Take one minute and think about your own friends and family. You’ll find that most people have at least one family member residing overseas. In our experience, a family with four children will have at least one sibling offshore – learning, living, or working in a different country.
An element of Estate Planning that is often overlooked in this dispersed society is the payment of beneficiaries who are offshore. Should a parent die and leave a monetary inheritance to their children who are living overseas, what must an executor do to pay those beneficiaries of the Estate? In general, they will approach the deceased’s bank and ask for the forms to complete. The bank will supply a thick stack of paperwork which addresses all the possible requirements to make an overseas payment – and the long game of back and forth begins.
While one may expect a full-service Estate Administrator to have this experience in-house, the fact is there are very few specialists in offshore beneficiary payments. International monetary policy in South Africa is complicated and frequently being influenced by new rules and guidelines from the South African Reserve Bank. In response to the need for Estate Executors to manage this process effectively and efficiently – RandTangle was formed. We partner with Estate Administrators to ensure their client’s offshore beneficiaries are paid timeously and with reduced fees – delivering better value to the heirs.
With a background in running a registered Financial Services Provider in Foreign Exchange, South African Attorney, Ras Theron, was the perfect man to launch RandTangle. His team has learnt to start at the end – to learn who the beneficiary is and what their standing is with the South African Financial System. The stack of paperwork required is significantly reduced and funds can be dispersed far quicker. It’s the team’s knowledge of how the complex and often tedious offshore payments systems and Exchange Control policies of the Reserve Bank work, which enables them to deliver value from the get-go.
While banking clients often prefer to use their own bank for international money transfers, the RandTangle team are able to use their network of Foreign Exchange Financial Services Providers to achieve better exchange rates than the banks will offer beneficiaries and this ensures that we save our clients’ money.
RandTangle is managed by Frederik “FG” Fouche – he and the rest of the team would be happy to discuss any questions or concerns you may have. RandTangle is based in Plettenberg Bay and is a proud long-standing partner of Appleton Fiduciary Services. Please feel free to connect on 0871355978; +27445330988; Email firstname.lastname@example.org or visit www.randtangle.com. Let’s work together and ensure that your beneficiaries receive their true inheritance.