Estate planning considerations for offshore assets

WHILE offshore investing offers South African investors a greater investment landscape and much-needed diversification, investors need to be aware of the complexities of taking funds offshore - including the way offshore assets are treated on death.

- MARISKA REDELINGHUYS

The role of probate

Probate refers to the process of a court declaring a will valid, which authorises the distribution of a deceased individual's assets in terms of the wishes specified in their will. In the South African context, this is what we know as the administration of deceased estates. Looking beyond our own borders, it’s crucial to understand that each jurisdiction's rules in respect of probate differ, which adds to the complexity of winding up global estates. However, the impact of these complexities can be managed effectively by consulting with specialist advisers and selecting appropriate products.

Offshore wills - what are they and why do you need one