According to the Master of the High Court’s recent figures, 70% of working South Africans do not have a valid Last Will & Testament in place. It is now more important than ever to consider the future and to execute your Will.
In South Africa, there is freedom of testation and people are allowed to change their wills as often as they please. It is good practice to review a will at least once a year, but there are also some ‘life events’ that make a review necessary, especially going on holiday over the festive period.
These include asset accumulation (a new property, valuable paintings or jewelry), getting married, having children, or getting divorced.
How do you know your Last Will & Testament is valid?
The importance of having a well-structured Will & Testament going on holiday, and why it needs to be updated every year or at least with every life event that occurs.
It takes just a few minutes to make sure your Will still contains the right information and can make a world of a difference to your loved ones.
People often neglect to give proper attention to their will because it forces them to face their own mortality. Yet this is one of the most important documents necessary for estate planning.
Having a well-structured will means you are taking care of your responsibilities and ensuring that your assets are distributed in terms of your wishes when you are no longer there.
Today I am joined by my guest, Enrico Truter, who is an estate consultant working for a very large estate administration company in South Africa (Capital Legacy) specialising in Wills and Estate Administration with over 15 years of experience. Watch our interview below.
Why it is important to have a valid Last Will & Testament in place.
The importance of obtaining the services of a professional person who specialises in the drafting of wills is pertinent and this shall avoid unnecessary complications with the administration of the estate.
The wording is critical and getting it wrong can lead to hardship and even financial distress for the people left behind. Once you are dead, there is no opportunity to correct or amend something that is not clear.
“All too often people appoint a family friend or a family member as the executor of the estate. In many instances, the master of the high court will insist on a professional person assisting the individual in winding up the estate.”
“It is important that the person winding up the estate has kept abreast of changes in the relevant legislation and understands the tax implications, etc.”
He points out that people with assets outside of South Africa might have a will in the country where those assets are located. “It just makes it easier for someone on that side – a person well-versed in estate matters in that jurisdiction – to quickly attend to the administration of the estate.”- However the latter has serious financial implications especially dealing with a different jurisdiction and this can delay in winding up one’s estate in their country of residence, which could take years? – Therefore a company like Capital Legacy Fiduciary services has the expertise and know-how to assist in this instance.
Contact Leon Bart for assistance with drafting or reviewing your Last Will & Testament.
