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LAST WILL & TESTAMENT OF…
While a discussion on acquiring assets is always welcome and pleasing to the ear, most people often avoid any discussion on making a will or taking a funeral policy.
Almost as though people think that when you make a will it means that you are going to die soon or that discussions of a will should be left to the rich people and old people.
Whether we like it or not we are going to die someday, we are not immortal now are we? It’s funny how life works, for everything that we do there are always consequences and for everything that we do not do the results are still there.
South African Law covers both people who die with a will and people who die without a will. Irrespective of your age, marital status, rich or poor when you die you will leave the following behind: loved ones, assets and liabilities. Your estate must be wound up and assets distributed accordingly.
Now wouldn’t it be nice for you to decide who takes what and what goes where?
The distribution of an estate depends on whether a person left a valid will or died intestate (without a will). The law of succession deals with what happens to a deceased person’s estate, it provides all the legal formalities that must be met for a valid will as well as the distribution of the estate of a person who died without a valid will. A person who dies without a will is said to have died intestate, the law will determine how that persons estate will be distributed amongst his/her survivors.
Our law allows for the appointment of an executor of the estate. An executor is the person who wins up the deceased estate. This person has the power to accept payments on behalf of the estate and to transfer ownership of the assets in the estate, to pay the estate creditors and to distribute the remaining assets among the legatees and heirs of the deceased. It is quite clear that the role of the executor is very important and that anyone would like to appoint someone whom they trust to make sound decisions regarding the estate or better yet leave a will.
A will is basically a recording of how the testator would like for his assets to devolve. A will must meet certain legal requirements before it can be accepted as a valid will. So now you are reading this and thinking to yourself, you know what you would like to include in your will.
Contact us and let us discuss the topic that everyone would rather avoid and let us assist you leave a will that meets all the formal requirements for a valid will.