More education is needed about wills – Tuckers Inc
Boksburg law firm Tuckers Inc was part of the Law Society’s free Wills Week initiative, which was hosted between September 11 and 15, and said it was a big learning curve for the company.
“Often, as attorneys, we take it for granted that every person knows that they should have a will,” said Kenny Smith, director at Tuckers Inc.
“But, as we discovered, many members of the general public do not realise the importance of having a will and we also encountered people who did not even know what a will is.
“We have realised, especially through travelling out to local companies to do wills for staff, that more education is needed about wills.
“Briefly stated, a will is a document which you have drafted which will deal with your estate (all your assets and effects) upon your death.
“Should you not leave a will, the law will dictate how your estate is to be divided upon your death.
“This may mean then that people you may not have intended will benefit from your estate.”
Tuckers also learnt that many people have not given much thought as to what will happen to their children in the event of their death.
“Have you appointed a guardian for your child if you are a single parent? Who will look after your children and their best interests if you are no longer here?” said Smith.
“And while many people have left their entire estates to their children, if a child is under the age of 18 years they cannot receive this inheritance in their own names.
“If you have left funds to your children, these funds will have to be paid into the Guardians Fund and will only be released to your children when they attain the age of majority (18 years).”
He said the Guardians Fund is administered by the office of the Master of the High Court and unfortunately it can be quite tedious and cumbersome to try and withdraw funds when they are needed.
“It is therefore sensible to establish a trust in your will to administer any inheritances left to your children until they reach the age of majority.
“It was also important to distinguish the role of the executor of your estate. The executor is the person who will attend to the winding up of your estate.
“This means that they will attend to all the necessary administrative procedures in collecting all your assets and ensuring that the assets are distributed in accordance with your wishes.
“The executor is not a beneficiary of your will (although they may be) but they are entitled to charge a fee for the work done in winding up your estate.
“This is a statutory fee which is set by government in the Government Gazette.”
Currently, an executor may charge 3.5 per cent of the total value of your estate as a fee.
(Article: Robyn Canning, Tuckers Inc)
