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id="bodyTable" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;height: 100%;margin: 0;padding: 0;width: 100%;"> <tr> <td align="center" valign="top" id="bodyCell" style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;height: 100%;margin: 0;padding: 0;width: 100%;"> <!-- BEGIN TEMPLATE // --> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tr> <td align="center" valign="top" id="templateHeader" data-template-container="" style="background:#f7f7f7 url("https://gallery.mailchimp.com/cdd951e6a7a08b835a0f38a3f/images/613315ba-95d6-4d6e-8d00-1f657b103a19.jpg") no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #f7f7f7;background-image: 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none;background-repeat: no-repeat;background-position: center;background-size: cover;border-top: 0;border-bottom: 0;padding-top: 0;padding-bottom: 0;"><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnImageBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnImageBlockOuter"> <tr> <td valign="top" style="padding: 0px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnImageBlockInner"> <table align="left" width="100%" border="0" cellpadding="0" cellspacing="0" class="mcnImageContentContainer" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td class="mcnImageContent" valign="top" style="padding-right: 0px;padding-left: 0px;padding-top: 0;padding-bottom: 0;text-align: center;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <img align="center" alt="" src="https://gallery.mailchimp.com/cdd951e6a7a08b835a0f38a3f/images/a06051bf-6ba0-4e14-a591-fd6c58ce4b11.jpg" width="600" style="max-width: 1100px;padding-bottom: 0;display: inline !important;vertical-align: bottom;border: 0;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" class="mcnImage"> </td> </tr> </tbody></table> </td> </tr> </tbody> </table></td> </tr> </table> <!--[if (gte mso 9)|(IE)]> </td> </tr> </table> <![endif]--> </td> </tr> <tr> <td align="center" valign="top" id="templateBody" data-template-container="" style="background:#ffffff none no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #ffffff;background-image: none;background-repeat: no-repeat;background-position: center;background-size: cover;border-top: 0;border-bottom: 0;padding-top: 27px;padding-bottom: 54px;"> <!--[if (gte mso 9)|(IE)]> <table align="center" border="0" cellspacing="0" cellpadding="0" width="600" style="width:600px;"> <tr> <td align="center" valign="top" width="600" style="width:600px;"> <![endif]--> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" class="templateContainer" style="border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;max-width: 600px !important;"> <tr> <td valign="top" class="bodyContainer" style="background:#transparent none no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #transparent;background-image: none;background-repeat: no-repeat;background-position: center;background-size: cover;border-top: 0;border-bottom: 0;padding-top: 0;padding-bottom: 0;"><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnTextBlockOuter"> <tr> <td valign="top" class="mcnTextBlockInner" style="padding-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <!--[if mso]> <table align="left" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100%;"> <tr> <![endif]--> <!--[if mso]> <td valign="top" width="600" style="width:600px;"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #5b5b5b;font-family: Helvetica;font-size: 14px;line-height: 150%;text-align: left;"> <div style="text-align: center;">EDITION 20 | MAY 2020</div> </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> </tr> </table> <![endif]--> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnDividerBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;table-layout: fixed !important;"> <tbody class="mcnDividerBlockOuter"> <tr> <td class="mcnDividerBlockInner" style="min-width: 100%;padding: 18px 18px 32px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <table class="mcnDividerContent" border="0" cellpadding="0" cellspacing="0" width="100%" style="min-width: 100%;border-top: 1px solid #8B8B8B;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <span></span> </td> </tr> </tbody></table> <!-- <td class="mcnDividerBlockInner" style="padding: 18px;"> <hr class="mcnDividerContent" style="border-bottom-color:none; border-left-color:none; border-right-color:none; border-bottom-width:0; border-left-width:0; border-right-width:0; margin-top:0; margin-right:0; margin-bottom:0; margin-left:0;" /> --> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnImageBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnImageBlockOuter"> <tr> <td valign="top" style="padding: 0px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" class="mcnImageBlockInner"> <table align="left" width="100%" border="0" cellpadding="0" cellspacing="0" class="mcnImageContentContainer" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody><tr> <td class="mcnImageContent" valign="top" style="padding-right: 0px;padding-left: 0px;padding-top: 0;padding-bottom: 0;text-align: center;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <img align="center" alt="" src="https://mcusercontent.com/cdd951e6a7a08b835a0f38a3f/images/cd3bc8cf-72b7-40a8-98e0-527b2081028e.jpg" width="600" style="max-width: 1200px;padding-bottom: 0;display: inline !important;vertical-align: bottom;border: 0;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" class="mcnImage"> </td> </tr> </tbody></table> </td> </tr> </tbody> </table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="mcnTextBlock" style="min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <tbody class="mcnTextBlockOuter"> <tr> <td valign="top" class="mcnTextBlockInner" style="padding-top: 9px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;"> <!