How to Draw up a Will in South Africa

Рет қаралды 200

2 жыл бұрын

Dying without a valid will could result in an estranged spouse or irresponsible family member receiving a portion of your assets which you may have preferred to bequeath to someone else.
So if you want to ensure that your preferred people (or organizations) benefit from the assets you leave behind when you finally pass on, make sure to draft a valid Last Will and Testament.
The formalities of drafting a will are rather strict in order to avoid fraud and impersonations. These formalities are contained in section 2(1)(a) of the Wills Act 7 of 1953.
They are relatively straight forward, but even a seemingly meaningless oversight may end up invalidating the entire document.
If you have any questions or comments regarding the drafting of wills and/or estate planning, please leave them in the comment's section below.
What happens if you die without a will in South Africa? Watch this video to find out: • What Happens if You Di...
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Пікірлер: 4

@thefinancialmetaverse 2 жыл бұрын

If you have any questions, comments or experiences that you'd like to ask or share about how to draw up a will in South Africa, please leave them in the comments section below. I generally respond within 24 hrs.

@celesteteixeira-swiegelaar815 2 жыл бұрын

Well done!

@celesteteixeira-swiegelaar815 2 жыл бұрын

Hi Zola! Fantastic work. So, I have my Will with a financial company ( wasn't sure whether I should put the name here). I've made a testamentary trust for my 2 children. My daughter is 18 and my special needs son, is 12yrs. I am divorced so I wanted my estate to be handled through a testamentary trust. How do I ensure that they will handle my children's needs properly? How do they access the money - I understand that there would need to be a guardian, but could my daughter have that responsibility - again, I understand she is young and hasn't been responsible for managing much money as yet. Another question is... You spoke briefly about Estate Planning. I have some debt... Should I have a life policy or some other way, to handle that debt so the estate - the children's inheritance, doesn't get touched? Thank you

@thefinancialmetaverse 2 жыл бұрын

These are all great questions Celeste. In terms of the testamentary trust, if your will is with a financial institution it is likely that you appointed the institution as trustees. You would have indicated in your will at which age your children are able to access the capital from the trust. However, it will be wise to revisit your will and also assess the overall position of your estate at present. If you have a financial advisor that you're currently dealing with, it may be a good idea to get in touch with him/her, but I can certainly assist to recommend a skilled advisor to deal with your concerns.