Most people do not know whether their loved ones have executed a Will, where the original might be kept or who has been nominated to wind up the financial affairs of the deceased.

While it is probably not the conversation of choice over dinner, having an updated Last Will and Testament is arguably one of the most important things you can do for yourself and your family. Your Will legally protects your spouse, children, and assets and gives you the opportunity to detail exactly how you would like things handled after you have passed on.

There is the perception that only “wealthy” people need a Will but Wills contain so much more than merely how you wish to distribute assets. Let’s look at some of the most important reasons for having a Will:

  1. You decide on how your estate will be distributed. While we hate to think that there might be arguments over our estate, having a Will help minimize any family fights that may arise, and clearly details ‘who’ you want to get ‘what’. If you die without a Will you are deemed to die ‘intestate’ and your estate is then distributed according to the law of intestate succession – meaning that the Master of the High Court will appoint a curator to administer your estate as they see fit.

  2. You get to nominate the guardian of your children. Your Will allows you to nominate who should take care of your minor children. Without a Will the State will choose among family members or a state-appointed guardian and this might not be the person you would have chosen, a situation that no-one wants to put their children in.

  3. Most importantly, Testamentary Trusts can be included in your Will – This is a trust which is especially suited to the protection of minors and other dependants who aren’t able to look after their own affairs. A testamentary trust is a trust created in terms of your Will and comes into effect after your death. The trust is administered by trustees appointed in terms of your Will, and usually terminates after a predetermined period or at a determined event, e.g. a minor turning 21 or the death of an income beneficiary. This trust can cover everything in your estate or else selective aspects such as Life Policies, specific assets and lump sums of money.

  4. You get to minimize the estate duty. Having a Will allows you to minimize your estate taxes through understanding what can be left to family members, what can be donated to charities etc. These could reduce the value of your estate when it’s time to pay estate taxes.

  5. You decide who will be the Executor of your estate. Executors ensure that all your affairs are in order, including paying bills, notifying banks and other businesses, cancelling your credit cards and other critical administrative duties. Understanding that your executor will play the biggest role in the administration of your estate, you need to be sure to appoint someone who is honest, trustworthy, and organized. [This is often not a family member as it requires specialised knowledge and an unemotional unbiased position]

NATIONAL WILLS WEEK BETWEEN 26 -30 OCTOBER 2020

Contact the NSV Team to assist you with the drafting/updating of your will

Jack van Zyl            082 773 7076 / This email address is being protected from spambots. You need JavaScript enabled to view it.LINKEDIN

Johan Slabber            083 454 8634 / This email address is being protected from spambots. You need JavaScript enabled to view it.LINKEDIN

Marchelle van Zyl        082 850 8792 / This email address is being protected from spambots. You need JavaScript enabled to view it.LINKEDIN

Annerien Dykman        072 284 6263 / This email address is being protected from spambots. You need JavaScript enabled to view it.LINKEDIN

NSRI’S WATER-SAFETY TIPS

It’s always tempting to take the plunge when temperatures soar and you’re in the holiday spirit....

Safe banking over the festive season

The South African Banking Risk Information Centre (SABRIC), on behalf of the banking industry,...

Reflecting on the Year 2020

The year is beginning to wind down pretty quickly and most of us are trying to fit in as much as...

HOUSING PRICES SPIKE INTO DOUBLE DIGITS

  During South Africa's lockdown, the average house price went into a rapid decline, with...

LANDLORDS AND TENANTS: Know Your Rights

This year, many stressed South Africans have been forced to tighten their belts yet another...

POPIA – THE SUMMARY

PROTECTION OF PERSONAL INFORMATION ACT (Also known as POPIA) Why do we need the Protection of...

Rent Versus Salary - What South Africans can afford accommodation?

Even before the global pandemic, South Africa was in dire a dire economic situation. Acting as a...

DECEASED ESTATE PROPERTY TRANSFERS

During a person’s lifetime, he/she will accumulate assets as well as liabilities. The assets can...

THE IMPORTANCE OF HAVING A WILL

    Most people do not know whether their loved ones have executed a Will, where...

PROS AND CONS OF EACH TYPE OF PROPERTY OWNERSHIP

Though many might not be aware of it, there are three different forms of homeownership in South...

EVERYTHING YOU NEED TO KNOW BEFORE HOUSE HUNTING

With more affordable property prices and bank approval rates at historically high levels, coupled...

FAQ's When Buying or Selling a Property

Q: To whom do I pay the deposit? A: The Purchaser’s deposit can be paid either to the estate...

CERTIFICATES OF COMPLIANCE

If you are selling your property, then you are going to most certainly need a number of...

PROPERTY PRICING - WHY AND HOW TO GET IT RIGHT

When it comes to putting a property on the market,  some sellers believe listing the property...

MY TENANT WANTS TO BUY, CAN THE RENTAL AGENT CLAIM COMMISION?

With the interest rate at a low 7%, tenants are finding that it might be cheaper to purchase...

HOW MANY CONVEYANCERS DOES IT TAKE TO TRANSFER A PROPERTY?

Buying or selling a property for the first time is a milestone event in any person's life....

DIVORCE & ACCRUAL – LIVING ANNUITIES AN ASSET IN THE ESTATE

In the case of CM v EM it was held in the Supreme Court of Appeal of South Africa...

