The New Generation Will
Invest in your heirs giving them
all the benefits
Food for thought
1.
You can change you will at any time, but if you alter it you must
resign and witness all pages not just the alteration - best to
reprint. Anybody over the age of 16 years can have a will but
be sure that both spouses have wills. Joint wills have little
more than emotional consequences. Any will can be changed by
the survivor but emotional ties can disadvantage heirs for no
apparent reason. Only executors benefit as they are the
executors to both estates.
2.
Before marrying evaluate an ante nuptial contract (anc) - can
be based on the accrual system if there is concern about
sharing the fruits after marriage.
3.
Both spouses should have wills as soon as possible after
marriage - unfortunately death is not limited to by age.
4.
Name the surviving spouse as executor and if possible the sole
heir. This can limit executor fees if any and there should be no
need to sell assets if the spouse has enough to pay funeral
expenses (R10 000 to R15 000), the masters fees of R600 and
the creditors and Liquidation & Distribution notices of
approximately R400 and any assistance they might need to
finalise the estate with the Master.
5.
Never bequeath an amount owing to you to the person or entity
owing you the amount as this will cause capital gains tax in their
hands.
6.
Any person buying a house should consider taking out life
insurance for any unpaid balance. This also applies to buying
items purchased on any form of long term credit.
7.
If you have complex requirements regarding your estate, set
out your requirements in detail and have a lawyer draw up a
trust deed that will govern any assets ever transfered to the
trust in the way you have set out. Attach the trust deed to
your will the deed only be to be actioned on your death. In
your will you leave the value and assets of your complex
requirements to the trust which is only registered on death as
a testamentary trust.
8.
Keep one file in which you keep copies of documents of title
such as property title deeds, vehicle registrations and record
where the originals are kept. Include details of insurance
companies, banks and brokers who or through whom you keep
investments. Even keep a copy of your will in the file in a
sealed envelope if you must. Update the file for changes as
often as you can. This information assists executors to speed
up the administration process.
