What Happens if You Die Without a Will in South Africa

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The Financial Metaverse

The Financial Metaverse

2 жыл бұрын

What happens if you die without a valid will in South Africa?
In this video we are going to discuss what constitutes a valid will, and what happens to ones assets such as property, vehicles, cash, investments and other belongings when one dies without a valid will in South Africa.
So what is a will and what constitutes a valid will in South Africa? These are very important questions to answer because you may think you have a will but if it is not valid, it is a good as if it doesn't exist.
In essence, when you die without a valid will, you let the rules of the state decide who gets to inherit your assets.
This can result in a prolonged process to wind up the estate and bitter family disputes which can lead to vulnerable groups such as women and children being left destitute.
To avoid this, it is very important to draft a will. Ideally you want to draft your will with the assistance of a licensed financial planner.
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Music Used in this Video:
Song: Inspire
Music: www.bensound.com
License Type: Free License
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DISCLAIMER
I am not a financial advisor. The content in this KZfaq channel is only for educational purposes and should not be taken for financial advice. You and only you are responsible for your financial decisions and must therefore conduct your own research and seek the advice of a licensed financial advisor if necessary.
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Пікірлер: 8
@thefinancialmetaverse
@thefinancialmetaverse 2 жыл бұрын
If you have any concerns or questions regarding wills and estate administration in South Africa, please leave them in the comments section below and I'll respond within 24 hrs.
@lilwolf16158
@lilwolf16158 2 жыл бұрын
good video. 👍😍
@celesteteixeira-swiegelaar815
@celesteteixeira-swiegelaar815 2 жыл бұрын
Well done Zola, excellent work!! Excellent production.
@thefinancialmetaverse
@thefinancialmetaverse 2 жыл бұрын
Thanks Celeste 🙏🏾
@celesteteixeira-swiegelaar815
@celesteteixeira-swiegelaar815 2 жыл бұрын
Zola, I do have some questions. I have my Will with Momentum. I have 2 kids - a special needs child. I've asked the money to be controlled by a.... I forget the name.... So that it's protected. My daughter is 18yrs old. Is she old enough to be guardian to her brother. Can you plz guide me? Thank you.
@thefinancialmetaverse
@thefinancialmetaverse 2 жыл бұрын
That is an excellent question Celeste. I'll give you a detailed and comprehensive answer. Here is goes: Parents who are or have been married to each other, or who have never been married but the biological father qualifies to have parental responsibilities and rights, are co-guardians unless a court has awarded one of the parents sole guardianship to the exclusion of the other. Upon the death of either of the parents, the other usually becomes the sole guardian. An appointed guardian or care-giver cannot ordinarily oust the surviving parent as guardian. ​ Parents who retain joint parental rights on divorce are co-guardians, so if one dies, their ex-spouse automatically obtains care of the child. If the deceased has nominated someone else in their will to have care or guardianship, their ex-spouse will have to agree to relinquish his/her rights or share such rights before the provisions of the will can take effect. However, the court will always look at what is in the child’s best interests. If the ex-spouse is an unfit parent, the court may well afford care or guardianship to any other person who applies. Factors that courts consider when someone other than a biological parent applies for care and guardianship are discussed in more detail below. If the only surviving spouse dies, the person he/she has appointed as the ‘sole natural guardian’ will be vested with the care of the child and acquire full parental responsibilities and rights upon acceptance of the appointment. If the will of the deceased makes no mention of the child’s personal care, the appointment of a guardian may entitle that person to care for the child. The child’s views must also be taken into account in any decision regarding the appointment of a caregiver or guardian. The Act states that every child of an age, maturity and stage of development able to participate in any matter concerning him/her has the right to do so in an appropriate way. There is no set age at which children can make their own decisions, but the older and more mature they are, the more their wishes will be taken into account. With younger children, a skilled legal representative working together with a child psychologist or social worker can convey the child’s views and wishes to the court, and make recommendations on what they believe will be in the child’s best interests. I hope I explained this clearly enough for you, but let me know if you need further clarification and/or guidance.
@celesteteixeira-swiegelaar815
@celesteteixeira-swiegelaar815 2 жыл бұрын
Thank you Zola, as always very professional. Thank you for clarifying!
@thefinancialmetaverse
@thefinancialmetaverse 2 жыл бұрын
@@celesteteixeira-swiegelaar815You're welcome😊
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