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Estate Planning, Will, codicil
Winding up a deceased estate can be daunting, complicated and an emotional process, especially if a will hasn’t been executed or if it hasn’t been drafted or signed properly.
There are many instances that people may wish to draft or update a will, including overseas travel, marriage, divorce, birth, starting a business, or purchase of a property. The reality is that there is no time like the present!
A will is a very important document and provides you with peace of mind, in that you have chosen your heirs, and taken care of your dependents.
Why should you have a will?
If a person passes away without a valid will, the estate will be wound up according to the laws of Intestate Succession in terms of the Intestate Succession Act, which stipulates how assets are distributed and may not necessarily meet your wishes. A copy of the Act is available under the ‘Legislation’ section of this website.
Should you reside with your partner to whom you are not married, the law of intestate succession may not recognize your 'common-law’ spouse as the beneficiary of your estate if you haven't left a will naming him/her as beneficiary.
A will is essential for all, especially in the case where you have minor dependants. In this case, you should consider nominating someone with parental rights in order to ensure that your children are cared for. You may want to consider making provision for the protection of minor heirs by setting up a testamentary trust.
In terms of your will, you need to appoint an executor to administer your estate according to the provisions of your will, who shall be responsible to act in the best interest of your heirs. Failing which, the Master or your heirs may nominate an executor to administer your estate.
What should you consider when preparing or amending your will?
You should always seek expert and professional advice when you want to draft or review you will.
Attempting to draft a will yourself, could result in the will being invalid, or could cause consequences after your death that you may not have intended.
Keep your will up to date by revising it regularly.
Executing your will
When signing your will, it is imperative that it is done in compliance with the provisions of the Wills Act.
The place and date of signature must be written in at the end of the will.
Each page of the will should be signed in black ink by the Testator or Testatrix, and two independent witnesses, who should also sign next to any alteration.
Witnesses should be parties who have no interest in the will, and their signatures merely acknowledge that they saw the Testator or Testatrix sign. It is advisable not to ask family members or anyone else who could be an heir or the spouse of an heir to sign as a witness, as they may be disqualified from inheriting in terms of the Wills Act.
Our Costs for Preparing A Will
Unlike many of the larger trust service providers, our affordable rates are not subject to the condition that you need to appoint us to act as the executor of your will.
Please see our price guide below:
Simple individual will - R200.00
Simple joint and mutual will - R250.00
Will incorporating a testamentary trust - R400.00
Will with detailed heirs and legatees - R400.00
Simple Sharia will - R250.00
Should you wish to instruct us to prepare your will, kindly complete our online information form or email us at [email protected] and we will email the form to your in MS Word format.
, Estate Planning