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n Estate duty assessment procedures of SARS should concentrate on the
examination of any trusts in which the deceased may have enjoyed a vested
interest in order to ensure that all income and capital has been brought into
account for both income tax and estate duty purposes.

REVISING THE ESTATE PLAN

Some key events which should ring a bell for an estate planner to revise his
estate plan:
n Divorce
u The Wills Act states that except where expressly otherwise provided, a
bequest to a divorced spouse will be deemed revoked if the testator dies
within three months of the divorce. This provision is to allow a divorced
person a period of three months to amend his Will, after the trauma of
a divorce. Should he fail to amend his Will within three months after
his divorce, the deemed revocation rule will fall away, and his divorced
spouse will benefit as indicated in the Will.
u In addition, review beneficiary nominations on any policies, retirement
annuities, and trust deed provisions (all subject to the divorce order).
n Sale or donation of asset specifically mentioned in Last Will and
Testament or Inter vivos trust, marriage, birth of a child or grandchildren,
minor child reaching majority (18 years of age).
n Estate planner acquires significant property or a downturn in his financial
position, new business ownership
n Change in legislation having an impact on the estate plan
u For example annual Budget speech announcements and tax legislation
amendments.

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