When is the last time you updated your will? Do you have a valid will?
By making a will or updating your will as your personal circumstances change you can ensure that your assets are disposed of in accordance with your wishes after your death.
By having your will drafted by an attorney, you will have access to the necessary knowledge and expertise to ensure that your will is valid and caters for any and all possibilities that may arise upon your death. Your will can be drafted to cater specially for your individual wishes and needs and is an essential tool for proper estate planning.
If you have minor children, a will also places you in a position to appoint a guardian to look after your children when you are no longer able to do so. You can also cater for a testamentary trust in your will to manage assets on behalf of your beneficiaries. The trustees of such a trust can also ensure that the inheritances of minors or other dependants with special needs are well-managed or invested until they reach an age where they are better able to make decisions regarding such inheritances. These trusts for instance also be used to pay for the education and development of such minors or dependants.
In your will, you must also appoint an executor. This will be the person who has to ensure that your wishes, as per the will, are carried out and that your estate is dealt with in accordance with the relevant legislation. An executor should preferably be a professional person specialising in wills and the administration of deceased estates.
Should you die without leaving a valid will, your assets will be distributed in terms of the Intestate Succession Act. This means that your wishes with regards to who should benefit and who should not benefit will not be taken into account.
To have a valid and carefully drafted will, catering for your personal needs and situation is of the utmost importance if you want to ensure that your loved ones and business interests are looked after when you can no longer do so yourself. Make an appointment to see one of our professionals to give you advice herein and to assist you with the drafting of a will.