Normally people would like to make their own decisions, by having a Last Will and Testament you control who inherits your estate and you appoint a guardian for your minor children. You also appoint your own executor to ensure your wishes are carried out.

THE ADVANTAGES OF A VALID LAST WILL AND TESTAMENT

A Last Will and Testament is probably one of the most important parts of your financial planning during life.

The ideal situation will be if you have total control over the distribution of your assets after your death.

By leaving a Last Will and Testament you decide on the distribution of assets amongst your family in the proportions that you want. You can also leave specific assets or portions thereof to specific persons. Also, by leaving a Last Will and Testament, you can appoint the executor.  

At EasyWill we review all wills drawn-up by ourselves on a regular basis.

SO CAN YOU AFFORD TO DIE WITHOUT A VALID LAST WILL AND TESTAMENT?

Should you die with a badly drawn-up Last Will and Testament, an invalid will or without leaving a valid will, you will create enormous problems for your immediate family.

In such a case your assets will be distributed in terms of the rules of intestate succession. These rules will not take your wishes or your family's circumstance in to account on distributing your assets, fixed assets might have to be sold to cover expenses. Business interests or assets like farms, which needs to be divided, also would be sold to give each person who inherits their share in terms of the rules of Intestate succession. The Master of the High court will appoint the Executor, this is the person that looks after the estate, collects the deceased's assets, pays the deceased's debts an distributes the balance of the estate amongst the heirs, and you will have no control over this appointment.

Whereas, if you have a valid Last Will and Testament you can plan for the distribution of your assets, the appointment of the Executor and for specific circumstances, you can have the final say.

For more information on the rules of intestate succession please contact our offices.

Anyone of at least 16 years of age, who is mentally capable of appreciating the nature and effect of his/her act, may make a Last Will and Testament. The most important requirement is that the will is signed by the testator/testatrix and that the signature made by the testator/testatrix is witnessed by at least two people present at the same time, who then must sign the Last Will and Testament in the presence of the testator/testatrix and of each other. The witnesses must be persons of at least 14 years of age and who at the time were competent to give evidence in a court of law. Should the Last Will and Testament consist of more than one page all the pages must be sign by the testator/testatrix.

However, should the formalities as required by law not be followed, a court may decide to validate a will if it is satisfied that it was indented to be the Last Will and Testament of the testator/testatrix.

CONCLUSION

A valid Last Will and Testament, drawn up in accordance with the formalities required by law, is therefore an essential instrument in executing your wishes with regards to the distribution of your assets after your death. It might not be important to you now, but it will be of the utmost importance to your loved ones.