Summary

TAX3703 - Taxation of Estates Study Guide (Summary Notes And Revision Questions)

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Module
TAX3703 - Taxation Of Estates (TAX3703)

Institution
University Of South Africa

TAX3703 - Taxation of Estates Study Guide (Summary Notes And Revision Questions) What is estate planning? Estate planning enables people to arrange their financial affairs in such a way that they can enjoy maximum benefit from their assets during their lifetime and that their heirs can derive...

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Type Summary

tax3703
taxation of estates
tax3703 taxation of estates
tax3703 taxation of estates study guide summary notes and revision questions
tax3703 taxation of estates study guide

Institution
University of South Africa
Module
TAX3703 - Taxation Of Estates (TAX3703)

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TAX3703 - Taxation
of Estates Study Guide
(Summary Notes And
Revision Questions)

, TAX3703/103

Contents

Page

STUDY UNIT 9 ............................................................................................................................ 3
STUDY UNIT 10 ........................................................................................................................ 15
STUDY UNIT 11 ........................................................................................................................ 41
SELF-ASSESSMENT SOLUTIONS FOR EACH STUDY UNIT ................................................ 57

Please note:

Owing to Unisa’s print schedule, this tutorial letter had to be submitted by a certain date so that you
would receive it on time. Unfortunately, at the time of submission, the 20154/2016 Income Tax Act had
not yet been promulgated, and this means that this tutorial letter has been based on a draft Income
Tax Act as of 30 September 2015. This should not affect the content of this module. However, should
there be any major differences between the draft Act and the final Act, we will communicate them to
you by way of an announcement on myUnisa.

We apologise for any inconvenience this may cause you and wish to state that we want to offer you the
latest study material. We would like to emphasise that, at undergraduate level, this should not impact
negatively on your taxation studies or on the content presented to you.

2

, TAX3703/103

STUDY UNIT 9
Study unit

9
INTRODUCTION
STUDY PROGRAMME
LEARNING OUTCOMES
PRESCRIBED STUDY MATERIAL FOR THIS STUDY
UNIT

CONTENT OF THE STUDY UNIT

9.1 The meaning and purpose of estate planning
9.2 Objectives of estate planning
9.3 Legal requirements
9.4 Summary

WRAP-UP
SELF-ASSESSMENT QUESTIONS
ASSESSMENT CRITERIA

Objectives of
estate
planning

3

, TAX3703/103

INTRODUCTION

Up to this point in the module, you have studied the administration of a deceased estate and learnt
how to calculate the estate duty of an estate upon the death of an individual. In this section, you
will learn about estate planning. An estate comprises the assets and the liabilities that an indivi-
dual, referred to as the "planner", accumulates during his/her lifetime, which he/she leaves behind
at his/her death. Estate planning may be defined as the process of creating and managing a plan
that is designed to

 preserve, increase and protect an estate planner's assets during his/her lifetime
 ensure the most effective and beneficial distribution of these assets to succeeding generations
on the planner's death, in accordance with his/her wishes

Estate planning does not revolve solely around the making of a last will and testament, or the
structuring of an estate planner's affairs in order to reduce estate duty. It involves taking into
account the estate planners' financial, economic, social and psychological needs in relation to the
estate, themselves, and their family and beneficiaries. Estate planning is not a once-off activity; it
is a process that can change throughout the planner's lifetime and therefore, the plan should have
built-in flexibility. Estate planning involves the setting of goals or objectives, deciding on appro-
priate estate-planning tools to meet these objectives, and setting timeframes in which to execute
the estate plan.

In the next few study units, you will consider the basic elements of an effective estate plan, starting
by looking at the estate-planning objectives.

STUDY PROGRAMME

You should complete this study unit in week 11 of the study programme.
You should spend a minimum of 5 hours on the study unit.

LEARNING OUTCOMES

After you have completed this study unit, you should be able to

 explain what estate planning is
 explain the reasons for estate planning
 describe the estate-planning objectives

4

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