DO YOU HAVE THE WILL - TO MAKE YOUR WILL?
Why should I have a Will?
- Decide who your beneficiaries and the executor of your estate should be after you have passed away;
- Appoint a guardian of your choice to take care of your children;
- Plan your will to be liquid and not be forced to sell assets;
Why do many people still die without a valid Will?
- Good understanding among children;
- There is enough time for drawing up a Will;
- Create rift in the family;
- I don’t want to think about it;
DON’T MAKE THIS MISTAKE – DRAFT YOUR WILL TODAY!
What happens to your assets if you die without a Will?
- Your estate will be distributed in terms of the law of intestate succession;
- The Master of the High Court will appoint a curator to administer the property of your minor children and their inheritance will go to the Guardians Fund;
- A guardian, whom may be different to the person you would have preferred to care for your children, may be appointed by the court for that purpose.
What are the duties of an executor of a Will?
- Identify and list all the assets of the deceased;
- Receive payments that are due to the estate such as interest, dividends, investments and other income (e.g. unpaid salary, leave pay and other company benefits);
- Give notice to creditors to prove their claims;
- Pay funeral bills, outstanding debts and valid claims against the estate;
- File and pay income and estate taxes;
- Identify who is going to get what and how much and distribute it as per the instructions set out in the Will, and
- Realize assets which require to be realized;
IT IS IMPORTANT TO HAVE A PERSON WITH THE NECESSARY KNOWLEDGE AND EXPERTISE TO DRAW UP YOUR WILL
Which documents do you need when drawing up a Will?
- The name and identification details of the executor of your estate;
- The name and ID number of your spouse and how you are married;
- Copy of a marriage certificate, if divorced, a copy of the decree of divorce and settlement agreement required;
- The full names and ID numbers of all your children including adopted and stepchildren, you whish to benefit from your Will.
- The names and ID numbers of any grandchildren you would like included;
- The name and contact details of a guardian in case you have minor children;
- Details of the assets you wish to be donated to institutions such as a church, hospice, orphanage etc;
- Details of any other party or institution you wish to benefit;
- Copies of title deeds in respect of immovable properties in South Africa or mortgage bonds thereof;
- Copies of insurance policies, such as endowment policies, life policies, credit life policies etc;
- An inventory of liabilities;
SNYMAN DE JAGER PROVIDES YOU WITH A "TOOL KIT" TO KEEP ALL THE RELEVANT DOCUMENTS ORDERLY AND READY!
What is the purpose of a trust?
- To protect the interests of your dependants at a stage where they are unable to do so themselves;
- A trust can own property, receive donations and inherit money from your estate when you die. What makes a trust so secure is the fact that its decisions are taken by the trustees you appoint when you create it. The beneficiaries can only claim their benefit at the age or time provided in the Will;
Why can't I just use a book, or a computerised "Will kit" and do my own will?
- Professionals should draft Wills. The Will must be clear, concise, represent the true intentions of the Testator and meet certain legal requirements for it to be valid;
- Wills drafted by those with little or no experience usually lead to problems;
What kind of taxes are payable on estates after one's death?
- The government levies estate duty, which is a form of tax, on the estate after your death. No estate duty has to be paid if your estate, which may include property, insurance and money, is worth less than an amount of R3500 000.00. However, your estate will have to pay 20% estate duty on any net amount over R3500 000.00. Estates are also subject to Capital Gains Tax.
Where should I keep my Will?
- There is no specific formal place to keep a Will.
- However a Will must be kept in a safe place;
SNYMAN DE JAGER KEEPS AN ORIGINAL SIGNED COPY OF THE WILL ON BEHALF OF THEIR CLIENTS.
Is it necessary to revise my Will?
- Wills need to be revised from time to time, especially if important events have taken place in the life of the Testator.
- These events my include the birth of a child, marriage, divorce, death of a beneficiary or executor, gaining of property that is no part of the existing Will, etc
We Care, We Can, We Deliver