Professional Last Will And Testament

PROFESSIONAL LAST WILL AND TESTAMENT

Take care of those you leave behind

WHY YOU NEED A WILL AND TESTAMENT

It’s often said that you can’t anticipate what life has in store for you. Nevertheless, you can make sure that your loved ones are taken care of when you are no longer around. Drafting a professional Will can ensure that upon your death, your wishes are carried out. A properly drafted last Will and testament ensures that possessions of monetary and sentimental value are protected and distributed appropriately.

WHAT HAPPENS IF YOU DON’T HAVE A LAST WILL AND TESTAMENT AT THE TIME OF YOUR DEATH?

This testament allows you to nominate a trusted executor, appoint heirs of your choice and even nominate guardians for your minor children. Ultimately, a last Will and testament is the foundation of any estate plan.

In the case of someone dying without a Will, the Master of the High Court will appoint an executor since no-one would have been nominated. The executor’s first duty is to locate a this testament if there is one. If your Will cannot be found among personal papers, the estate must be administered as if no Will has been drawn up.

Passing away without a last Will and testament in place means your estate will be administered under the Intestate Succession Act. Act 81 of 1987

THE INTESTATE SUCCESSION ACT

Intestate succession concerns matters around ‘blood’ relationships. It’s noteworthy that illegitimate children are eligible to inherit. A legally adopted child is also considered a ‘blood’ descendant of his or her adoptive parents.

Examples of how an intestate estate could be administered where no will is in place
- Should a deceased individual be survived by his or her spouse(s) and have no living offspring, the spouse(s) will inherit the estate.
- Should a deceased person be survived by a descendant, but not by his or her spouse. The descendant shall inherit the estate.
- Where there is a living spouse(s) and descendant/s. Each spouse will inherit R250 000 or a child’s share, whichever is greater. This amount is fixed from time to time by the Minister of Justice. (Note that children receive the balance of your estate. If your child is deceased and has descendants, his or her inheritance will go to their surviving spouse and/or dependants).
- If you have no Will, no spouse or descendants, but both your mother and father are alive, they will be eligible to inherit your estate in equal portions. (Note that if you have no living relatives and your assets have not been claimed by a legitimate heir upon your death after 30 years. Your estate may be forfeited to the government).

We can provide you with professional Will and testament drafting services as well as the safe storage of your will.

To start drafting your will today, CONTACT US ON 0861 45 00 45 FOR MORE INFORMATION.

WHAT IS AN EXECUTOR

An executor is someone you select in your last Will and testament. They carry out the instructions set out in your last Will and testament and help to handle the winding up your estate and legal document. Even if you know that you need to appoint an executor of estate, you need to think carefully before you decide who is going to represent your estate in that capacity.

HOW DO YOU APPOINT AN EXECUTOR

Understanding the role of executor can help you make an informed decision. You have the option to approach your bank to assist with the executorship function. As a result should you not be ready to choose someone in your family take on this important role.

One other important issue to consider when choosing to take on the role of executor is the fact that impractical and incorrect provisions may be included in Wills, which could make the administration difficult. A bank, trust company, attorney, accountant or another power of attorney can administer the process to ensure it is handled effectively.

WHAT ARE THE TYPICAL COSTS ASSOCIATED WITH AN EXECUTOR

It’s important to note that an executor can take a maximum fee of 3.5% Excluding VAT of the gross value of the estate if they want to. While it’s reported that family members do not take this fee in most instances. A bank or lawyer will charge this fee for handling the administration. They may also earn 6% of the income earned by the assets from the date of the person’s death until the estate is distributed.

HOW CAN YOU REDUCE COSTS ASSOCIATED WITH AN EXECUTOR

We aim to reduce the costs associated with executorship through an array of estate planning solutions at cost-effective rates.

We are fully focused on our customers’ needs

WHAT IS THE DIFFERENCE BETWEEN AN HEIR AND A LEGATEE?

According to SARS, your beneficiaries can consist of heirs and/or legatees. A legatee is a person who receives a specific asset from the deceased estate, like your prized watch or collectable car. An heir is a person who receives the balance of the estate (after all distributions to legatees has been finalised).

HOW DO I APPOINT GUARDIANS FOR MINORS

If you are a parent with children under the age of 18, it’s advised that you appoint someone to act as their guardian in your last Will and testament . In most instances, the surviving parent is automatically the child's guardian, but you should always nominate a guardian or a substitute guardian in the event of the surviving parent passing away.

Legal experts agree that consideration must be given. Appoint someone appropriate who can possibly exercise the same love and care for the child as you would have done yourself. Perhaps a close relative can fill this role.

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INSUREWIZE ASSIST

In the unfortunate event of a loved one passing away, the details of their estate needs to be processed properly to give your family peace of mind. The administration process ensures all the terms of his or her last will and testament (if there is one) are carried out correctly. The process itself is highly technical because everyone’s assets, family wishes and circumstances differ. Because of this, the estate administration process usually requires professional expertise.