Estate planning is the process of managing and organizing your assets during your lifetime and deciding how they will be distributed upon your death. It involves drafting a will, setting up trusts, determining how taxes and debts will be handled, and designating beneficiaries for various assets.
A marriage in community of property is the default marital regime in South Africa if no Antenuptial Agreement is signed. When married under this system, all assets and liabilities are shared equally between the spouses.
The accrual system is a legal mechanism that allows couples to maintain separate ownership of their estates during marriage while sharing in the growth of each other’s estates once the marriage dissolves, whether by death or divorce.
An Antenuptial Agreement is a legal contract entered into by two people before their marriage to determine how their assets and liabilities will be handled during the marriage and in the event of a divorce or death.
