Phumulani Ngubane & Associates Inc

Phumulani Ngubane & Associates Inc Phumulani Ngubane & Associates is a law firm based in Durban providing a wide spectrum of legal services.

Phumulani Ngubane and Associates Incorporated (“the firm) is a Durban based law firm that offers full range of legal services to diversified clientele base, inter alia Private Companies, Municipalities, Government Departments and Parastatals on all aspects of the laws of South Africa. The firm was established in the year 2011, by young dynamic legal practitioner, who has a number of years in the l

egal profession. The firm has since grown and is now staffed by four legal professionals and a number of full time secretariat staff. Our firm is distinguished by the depth and scope of its legal advisory services and an unmatched understanding of the business cultures in the region. We have an ambition to take our brand to other provinces in a foreseeable future. We are a team of dynamic attorneys who are driven by our passion for the law and the desire to succeed. At Phumulani Ngubane and Associates Incorporated, our clients are our greatest and most valuable assets and we continually strive to ensure that their needs are met to the fullest.

04/10/2013

The Hawks have confirmed former National Youth Development Agency chairman Andile Lungisa has been arrested in connection with fraud and money laundering worth R2.5million.

The Hawks spokesperson Paul Ramaloko said Lungisa and three other suspects handed themselves over this morning.

04/10/2013

What is a Trust?
Features and benefits of a trust.
A trust is a legal arrangement which involves a person (the “settlor”) transferring legal title to assets to another person or body (the “trustees”) to hold for the benefit of one or more persons (the “beneficiaries”), which may include the settlor.
• Benefits
• Security and stability
A trust is a well-recognised legal structure for holding assets. It helps protect these assets from social, political and economic instability which may exist in a settlor’s home jurisdiction.
• Flexibility
A discretionary trust is extremely flexible and can be tailored to a family’s changing circumstances and needs.
• Confidentiality
Trust assets are legally owned by the trustees and are held in their names, not in the names of the settlor or the beneficiaries. The trust accounts are private, and do not have to be filed with any public authority.
• Estate planning
A trust can ensure that wealth earned by an earlier generation stays within the family. It can also help remove disputed assets from a settlor’s estate.
• Tax planning
If created and operated with care and with appropriate advice from tax experts in the relevant countries, a trust can mitigate tax. For example, it may be tax-effective if created before you emigrate to another country. It may also help to avoid taxes which arise on death.
• Family asset management
A trust can provide a centralised asset management structure for beneficiaries who are not in a position to manage assets themselves.
• Probate
Settling a trust can remove the need for probate, which can be a slow, expensive and public process.
• Forced heirship
If correctly structured, a trust can be used to avoid forced heirship rules.
• Asset protection
This is a function of most trusts, but some trusts are created specifically to shelter assets from potential creditors, although care must be taken in all cases to ensure that no transfers of property into trust are made in such a way as to prejudice any known creditor claims.
• Consolidation of assets
A trust can be used to centralise the holding of assets scattered around the world.

CHECK OUT OUR PAGE FOR MORE INFORMATION AND CONTACT DETAILS. WE ARE WAITING TO HEAR FROM YOU.

01/10/2013

THE IMPORTANCE OF HAVING A WILL

The effect of dying without a Will, will mean that the
Estate is distributed in terms of the Intestate Succession
Act in terms of which a spouse married out of Community
of Property, who has children, can expect to inherit a
mere R125,000.00 or a child’s share of the Estate
whichever is the greater. The balance of the Estate
including all properties owned by the deceased, will be
inherited by the children and if they are minors, their
Inheritances will be paid into the Guardian’s Fund which
as stated above will be administered by the Master of the
High Court. This can have a disastrous effect on the
finances of the surviving spouse and ultimately the
children.

You should accordingly ensure that you have a
professionally drafted Will appointing an Executor and
Trustee of your choice to ensure the proper administration
of your Estate.

We would be glad to be of assistance to you in drafting
your Will.

If you require assistance kindly contact: PHUMLANI NGUBANE, 031 301 1559/ 084 357 8274

30/09/2013

Administration of Deceased Estates

What is a deceased estate?

A deceased estate comes into existence when a person dies and leaves property or a document, which is a will or is intended as a will. Such an estate must then be administered and distributed in terms of the deceased’s will or, in the absence of a valid will, in terms of the Intestate Succession Act, 81 of 1987.

The procedure that must be followed to administer a deceased estate is prescribed by the Administration of Estates Act, 66 of 1965 (as amended).

Which deaths must be reported to the Master of the High Court?

The death of a person who dies within the Republic of South Africa and leaves property or any document that is a will or is intended as a will; and the death of a person who dies outside of the Republic of South Africa, but who leaves property and/or any document that is a will or is intended as a will, in the Republic of South Africa, must be reported to the Master of the High Court.

Where must estates be reported?

Where the deceased was living in the Republic of South Africa, the estate must be reported to the Master of the High Court in whose area of jurisdiction the deceased was living at the time of his/her death. Where the deceased was not living in the Republic of South Africa at the time of his/her death, the estate may be reported to any Master of the High Court, provided it is reported to only one Master. An affidavit in which it is stated that the letters of executorships have not already been grated by any other Master of the High Court in the Republic of South Africa must accompany the reporting documents. From 5 December 2002, all Magistrates’ Offices are designated service points for the Master of the High Court and estates can be reported there. However, these service points have limited jurisdiction. All estates with wills, as well as estates that exceed R50 000 in value, will be transferred to the provincial Master’s Office. Therefore, it is advisable to report these estates directly the Master's Office.

For further information and assistance on this topic, check our page for contacts.

26/09/2013

Rent: Can landlord and tenant freely agree rents in South Africa?

Rents can be freely negotiated in South Africa.
South Africa property for saleHowever, the tenant can file a complaint with the Rental Housing Tribunal if the landlord is charging too much rent for poor-quality accommodation. The tribunal can order the landlord to reduce the rent if the building is not well maintained.

Address

Suite 201A, Doone House, 379 Anton Lembede Street
Durban
4000

Telephone

+27325861941

Website

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