Shockingly almost 70 % of South Africans Do Not have a Will!
The power to control your families destiny when you die is your sole responsibility.Just has you safeguard and protect your family during your lifetime, similarly it is just as imperative to preserve their interests when you die.
Shockingly almost 70 % of South Africans Do Not have a Will!
A will is your written instructions as to how your estate is devolved on your death. It is a clear directive as to how your assets will be passed onto your beneficiaries ie who will inherit your estate and how your liabilities are to be settled.
As a testator you will need to choose your Heirs, Executor, Guardian of your minor children and Trustees of your Trust (should you elect to create a Trust)
If you do not have a Will your estate will be administered in terms of the Intestate Succession Act and there is a great possibility that people who should not be inheriting from your estate will inherit from your estate
The will must be in writing and clearly witnessed
Prior to contacting a professional to draft your Will you will need the following information
- ID Documents
- Marriage certificate or ANC
- List of Assets (Movable and Immovable: Title Deeds. Log books, mortgage bonds)
- Insurance policies
- Bank Statements
- Trust Deeds
- Details of Companies. Closed Corporations Partnerships or any other business interests.
It is imperative to review your Will regularly and any changes must be in writing