Why is my Will so important?
22.05.19 | Robert Montgomery
A valid Last Will and Testament is one of the most important documents you will ever sign. It is a legal declaration of how you wish for your estate to be distributed upon your death and to ensure that your loved ones are provided for, whilst attempting to minimize costs.
Why must I have a valid Will in place?
- It is the only way you can ensure that your estate will be divided according to your wishes after your death.
- Failure to have a valid Last Will and Testament in place means that your estate will be administered in terms of the Intestate Succession Act 81 of 1987 and is unlikely to be a true reflection of how you wish for your assets to be distributed. It can further place unnecessary financial and administrative burdens on your family during a difficult and emotional time.
- It is important to ensure that your estate has sufficient liquidity to cover any outstanding debts/liabilities and estate administration expenses. If not, your heirs may be forced to sell assets to settle these.
- Testamentary Trusts: Minor children cannot inherit in South Africa and any inheritance due to them will be paid to the Guardian's Fund for investment until they reach majority. This can lead to unnecessary hardship for your loved ones. A Testamentary Trust allows the minor’s inheritance to be kept in trust and administered by the trustees for the benefit of the child until a suitable age when they can receive the remaining capital.
- A Last Will and Testament allows you to nominate a guardian for your minor children in the event of both parents dying.
- A properly drawn up Last Will and Testament can be an effective mechanism to reduce
As head of the Estates Department, and RNI Director, I have the skill, experience and expertise to assist you with the drafting of a Last Will and Testament, including the necessary related property transactions and testamentary trust creation.
Contact me today to help you to create the most important document you will likely ever sign.