Although we are in lockdown and may be working for home, many of us have a bit more time on our hands. Now is the time to spend time, on getting our personal admin up to date.
Is your will valid and up to date?
The truth of the matter is the following: Not having a will (or a valid one) at the time of your passing will, in all likelihood, have very little impact on you personally (for the obvious reasons). With that said, it’s your loved ones (and their loved ones) who will feel the effect.
The consequences however will not be devastating. It will not mean that your life’s wealth will be tied up in an elusive bank account which your loved ones will not be able to touch.
No, it is quite the opposite; your estate will devolve in terms of the laws of intestate succession. This set of rules, as infamous as they may seem, are not all bad. There are provisions placed in the Intestate Succession Act 81 of 1987 which ensure that those closest to you will receive your wealth, by means of a ranking system.
It is however the control element which is absent and which can, in certain circumstances, be vital.
In your will, directions can be given regarding, amongst other things, who is to receive what, who you appoint as the executor to administer your estate and who will be the guardian of your minor children. Provision can further be made for the establishment of a testamentary trust (should the need arise or should an already existing need be present).
There is however no use in preparing a will if the will is not valid in terms of the formalities set out in the Wills Act 7 of 1953. These formalities include, amongst others, ensuring that the will is signed at the end of it, having two or more competent witnesses attest and sign the will in the presence of the testator and of each other and ensuring that each page of the will, other than the page on which it ends, is also signed by the testator. It is important to obtain the appropriate legal advice when preparing and signing your will and it is equally important to ensure that your original will is stored in a safe and secure place.
There are only two things certain in life: death and taxes. Unfortunately, both are out of our control but at least with the former, its consequences and implications for our loved ones can remain firmly in our control should you have a clear succession structure encompassed in a properly drafted will.
Please do not hesitate to contact the NSV Team should you require assistance with updating or drafting of a new will.
Jack van Zyl 082 773 7076 / This email address is being protected from spambots. You need JavaScript enabled to view it.
Johan Slabber 083 454 8634 / This email address is being protected from spambots. You need JavaScript enabled to view it.
Marchelle van Zyl 082 850 8792 / This email address is being protected from spambots. You need JavaScript enabled to view it.
