Executing a Will simplifies the task of winding up your estate and ensures that your final wishes are fulfilled.
Should you pass on without a Will here are some important points to consider:-
- You will die intestate and forego the opportunity to appoint an executor of your choosing with the result that your next of kin will have to make application to the Master of the High Court to appoint an executor. The Master may require your next of kin to provide a bond of security to the value of your estate – this may cause unnecessary delays;
- Your estate will be distributed in accordance with the succession laws of South Africa with the result that you cannot decide who inherits what.
- in the event that you have children that you leave behind, they might not end up inheriting any funds from your estate as this may go into a Guardians fund (if they are minors or unfit to manage the inheritance);
- If you have been married & divorced and have not updated your Will, this could pose a problem, especially if the marriage has ended up in ugly divorce proceedings, as your previous spouse could inheritL
- If you are in a relationship/co-habiting/engaged/, your partner may not be in a position to inherit anythingL
- Avoid quarrels that often occur between family and friends of the loved ones who claim all sorts of last wishes of the deceased.
It is important to have a Will:
- This will ensure that your estate is distributed in accordance with your wishes;
- That the wrong person/s does not inherit;
- You can nominate who to care for your children and protect your children’s rights upon your passing (nominate guardians);
- An Executor will be able to administer your affairs and ensure distribution of your estate without any family quarrels/arguments which often occurs;
- You can exempt the Executor from filing any security;
- Protects your estate from being contested;
- When updating your Will remember that it supersedes the previous Will.
- Make sure your Will is retained by a trustworthy person.
I hope the above has got you thinking, so get your Will updated or if you don’t have one, get it drawn up and ensure that your last wishes are fulfilled.
Don’t delay get your Will done today!!!