--[if mso]> <table align="left" border="0" cellspacing="0" cellpadding="0" width="100%" style="width:100%;"> <tr> <![endif]--> <!--[if mso]> <td valign="top" width="600" style="width:600px;"> <![endif]--> <table align="left" border="0" cellpadding="0" cellspacing="0" style="max-width: 100%;min-width: 100%;border-collapse: collapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;" width="100%" class="mcnTextContentContainer"> <tbody><tr> <td valign="top" class="mcnTextContent" style="padding-top: 0;padding-right: 18px;padding-bottom: 9px;padding-left: 18px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: break-word;color: #5b5b5b;font-family: Helvetica;font-size: 14px;line-height: 150%;text-align: left;"> <h4 class="null" style="display: block;margin: 0;padding: 0;color: #949494;font-family: Georgia;font-size: 20px;font-style: italic;font-weight: normal;line-height: 125%;letter-spacing: normal;text-align: left;">In this edition of The Navigator we are revisiting a topic that we looked at a few years ago but we feel is worth reconsidering on a regular basis.</h4> <br> <em>Estate Planning in Context</em><br> The three pillars of a financial plan are the management of risk, the accumulation of wealth and the orderly distribution of wealth. As one progresses through the various life stages, so the emphasis changes, although all three aspects of the plan do need to be coordinated on an ongoing basis.<br> <br> Estate planning is the most complex aspect of a financial plan and arguably the most neglected. In the brief analysis that follows, we endeavour to provide some food for thought.<br> <br> The first challenge is that not all assets are distributed in terms of a Will. For example, business interests are normally dealt with in terms of agreements between the shareholders or partners, life assurance policies will pay to the nominated beneficiaries, pension benefits are generally available only to financial dependents and family members and assets held in a trust will be dealt with in terms of the trust deed, but generally subject to the discretion of the trustees.<br> <br> The role of the adviser is to compile an asset inventory and to make sense of the overall distribution plan, so as to ensure that in aggregate the correct persons benefit. In other words, when drafting a Will, one needs to understand which assets are or are not covered by the Will.<br> <br> Another important role of the financial adviser is to ensure that the succession plan is practically feasible. This starts with a basic estate liquidity analysis which takes cognisance of all liabilities to be settled, the costs of realising and transferring assets, the costs of winding up the estate and the estate duty payable. Indivisible large assets may need to be sold.<br> <br> <em>Why Have a Will?</em><br> The most important reason to have a Will is that the laws of intestate succession would otherwise apply and your intended heirs may not benefit in the correct proportions.<br> <br> It is also important to choose the correct executor. Rather deal with a trusted adviser who knows your family and understands their needs. Coping with bereavement is tough enough without having to deal with a call centre at a faceless financial institution.<br> <br> It is also important to make provision for the needs of minor children on the death of the surviving spouse and to deal with the appointment of guardians and trustees where appropriate.<br> <br> A Will is a living document and should therefore be updated at each formal review of your overall financial plan. Your Will should also be updated if major events occur which impact on your family such as a birth or death or a material change in your financial circumstances.<br> <br> At the same time it is important to also review beneficiary nominations on any retirement benefits or life policies, including endowments, to ensure that these are sensibly structured to minimise the potential pitfalls of Retirement Fund Trustees overriding your beneficiary nominations and the general ease of distribution between the various beneficiaries.<br> <br> As a general rule, one should have a separate Will for each country in which assets are held, unless it can be established that a South African Executor may validly deal with such assets.<br> <br> When drafting a new Will it is important to revoke previous Wills, failing which the later Will may inadvertently not replace the former in all respects. When drafting a Will for a specific country, one should only revoke previous Wills insofar as they relate to assets located in that country.