed by the testator/testatrix anywhere on the page. (Although the testator / testatrix must sign all the pages of the will it is only the page on which the will ends, that needs to be signed by them at the end of the will). What are the requirements for a valid will if I cannot sign my name? You may then ask someone to sign the will on your behalf or you can sign the will by the making of a mark (a thumbprint or the making of a cross). When the will is signed by someone on your behalf or by the making of a mark the requirements for a valid will are as follow: 1. Since 1 January 1954 all wills must be in writing. It can be written by hand, typed or printed. 2. The testator/testatrix must sign the will at the end thereof by the making of a mark, or the will must be signed by some other person in the presence and by the direction of the testator/testatrix. 3. The mark or the signature of the other person signing on behalf of the testator/testatrix must be made in the presence of two or more competent witnesses and a commissioner of oaths. 4. The witnesses must attest and sign the will in the presence of the testator/testatrix and of each other and if the will is signed by the other person, also in the presence of such other person and a commissioner of oaths. 5. If the will consists of more than one page, each page other than the page on which it ends must be signed by the testator/testatrix or by such other person anywhere on the page. (Although the testator / testatrix must sign all the pages of the will it is only the page on which the will ends, that needs to be signed at the end of the will). 6. A commissioner of oaths must certify that he/she has satisfied himself/herself as to the identity of the testator and that the will so signed is the will of the testator. 7. The commissioner of oaths must sign his/her certificate and he/she must also sign each other page of the will, anywhere on the page. What is a codicil? A codicil is a schedule or annexure to an existing will, which is made to supplement or to amend an existing will. A codicil must comply with the same requirements for a valid will. A codicil need not be signed by the same witnesses who signed the original will. What if I want to amend my will? Amendments to a will can only be made while executing a will or after the date of execution of the will. Amendments to a will must comply with the same requirements for a valid will and if you cannot write, with the same requirements listed under that heading. When amending a will, the same witnesses who signed the original will need not sign it. Must I amend my will after divorce? A bequest to your divorced spouse in your will, which was made prior to your divorce, will not necessarily fall away after divorce. The Wills Act stipulates that, except where you expressly provide otherwise, a bequest to your divorced spouse will be deemed revoked if you die within three months of the divorce. This provision is to allow a divorced person a period of three months to amend his/her will, after the trauma of a divorce. Should you however fail to amend your will within three months after your divorce, the deemed revocation rule will fall away, and your divorced spouse will benefit as indicated in the will. What will happen if I do not leave a will? If you die without leaving a will or a valid will, your estate will devolve according to the Intestate Succession Act, 1987 (Act 81 of 1987). Related article: If you do not leave a will Source: http://www.justice.gov.za/master/m_deseased/deceased_wills.html
  19. Any person of 16 years and over is free to make a will in order to determine how his/her estate should devolve upon his/her death. If you die without a will, your estate will devolve in terms of the rules of intestate succession (your assets will, contrary to general belief, not go to the state). What is said hereunder is not meant to replace the provisions of the Intestate Succession Act, no. 81 of 1987. The information is merely to inform the user of this site about some of the basic questions asked about intestate succession. Deceased is survived by a spouse or spouses, but not by a descendant/s. The spouse or spouses will inherit the intestate estate. In the case where the deceased was a husband in a polygamous marriage the surviving spouses will inherit in equal shares. Deceased is survived by a descendant/s, but not by a spouse. The descendant or descendants will inherit the intestate estate. Deceased is survived by a spouse or spouses, as well as a descendant/s. Each spouse will inherit R250 000 or a child's share, whichever is the greater and the children the balance of the estate. A child share is determined by dividing the intestate estate through the number of surviving children of the deceased and deceased children who have left issue, plus the number of spouses who have survived such deceased. NOTE: In case of a marriage in community of property, one half of the estate belongs to the surviving spouse or spouses and , although it forms part of the joint estate, will not devolve according to the rules of intestate succession. For more information on the Intestate Succession Act, no. 81 of 1987 please consult the act or your legal representative. The following two examples will illustrate what is said above about the child's share: Example 1: Value of intestate estate is R550 000. The deceased is survived by a spouse and 3 children. A child's share amounts to R137 500 (R500 000 divided by 4 (3 children plus spouse)). The child's share is less than R250 000. Therefore the spouse will inherit R250 000 and each child will inherit R100 000,00. (R500 000 less R250 000 to spouse, divided by 3). Example 2: Value of intestate estate is R1 250 000. The deceased is survived by a spouse and 3 children. A child's share amounts to R312 500 (R1 250 000 divided by 4 (3 children plus spouse)). The child's share is greater than R250 000. Therefore the spouse will inherit R312 500 and each child will also inherit R312 500 (R1 250 000 less R312 500 to spouse, divided by 3). Deceased leaves no spouse or descendants, but both parents who are alive. His/her parents will inherit the intestate estate in equal shares. Deceased leaves no spouse and no descendants but leaves one parent, while the deceased parent left descendants (brothers/sisters of the deceased). The surviving parent will inherit one half of the intestate estate and the descendants of the deceased parent the other half. Deceased leaves no spouse or descendants but leaves one surviving parent, while the deceased parent did not leave any other descendants. The surviving parent will inherit the whole estate. Deceased does not leave a spouse or descendants or parents, but both his parents left descendants. The intestate estate will be split into equal parts. One half of the estate is then divided among the descendants related to the deceased through the predeceased mother and the other half among the descendants related to the deceased through the predeceased father. Deceased does not leave a spouse, descendant or parents, but only one of the predeceased parents left descendants The descendants of the predeceased parent who left descendants, will inherit the entire intestate estate. The deceased does not leave a spouse or descendants or parents or descendants of his parents. The nearest blood relation inherits the entire intestate estate. The deceased is not survived by any relative. Only in this instance will the proceeds of the estate devolve on the state. What is the position with regard to an illegitimate child of the deceased. An illegitimate child can inherit from both blood relations, the same as a legitimate child. What is the position with regard to an adopted child of the deceased. An adopted child will be deemed to: * be a descendant of his adoptive parent or parents. * not to be a descendant of his natural parent or parents, except in the case of a natural parent who is also the adoptive parent of that child or was, at the time of the adoption, married to the adoptive parent of the child. Source: http://www.justice.gov.za/master/m_deseased/deceased_intestate.html
  20. Good informative article! Thanks Sent from my SM-A700F using Tapatalk
  21. Submited mine...got a refund of about R4k...no audit... all the information on it was more or less the same as last year.
  22. Also try not to work weekends...you must have that balance... But sometimes you do have to work over weekends, but then there is a special reason for that.
  23. Wow, it grew alot... might be worth while as an additional 'type' of long term investment. We do a lot of estate planning at work, and I'm always curious how stuff is handled in the will - was the only reason for my question.
  24. Okay. Thanks. Curious question, did the value of your bitcoins grow over the 2 years? Another question,with all the security that bitcoin have, how have you provided in your will what will happen with your bitcoins when you pass away? Sent from my SM-A700F using Tapatalk
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