Probate challenges and estate planning complexities

Money, Markets and Masterminds

Many South African investors are seeking offshore opportunities, whether for diversification purposes or a currency hedge, or due to an economic or a political agenda.

However, a recurring, underlying problem in such decisions is that most individuals don’t realise how their foreign investments may impact their estate on death.

Offshore probate refers to the process of applying for the right to deal with a deceased person’s foreign assets and proving their will as a valid legal document in a foreign jurisdiction.

A grant of probate can be seen as the equivalent of a letter of executorship in South Africa and serves as the formal acknowledgement by a foreign court that a will is enforceable. It also confirms that the persons named as executors under the will have the authority to manage the estate.

The process may vary in different jurisdictions, which can make it extremely complex.

For this reason, I invited Albert Coetzee, head of the Ninety One Global Investment Platform, into the studio to explore whether probate will be required when investing in offshore-domiciled products, and if so, what that entails.

Apart from managing sales, Coetzee is closely involved in the servicing, product, marketing, legal and compliance, as well as the events aspects related to Ninety One’s Global Investment Platform.

He is a qualified lawyer and holds Bachelor of Commerce and Bachelor of Legislative Law degrees. He is also a certified financial planner.

Have a listen to the recording on when and where probate becomes a problem.