Why is a valid will important?
It stipulates how your assets, accumulated during your lifetime, will be divided;
- It is an important estate planning tool;
- Should you not have a will, then you estate will be administered under the Intestate Succession Act.
- Your estate refers to everything you own from immoveable property, such as your house, movable property, such as your car and furniture and claims in favour of your estate, such as investments, policies and bank accounts.
THE APPOINTMENT OF AN EXECUTOR
An Executor must be appointed in your will. The Executor will ensure that your will is carried out, as stipulated and that all requirements have been met in terms of the Estate Act. An Executor can be your husband or wife, children or even family friend. It is however important to note that aforementioned Executors, should they not be familiar with the estate administration process, will not be able to wind up the estate. A professional person will have to be appointed, who specialises in estate administration.
WHY IS AN ATTORNEY THE BEST PERSON FOR THE ADMINISTRATION PROCESS?
An attorney, who is also qualified as a Conveyancer, will be able to assist in the transfer of immovable property in the estate as well. This is an advantage, as the administration process is shortened and the client contacts the attorney directly for all estate questions.
A Trust can be established in your will, in order for the Trustees of the Trust administer estate assets on behalf the nominated beneficiaries. Some reasons why client prefer to establish a testamentary trust in their will:
- To make provision for maintenance of any minor beneficiaries.
- To ensure that minor’s inheritance’s is secured until a certain age, as stipulated in the will.
COST & PROCEDURE FOR DRAFTING OF A SIMPLE WILL:
- Complete and return the attached application form, together with proof of payment in the amount of R550.00, use your surname as reference.
- We will draft your will, send the draft to you for approval, after approval the original will be sent to your preferred address.
DOWNLOAD: Request for the drafting of a will