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Financial Literacy
If you die without a valid will (referred to as dying “intestate”) it has major implications for both yourself as well as for the dependents that you leave behind.
A will can be defined as “a legal document, which contains wishes of the person making it (aged 16 years or older) regarding the distribution of the assets in their estate on their death”.
However, many people don’t even have a will and they don’t realise how many problems can arise from dying intestate.
The type of disposition left to the heirs in the will, for example, a usufruct, fideicommissum, an annuity charged personally, or a discretionary trust, can in turn impact directly on the income tax and estate duty position of those heirs. Of course, if you do not have a will, you cannot benefit from these planning strategies.