National Willls

Why have a National Wills Week?

The reality is that most people know they need a Will, but statistics show that South Africans are notorious procrastinators. In a recent survey we conducted, we asked people why they haven’t got their Wills in order. The results?

• 43% of respondents said: “I just haven’t got around to it”

. • 27% said: “I’m not sure where to get my Will done”.

• 21% said: “I think it might be expensive to get a Will”.

• Only 9% of respondents said they think they don’t need a Will.

It is essential to have a valid will to deal with the relevant legal aspects as well as the eventual administration of your estate. This will ensure that your assets are dealt with in terms of your wishes. As experienced attorneys we can advise you on the following:
1. Potential problems that might arise should you pass away without a valid will or if your will is outdated
2. Legal aspects that should be attended to, for example the inheritance to a spouse or a minor child or a person with a disability
3. The assurance that your will is legally valid and complies with your instructions or wishes
4. General information of what is required to administer you estate, such as cash needs, your family matters, financial obligations, special bequests and tax matters
5. The appointment of an executor. A trustworthy family member or friend may be appointed with an attorney as executor
6. The functions of the executor such as to claim assets, to settle liabilities, to execute special bequests and to attend to the distribution and transfer of the balance of the estate after all obligations have been settled, according to a so-called estate account, which has to be approved by the Master of the High Court.
We are available for a consultation to discuss any questions or legal aspects.

Many South Africans fail to do proper estate planning and pass away without leaving a will. This means they leave it up to the provisions of the Intestate Succession Act to determine how their estate is distributed. By writing a will, you ensure that your belongings are divided among your chosen beneficiaries. You will also ensure that the estate administration process is accelerated if you nominate an executor because, if left to the Master of the High Court it could take months, potentially leaving family members without critical income. Failure to do careful estate planning can mean that your entire estate may go to persons you may never have wished to inherit, while those that you care for and would want to benefit might be left with no legal entitlement to your estate or assets. And if you don’t have any blood relatives, your assets will be forfeited to the State. Other benefits of having a will include, appointing guardians for minor children, keeping a record of assets, and important decisions regarding medical care. Don’t let legislation dictate who gets your wealth. Let one of our specialists assist you with a will that is specific to your needs ensuring your loved ones are well looked after.

• Do you have children?
• Do you have a new home or property?
• Do you have assets?
• Are you getting married or divorced?
• Are you cohabiting with your
companion?
THEN YOU MUST HAVE A WILL!

Why must you have a will?
By making a will you ensure that your assets are disposed of in accordance with your wishes after your death. This privilege is called “freedom of testation”.
Why should an attorney draft your will?
Attorneys are professionals qualified in law. An attorney can advise you on any problem which may arise with regard to your will. An attorney has the necessary knowledge and expertise to ensure that your will is valid, and complies with your wishes.Often a will is not valid because the person who drafts it does not have the necessary legal knowledge to ensure that the requirements of the law are met.
What happens to your estate if you die without a valid will?
If you die without leaving a valid will, your assets will be distributed according to the provisions of the Intestate Succession Act. The provisions of this Act are generally fair and ensure that your possessions are transferred to your spouse and children.
BUT, the following problems may arise if you die without leaving a will:
• Your assets may not be left to the person of your choice
• It can take a long time to have an executor appointed. The appointed executor may be somebody you may not have chosen yourself
• There can be extra and unnecessary costs
• There can be unhappiness and conflict among members of your family because there are no clear instructions on how to distribute your assets.

1. You forfeit the  opportunity to decide who inherits what and your Estate is distributed according to South African law. This means people whom you may not have wanted to benefit your Estate may inherit your as sets and family heirlooms.
2. Your Partner may be left with  nothing if you are not married, or your Will is not updated from a previous marriage.
3. Your Children’s inheritance could pass to the Government Guardian’s
Fund or appointed Guardian rather than to a Trust that will ensure your wishes for them are carried out.
4. Family feuds often occur when family members argue over the
distribution of your Estate if your final wishes are not clearly documented in a Will.
5. Winding up your Estate can take years – without a Will appointing a
professional Executor, the Government is essentially in control of the process.

Our mission is to help more South Africans get valid Wills in place and change the shocking statistics we see in the market. Please don’t procrastinate – get your Will sorted today. For more info, visit: www.capitallegacy.co.za