Category: Estate Planning and Administration

Registration of an Estate in Zimbabwe

Posted by nnlaw on with 0 Comment

DID YOU KNOW THAT REGISTRATION OF AN ESTATE IN ZIMBABWE CAN HAPPEN WITHOUT A DEATH CERTIFICATE?

Registration of an Estate in Zimbabwe can happen without the death certificate. The death certificate can be filed at a later stage, as it is not a preliminary requirement for the purposes of registering the estate.

For an estate to be registered there must be two things:

Death
Property (owned by the deceased) – both movable and immovable assets that have an attached monetary value.

The process of registering an estate can be done by ANY interested party, which may include:

1. Spouse
2. Relative
3. Child
4. Creditor

These are people who have an interest in the estate being registered and dissolved.

This information is for general purposes only

The Benefits Of Setting Up A Family Trust: What you Need To Know!

Posted by Linda on

SOME OF THE BENEFITS OF SETTING UP A FAMILY TRUST ARE DETAILED BELOW:

Property belonging to a Family Trust is protected from creditors – the assets of the trust cannot be attached to satisfy individual debts of the Founder, Trustees and or beneficiaries. Even in the event that the Founder has passed on creditors cannot claim a property registered in a Family Trust.

There is protection of family property as it is managed by Trustees on behalf of the beneficiaries or children. No child can sell or destroy property belonging to the Trust (unless there are provisions in the Trust permitting such) – it is important to note that with family trusts there is no blanket approach as each Trust is tailor made to suit the client’s needs.

A Family Trust also prevents abuse of property and funds as it is managed by Trustees for the benefit of the beneficiaries.

A Trust, is considered by the law as a separate legal entity. This means that even where there is a legal dispute be it contractual, criminal or matrimonial against the Founder or Trustees, the property in the name of the Family Trust cannot be regarded as belonging to the Founder or Trustees. They are treated separately except in exceptional cases provide for by the law.

A trust has perpetual succession. This means that a Trust does not die (whilst we do). Upon the death, demise or incapacitation of the Founder or Trustees the Trust is not liquidated but continues to operate until dissolved by the Trustees of the time being in accordance with the provisions of the Trust Deed.

There are tax benefits. A Trust enjoys some tax exemptions for example when the Founder passes on, property registered in the Trust is not distributed under the Deceased Estates Succession Act where the government calculates taxes against the total value of the Estate. The property survives as if nothing happened.

A Family Trust also prevents inheritance wrangles and disputes between parent, children and relatives. The property registered in a Trust is not subject to distribution upon death of the Founders. The property remains as if nothing happened.

A Trust enjoys contractual rights. This means that a Trust can enter into valid contracts with individual or entities in its name on its own.

With the advantages listed above why haven’t you set up your family trust?

This is for general information purposes only

Administration of Deceased Estates Full Guide

Posted by nnlaw on with 3 Comments

Administration of Deceased Estates: Full Guide!

The process of administration of deceased estates is known by many to be complex and difficult to understand. Here is a generally simplified article on administration of deceased estates for general information purposes.

The aim and purpose of administering an estate is to finalise the financial affairs of the deceased. To ensure that any assets may be handed over to the heirs or beneficiaries and that there are no further assets or debts due. This role is played by a person called an executor who may be appointed in a will left by the deceased or by the Master of the High Court where there is no will. The executor will be issued with the Letters of Administration legally authorising him or her to administer the estate. The executor’s duty is to ensure that the creditors including all administration fees and duties are satisfied first then award legatees (heirs or beneficiaries mentioned in a will) what is due to them and finally deal with the residuary heirs.

The stages in estates administration may be classified and summarised as follows.

Obtaining appointment as executor (Letters of Administration)
Liquidation of the assets and paying creditors
Preparation of the estates accounts
Finalising and handing over the assets to the heirs

This article is for general information purposes only. Legal advice must be sought in any aspect of the law.