Last Will and Testament
A common misconception in South Africa is that, if you don’t have a will,
your immediate family will automatically inherit everything
you have when you pass away.
This is not the case. In fact, our country’s Law of Intestate Succession allows
the law to determine who your closest blood relative is, and to distribute
your assets as it sees fit.
KLF offers clients valuable advice on the leaving behind a
carefully drafted will and testament.
The absence of a properly drawn up will & testament can also cause delays in the administration of your estate – and added trauma for those you’ve left behind.Let’s take a look at them:
- Testator: The person whose will it is.
- Executor: The person named by the testator to carry out the terms of the will.
- Beneficiary: The person or group that receives assets from the deceased.
- Probate: The court that proves the validity of the will and oversees the executor.
- Bequest: The gift of personal property from the testator to the beneficiary.
- Codicil: A written amendment to a will.
- Intestate: when a person dies without a will (the opposite of “testate”).
- Trust: An entity that holds assets until a later date and allows a beneficiary to bypass probate.
So, seek advice from the professionals and draw up a will so that:
- Your assets go to the beneficiaries you desire, rather than those identified by the courts.
- Your chosen beneficiaries are able to get the assets sooner.
- There’s a smaller chance of family disputes over property.
- You’re able to let your beneficiaries know how you would like them to use your assets.
- The interests of children under 18 can be protected.
- If you own a business, a will protects your family against debt liability.
- You’re able to save on estate duty with proper planning.
Need to insure your business, investments, car, home and your life?
We can help make the process as simple as possible.