Opening position

As more South Africans hold assets offshore, estate planning has become more complicated. A person may have a South African will, an offshore will, foreign bank accounts, overseas investments or property in another jurisdiction.

The risk is not simply that there are two wills. The risk is that the documents conflict, overlap or accidentally revoke one another.

How the problem happens

A will often contains a revocation clause. If an offshore will is drafted broadly, it may unintentionally revoke an earlier South African will. Likewise, a South African will may accidentally cover assets that should be dealt with under a foreign will.

The result can be delay, dispute, additional legal costs and uncertainty for heirs. Different countries may also have different probate, tax and succession rules.

Why coordinated planning matters

The safest approach is usually coordinated estate planning. Each will should be clear about which assets and jurisdictions it covers. Advisers in the relevant jurisdictions should understand the full picture rather than drafting documents in isolation.

This is particularly important for people who have emigrated, changed tax residence, bought foreign property, opened offshore accounts or built investment portfolios outside South Africa.

Common misunderstandings

• “One will is enough for everything.” Sometimes it is, sometimes it is not.
• “An offshore will only affects offshore assets.” That depends on how it is drafted.
• “The bank will release funds quickly when my family needs them.” Estate processes can be slow without the right documents.
• “Forex is only relevant while I am alive.” Estate proceeds may still need to be converted or repatriated.

How Currency Assist helps

Currency Assist does not draft wills, but we do help clients and families understand the forex and funds-flow implications of international estates. Where funds need to be repatriated or transferred, proper documentation and banking coordination are essential.

Clients with assets in more than one country should speak to qualified legal and tax advisers to ensure their estate plan is properly coordinated.

Compliance note

This article is educational content only. It should not be presented as tax, legal, banking or exchange control advice. Client circumstances differ and should be reviewed before any transaction is processed.