It is never early or late to make provision for the future, especially for those you love.
If you have been thinking of this then getting a last will and testament should be on your list of “TO DO THINGS”
In addition should you already have a will it is essential to review it regularly to make sure it reflects your wishes, especially if you have had the following change in circumstances
1.) You have entered into a marriage or civil partnership.
2.) You have obtained a divorce
3.) Your family composition has changed such as children or grand children etc who you wish to benefit from your estate.
4.) You have bought a new property or have recently obtained valuable assets (such as buying a new car)
Getting a will done is a simple and quick procedure. When going to see an attorney to conclude your will it is important that you consider what you would like to make provision for prior to attending at the attorney’s office.
A last will and Testament gives you the freedom to make provision for matters pertaining to your property and wishes. These include:
– Organ donation;
– Concluding a living will in the event of terminal illness or coma;
– Establishing a family trust
– Donating assets or funds to a charity of your choice
This list is exhaustive and should there be such matters which you wish to address then a will is of the utmost importance.
We suggest you do following before concluding your last will and testament:
1. Make of list all your assets. You can categorize them into immovable assets, movables assets and cash assets.
2. Decide on who you would like your beneficiaries to be. When deciding on this, especially if you own immovable property, it is highly beneficial to consult an attorney, more specifically a Conveyancer, who would advise you of the most cost effective means to dispose of your immovable property upon death.
3. Get the full particulars of the beneficiaries you would like to make provision for in your will.
4. Consider who you like to inherit should a beneficiary predecease you.
5. Decide on who you would like to act as the Executor in your estate.
By concluding your will you ensure that complications do not face your loved ones on your passing.
Should you fail to do so then you are termed to have passed away intestate.
This means that your assets are then placed in the hands of the Master of the High Court for distribution as per the provisions of the Intestate Succession Act.
The Intestate Succession Act has a number of provisions directing how the deceased estate must be distributed. This means that all members of your family are taken into account and allocated a share of your assets. Although the aim of the Act is meant to ensure fairness, the provisions may not be in line with your wishes.