We all know we should have Wills – valid and regularly updated. But what tax our loved ones may be liable for when we die is the kind of nitty gritty we don’t speak about too often.
You might have led a modest lifestyle on a small income during your lifetime but upon death your deceased estate turns out to be in the millions. Your executor will have quite a task on their hands, carrying out the devolution of your estate.
“A deceased estate,” according to the SA Revenue Service (SARS), “is not a person but simply a collection of rights and obligations of the deceased person administered by an executor.