BUILDING VS HOME CONTENTS INSURANCE KNOW EXACTLY WHAT YOUR INSURANCE COVERS

It appears that many South Africans took the opportunity to do renovations at their homes, during...

HOW TO FAST TRACK THE PURCHASE OF YOUR PROPERTY

Purchasing a property is a big decision, one in which the buyer will have...

THE IMPORTANCE OF A LIVING WILL 

What is a living will? A living will is a document that lets people state their wishes...

SOUTH AFRICAN WOMEN'S DAY

Have you ever wondered why we celebrate Women’s Day on the 9th August in South Africa? It has...

DOES YOUR HOME OFFICE QUALIFY YOU FOR A TAX DEDUCTION?

Does your home office qualify you for a tax deduction? As the old adage goes, change is as good...

HOLD ON TO YOUR STATUS AS A HOMEOWNER

Clients in financial difficulties in these tough times can get to keep their homes, provided they...

THE PANDEMIC AND BUSINESS INTERRUPTION COVER, CAN YOU CLAIM?

  “…it must be asked whether, but for the Covid-19 outbreak, the interruption or...

THE MEDIA MAY BE CALLING IT AN "ACT OF GOD", BUT WHAT DOES THE LAW SAY ABOUT FORCE MAJEURE AND COVID-19?

When disaster strikes it is easy for the world to fall into disarray. The impact of natural...

A DAY IN THE LIFE OF A CONVEYANCER DURING THE COVID 19 PANDEMIC!

A DAY IN THE LIFE OF A CONVEYANCER DURING THE COVID 19 PANDEMIC! Armed with comfortable shoes,...

Electronic Signatures in Property and Other Transactions

“To sign a document means to authenticate that which stands for or is intended to represent the...

POPI COMES INTO FULL EFFECT ON 1 JULY ARE YOU READY?

Protection of Personal Information Act “POPI” Comes into full effect on 1 July 2020 Are you...

QUESTIONS TO CONSIDER DURING THE REPORTING OF AN ESTATE

Questions to consider during the reporting of an estate   How do I report an estate to the...

ALL YOUR PROPERTY QUESTIONS ANSWERED!

All your property questions answered!   Experts answer your questions on property matters...

NO FFC - NO COMMISSION NOT ALWAYS THE CASE?

NO FFC – NO COMMISSION NOT ALWAYS THE CASE?   Estate agents are not entitled to earn...

LANDLORDS MUST 'GET REAL' ABOUT PROPERTY PRICE EXPECTATIONS

Article By Bonny Fourie Property 360 / 7 June 2020 Property is only a sound investment if you...

BUYER'S MARKET LIKELY TO LAST

Article courtesy of Property 360:  25 May 2020 No rush if you want to buy – market will go...

4 SMART THINGS YOU CAN DO RIGHT NOW TO SAVE MONEY DURING SA’S DEEP COVID-19 RECESSION

South Africa was headed for a recession way before Covid-19 turned everything upside down. As a...

PROPERTY SELLERS – PREPARE FOR SPLUMA

Many factors can delay your property transfer, and all of them are likely to cost you.  A...

WHAT ARE YOUR RIGHTS WHEN IT COMES TO FORCED COVID-19 TESTING?

As the COVID-19 pandemic is spreading across the globe, Minister of Health, Zweli Mkhize has...

How to make a will and get it witnessed

Locked down during the pandemic: How to make a will and get it witnessed The last few weeks have...

IS YOUR HOUSE IN ORDER?

Getting your house in order involves big things, such as having life insurance and a valid will,...

WHAT HAPPENS TO THE SIGNED ANTENUPTIAL IF YOUR WEDDING CEREMONY IS POSTPONED DUE TO COVID-19

The Covid-19 pandemic and the national lockdown that was implemented in order to contain the...

Arrested under the Disaster Management Act?

Arrested under the Disaster Management Act? You have the right to challenge it! Admission of...

The risks of dying without a will (Albeit not a valid one)!

Although we are in lockdown and may be working for home, many of us have a bit more time on our...

DO TENANTS STILL HAVE TO PAY RENT DURING LOCKDOWN?

 Following please find answers to the pertinent questions regarding the payment of rent...

TIPS FOR INVESTING IN PROPERTY FOR RETIREMENT

Have you ever wondered if real estate is a sound investment? Well, it certainly can be! There are...

FAQ’S FOR DIVORCES

HOW LONG DOES THE DIVORCE PROCESS TAKE? A divorce action can be finalised within one month or it...

NEW RULES FOR WHO GETS THE KIDS THIS WEEKEND

Who gets the kids this weekend? Following please find new regulations around the movement of...

WESTERN CAPE RENTAL CONSIDERATIONS

In recent times the Western Cape has become the area to stay in. With the spectacular sea view or...

WHAT TO LOOK OUT FOR BEFORE BUYING A PROPERTY

You’ve searched far and wide for the perfect home for you and your family, and you’ve finally...

CONTACT OUR PAARL OFFICE

Email: paarl@ngolaw.co.za
Tel: +27 (0)21-870-1185
Address:
 138 Main Road, Paarl, WC 7646

CONTACT OUR TYGERVALLEY OFFICE

Email: info@ngolaw.co.za
Tel: +27 (0)21 914 4481
Address: 
5 Ground Floor, Bateleur Office Park, Pasita Road, Tygervalley