As Tuckers Inc is participating in Free Wills Week during September we felt it important to write about the importance of having a will.
Most of us work hard to build up and protect our estate, if not to enjoy the fruits of our labour come the age of 65, then to provide for our families come the time for our departure.
For some reason setting up our last will and testament makes us think about our own mortality, and so we have a tendency to put it off.
A last will and testament is a legal document that dictates how you want your estate to be dealt with in the event of your death.
So, we ask what happens if an individual dies without leaving a will?
In that event, your estate (being all of your assets and liabilities) will transfer to your closest relatives in terms of the relevant law. But it is, at best, a second prize because you aren’t able to specify who inherits your possessions and what they inherit. If no relative can be found, the entire estate of an individual will pass to the State.
Fortunately, you cannot “inherit” someone’s liabilities if these exceed their assets.
Should you take the necessary steps to leave a will, however, after your death it appears that the will has not been validly executed owing to some or other defect or illegality, the estate will then devolve “intestate”, as described above. All the more reason to ensure that your will is validly executed as well as ensuring your will is reviewed from time to time.
A further factor to take into consideration is your marital status. A person’s marital status and matrimonial property system will affect how the property will devolve.
However, one must note that if one is married in community of property, their estate would be jointly shared by the surviving spouse. In this circumstance, the surviving spouse automatically inherits half and the other dependents’ share will be calculated accordingly as per the Act.
It is not uncommon that relatives wish to pass down family heirlooms or items that hold great sentimental value to them.
Dying without leaving a will rules out the option of passing down gifts or the opportunity to voluntarily deal with different family dynamics such as children that a new partner may have previously had. More detailed instructions will be ruled out such as burial wishes or uncommon religious requests.
In the next instalment, we will deal with the various formalities required in order to ensure your will is valid.
It is not an uncommon occurrence of estates being devolved in a manner that the deceased would not have intended. In order to ensure that your loved ones are taken care of and benefit from your estate at your time of death in the manner you intend, it is necessary to ensure that your will is well-crafted and addresses all of your wishes.
To conclude, we strongly advise that you either execute a will according to your wishes, alternatively, review your existing will. If you are not sure of the manner in which you can do so, please seek the relevant professional advice.
For more information on free Wills Week or regarding the subject at hand contact 011 897 1900 or info@tuckers.co.za.
Article contributed by Stacey Bonser & Kenny Smith of Tuckers Inc.
ALSO READ:
Get your will drafted for free by an attorney during National Wills Week
Follow us:
For more #hyperlocal news at your fingertips, visit Benoni City Times, Springs Advertiser, Brakpan Herald, African Reporter and Kathorus Mail.