<br> <br> Certain assets may be liable for death duties in foreign jurisdictions by virtue of their location or the residence or domicile of the deceased owner. It should be noted that two different countries may both validly impose duties on the same assets. A basic understanding of the relevant international treaties may assist you in the structuring of your offshore investments.<br> <br> <em>The Importance of Record Keeping</em><br> Your originally signed Will should be stored in a safe place and your family and trusted advisors should know where it is located.<br> <br> Our suggestion is that you keep your Will on file together with the following documents: Please note that this list is not exhaustive and may not be relevant in every case, but having these all in one place does make the executors task far easier and the process of winding up the estate less stressful for all involved. <ul> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">A list of important contact names and numbers that may be required in an emergency. For example close family and friends, financial advisor, tax advisor, accountant and attorney</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Copies of living wills and organ donor certificates (although close family members and family doctor should also have these details)</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Letter of wishes with specific bequests regarding personal items</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Certified copies of ID’s and passports</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Birth certificates, marriage certificates and ante-nuptial contracts and or divorce agreements</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Bank account and credit card details</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">An inventory of your assets and liabilities – updated at least annually</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">A copy of your updated financial plan</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Title Deeds of properties held</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Any lease agreements for properties owned</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Copies of business agreements and founding documents for business entities</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Copies of Trust Deeds & Letters of Authority with notes on where to find the original.</li> <li style="mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">Motor vehicle registration papers and lease agreements</li> </ul> <br> <em>Some Common Mistakes</em><br> Many spouses have never been party to financial decision making and are unfamiliar with budgeting, banking and the payment of accounts. If your spouse does not have a firm grasp of your financial affairs, then they should at least have a good personal relationship with your financial adviser. In this way you avoid the pitfalls of misguided or unscrupulous counsel from outside parties.<br> <br> It is invaluable to have a resource to provide guidance through the tough transition, with the transfer of utilities, closure of accounts, cancellation of credit cards, transfer of vehicles and termination of subscriptions. <br> <br> Try as far as possible to keep the wording of your Will as simple as possible and avoid the tendency to rule from the grave by itemising the detailed distribution of assets. All too often the priceless antiques, artworks or jewels that you are hoarding for your children are anything but their cup of tea.<br> <br> Certain assets are problematical to deal with in a deceased estate. Clean out your closet and get rid of all the timeshare investments, the Old Mutual and Sanlam shares that were issued when they first listed and the Kruger rands that are cluttering your drawers.<br> <br> The Executor should have a discretion regarding the distribution of the estate residue. In most circumstances it is more prudent to sell assets than to mediate in disputes regarding their relative worth as part of a distribution. An heir who is a willing buyer should rather make an offer at arms’ length.<br> <br> <em>In Conclusion</em><br> Steward Capital is able to assist you in the drafting and the annual review of your Will. We offer a composite service encompassing wealth management, the drafting of wills and trusts and the administration of deceased estates.<br> <br> We look forward to engaging further with you on your estate planning needs. </td> </tr> </tbody></table> <!--[if mso]> </td> <![endif]--> <!--[if mso]> </tr> </table> <![endif]--> </td> </tr> </tbody> </table></td> </tr> </table> <!--[if (gte mso 9)|(IE)]> </td> </tr> </table> <![endif]--> </td> </tr> <tr> <td align="center" valign="top" id="templateFooter" data-template-container="" style="background:#333333 none no-repeat center/cover;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;background-color: #333333;background-image: none;background-repeat: no-repeat;background-position: center;background-size: cover;border-top: 0;border-bottom: 0;padding-top: 45px;padding-bottom: 63px;"> <!--[if (gte mso 9)|(IE)]> <table align="center" border="0" cellspacing="0" cellpadding="0" width="600" 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