10 Important things you need to know about drafting a Last Will & Testament
- Only an original and signed Will is valid
- Your appointment of a friend/family member as Executor may be declined by the High Court, thus the co-appointment of an approved professional is paramount
- Your Will only deals with Life Cover that pays to your Estate, thus your Will & Beneficiary Nominations must compliment each other.
- If you do not create a Testamentary Trust for minor children’s inheritances, their money will go to the Government Guardian’s Fund
- Guardian nominations are only applicable when there is no surviving biological or legally-appointed parent
- Guardian nominations are only a wish, these nominations should be aware of and happy to accept such an appointment
- No one can inherit until all debts, fees, taxes and marital contract claims are settled, regardless of what your Will says or even if you have no Will
- You can use a Will to document your last wishes but these are only wishes and may not be enforceable, albeit they are likely to be honoured
- If you state that you wish to be an organ donor in your Will, you must still register with the Organ Donor Foundation for this wish to be effective.
- You cannot cater for every eventuality, thus it is better to keep it simple and up-to-date as your circumstances change.
WHY DO I NEED THE LEGACY PROTECTION PLAN
Death is not an issue we want to talk about but it is a reality that needs to be managed responsibly. One aspect is having a Last Will and Testament. A Will is the tool that will speak for you when you are no longer here, and ensure your last wishes for your loved ones are delivered upon.
Dying without a Will under South African law means that your assets will be distributed according to Intestate Succession. This means that your estate will be left to the Guardian Fund, or to the children’s Guardians.
A valid Last Will and Testament is the solution. Obtaining a Will can however be an administrative, as well as a costly exercise. Therefore, obtaining a Will is an often procrastinated upon task for many that may have even involved a few unsuccessful attempts.
An almost always forgotten aspect is the legal costs associated with a deceased estate. These can easily run into hundreds of thousands of rand! They come in the guise of executor, trustee and conveyance fees that deplete your loved ones’ inheritance by stealth.
The principal costs of a deceased estate include the following:
- Executor fees
- Trustee remuneration
- Conveyance Costs
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