You know who you want to leave your estate to. Do you know who will inherit from you if you die without a will?
If you die without a will the Intestate Succession Act (“the Act”) will determine who inherits from you. Do you know who inherits from you in terms of the Act? And are they the people you want to leave your estate to?
In south Africa we are in the privileged position that we can decide what happens to our estate after our death by simply drafting a valid will*. (*That is: A will that meets the legal requirements.) This means there is no reason for your loved ones, whoever they may be, not to inherit from you.
I have often been told by relatives that the person who passed away wanted someone else to inherit. These are some of the examples that I have personally dealt with:
- A same-sex life partner who died without a will: Her surviving partner could not inherit as they had not entered into a civil union. They however lived together and were jointly paying for their house. They had bought their furniture together. The deceased's mother inherited everything.
- A father who put his son's house in his name: His son was self-employed and unable to qualify for the bond. The house was paid for by the son and was only held by the father as nominee (representative). Any agreement involving immovable property must be in writing. Without a written agreement, the son could only claim back his bond payments. However, as he was living in the house, this could be claimed back as rental.
- An unmarried man living with a life partner and his minor child: His life partner told me he wanted to leave his estate to her to assist her in raising their child. However he had two adult children who inherited in terms of the Act. They did not wish to relinquish their inheritance.
Each of these people in the examples above were entitled to approach a Court for assistance. However:
- The application is expensive; and
- They would have no guarantee of success.
This is because:
- The wishes of the person who died are in dispute; and
- Without written evidence of his/her wishes it is one person's word against another.
Another reason to draft a will is the tax implication of your death. Estate duty and other taxes become payable after your death. Proper estate planning can ensure that your loved ones pay as little tax as possible when you die and, that they can afford to pay it. Drafting your will is an important part of your estate planning.
Your will must comply with the formal requirements for wills.
Recently a lady sent me her husband's will after his death to send to the Master to report the Estate. Unfortunately the will was not valid. What made her personal situation more problematic was that her husband had children who stood to inherit part of the Estate in terms of Intestate Law if they did not respect his wishes and waive their right to inherit. Luckily the family was close and it did not become a problem. If the children were not yet adults or if they did not respect their father's wishes it could have gone a different way.
If the person you trust to draft your will does not know the legal requirements you risk your will not being legally valid. Worst yet, by the time the mistake is picked up your loved ones will only have a right to approach a Court to declare your will valid. As I stated above, the application is expensive. If your Estate is not large, the application will be too expensive.
You can get your will drafted at a bank at no cost. The banks assist with this at no cost as they then appoint themselves as the executor of your Estate. If you wish to rather have a trusted loved one appointed as the executor of your Estate, we can assist you. Your loved one can then decide, after your death, who they prefer to assist them with the administration of your Estate. Your loved one will then retain control.
NEED A WILL?
This service includes:
- One draft of your Will*
- Consultation to take instruction and for signature**
* The price includes one draft and one revision. Further revisions will be charged for per page.
**Further consultations are charged for by the hour (or proportionate per part thereof).
*** Contact us for prices. (Our fees are all inclusive and payable in advance. )
For the process and required information go to: https://hurdlehop.co.za/last-will-and-testament/
For International Wills see: https://hurdlehop.co.za/international-wills/
Got a Question About Wills?
Call or email me for more information.
Cell: 082 567 7496
Email: monicas@yhp.co.za
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