Why should you have a will?
If a person passes away without a valid will, the estate will be wound up according to the laws of Intestate Succession in terms of theIntestate Succession Act, which stipulates how assets are distributed and may not necessarily meet your wishes.
Should you reside with your partner to whom you are not married, the law of intestate succession may not recognise your 'common-law’ spouse as the beneficiary of your estate if you haven't left a will naming him/her as beneficiary.
A will is essential for all, especially in the case where you have minor dependants. In this case, you should consider nominating someone with parental rights in order to ensure that your children are cared for. You may want to consider making provision for the protection of minor heirs by setting up a testamentary trust.
In terms of your will, you need to appoint an executor to administer your estate according to the provisions of your will, who shall be responsible to act in the best interest of your heirs. Failing which, the Master or your heirs may nominate an executor to administer your estate.
What should you consider when preparing or amending your will?
- You should always seek expert and professional advice when you want to draft or review you will.
- Attempting to draft a will yourself, could result in the will being invalid, or could cause consequences after your death that you may not have intended.
- Keep your will up to date by revising it regularly.
- Indentify heirs or legatees clearly by full names, relationship and identity number (or birth date) to avoid possible ambiguity.
- Should you bequeath a legacy (a specific asset to specific heir), describe it clearly.
- Ensure that you understand each and every provision in the document and that the will accurately reflects your wishes.
- It is advisable to include an alternate heir in your Will. If you do not nominate alternate heirs, your intestate heirs will inherit your estate.
- Notify interested parties, family and friends that you have prepare a will and advise them who you have nominated as your executor and direct them to notify your executor immediately in the event of your death.
OUR COSTS FOR PREPARING A WILL BEGINS FROM R 350.00
Did You Know
The estate of a deceased person must be reported to the Master within 14 days from date of death.
This is in terms of the Intestate Succession Act, 81 of 1987.
