Wills

 

The importance of a will can never be underestimated. In South Africa you have freedom of testation to determine what happens to your assets after your death. In order to do that, you must create a valid will. Should you pass away without a valid will, you die intestate and your estate will be divided according to law, which may have far reaching unintended consequences. A will is therefore a vital part in the estate planning process.

 

In drafting a will you have two options.

1. A simple will; and

2. A will with a testamentary trust.

 

Simple Will

In a simple will you allocate your assets to certain individuals and appoint an executor to handle the administration of your estate.

 

Will with a Testamentary Trust

A will that includes a testamentary trust is relevant when there are minor children involved. The assets that you bequeath to your minor children will be received by the trustees of a trust set-up for your the benefit of the minor children. The trustees that are appointed will then manage the assets on behalf of your children for their ultimate benefit to pay for their education and other expenses. Your children will however only be able to access the capital upon reaching a certain age. 

 

Should you not create a minor’s trust there is a possibility that the inheritance to your children will be paid over to the guardian fund to be administered for their benefit.

Contact Details

 

Herkie:

Email:

Tanya: 

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Address: 1st Floor, Block A, 30 Peter place, Bryanston