Stay in Control with a Valid and Updated Legal Document
What Is a Will?
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. To maximize the likelihood that your wishes are carried out, you want a will that is set forth in writing, and signed by you and your witnesses (see self-proving/testamentary will, below). If your will does not meet these standards, your instructions may not be carried out.
Having a last will and testament may not be one of the most pleasant things to think about, but having one can save your family a lot of needless heartache and pain. By having a will, you take the guesswork out of your final wishes.Any person who has assets, and children, a spouse or family who they want to stand, must have a valid will, which was signed by the testator / Testatrix or both where there is a collective will to 2 independent witnesses not part of the will as heirs.
What Happens If You Do Not Have a Will?
If you die without a will or a valid legal document, the state will act according to the Intestate Succession Act and your beneficiaries will be determined under the law. You spouse and/or your descendants will inherit per a written order.
If the deceased were married, the spouse inherits. If there is a spouse and children left behind, the inheritance will be divided equally, as long as the spouse’s inheritance is at least R125000 (if there is enough money).
If there are minor children, the chances are good that their inheritance will be paid into the Guardian’s Fund, which is not ideal. Reason is that it may lead to the assets being sold because the Guardians only allowed to receive cash. A will lets you provide for their care. If you have children from a prior marriage, even if they are adults, your will can dictate the assets they receive. Creating a will also minimizes tensions among survivors. Relatives battling over your possessions can weaken what may have otherwise been a strong family. , If you are charitably inclined, a will lets you direct your assets to the charity of your choice. Likewise, if you wish to leave your assets to an institution or an organization, a will can see that your wishes are carried out.
Creating a will gives you sole discretion over the distribution of your assets. It lets you decide how your belongings, such as cars or family heirlooms, should be distributed. If you have a business or investments, your will can direct the smooth transition of those assets.
A will must be technically correct and feasible, so it is recommended that a will is drawn up by experts as banks, lawyers and brokers who use institutions such as Sanlam Trust and others. The more complex the will, the more expertise is required.
There are also issues such as: Costs for the drafting of a will / testamentary trusts and other possible costs that may be involved, inheritance tax, estate tax on foreign assets, assets exempt from estate tax deductions allowable estate tax, estate tax and spouses, executor and estate costs for can be given that you as the customer should be aware when you are considering to make a will or to review anticoagulant an existing will.
Very important is that you should annually revise your will in order to create peace of mind for you, but especially those who stay behind.
The other question is whether there is enough cash available in your estate to finalize the estate without having to sell any assets to bring in cash to complete the estate.
A trained and qualified financial adviser can provide you with this service.
If you need any assistance in setting up your will, contact G and S Insurance Consultants today.