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 your estate will be administered under the Intestate Succession Act.
Your estate refers to everything you own from immoveable property, such as your house; to 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, wife, child, or even a family friend. It is however important to note that the 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 specializes in estate administration.
Why an Attorney is the best option when administering a Deceased Estate:
An attorney, who is also qualified as a Conveyancer, will be able to assist in the transfer of immovable property in the estate, apart from the administration of the estate, dealt with by the same office. This type of work therefore need not be subcontracted and can be done in-house. This is an advantage, as the administration process is shortened and the client contacts the attorney directly for all estate questions.
An Attorney who is also familiar with the court system can anticipate litigation in an estate and advise the Executor on a way forward.
Testamentary Trusts (Trust Mortis Causa)
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 clients prefer to establish a testamentary trust in their will include:
To make provision for maintenance for any minor beneficiaries.
To ensure that minors’ inheritances are secured until a certain age, as stipulated in the will.
Cost & Procedure for drafting of a simple will:
Complete and return the application form, together with proof of payment, using your surname as reference.
We will draft your last will and testament and send the draft to you for approval; after approval the original will be sent to your preferred address.