Why do you need a will?

Everyone should have a will, irrespective of your asset value, as it allows you to leave a legacy in line with your wishes. You work a lifetime to build up an asset base which carries specific meaning and sentiment. A will allows you to determine who will benefit from it and in what proportion. It avoids your asset base being passed down in terms of the Law of Intestate Succession (dying without a will in place) and allows your investments to be placed with an investment house for minor beneficiaries to maximise capital growth, rather than monies being placed in the Guardian’s Fund. Having a will in place generally reduces the timeframe attached to the estate administration process and makes it easier.

Factors to consider when drafting a will?

We encourage people to try and keep their wishes simple rather than “ruling from the grave”. Specific inheritances, your marital status, maintenance or divorce obligations, age of beneficiaries, donations and business succession planning are some of the areas for consideration. In addition, you need to be mindful of the costs associated with death.

What is estate administration and why is a professional executor important?

The administration of an estate is often a complicated matter. The executor plays an important role in ensuring that the estate is transferred in accordance with your wishes and that the administration process is undertaken in line with the Estate Act, 66 of 1965 (as amended). The process needs to be handled with empathy, efficiency and professionalism and in the shortest possible time.
You may appoint an executor of your choice. However, this appointment needs to be ratified by the Master of the High Court at death. The Master needs to be comfortable that the appointed executor has the necessary skills and knowledge to administer your estate. The executor needs to be able to attend to the legal, accounting and related aspects of the administration process.