The New Generation Will
Invest in your heirs giving them
all the benefits
Wills
1.
You may change your will at any time but it is best to have a will that
never needs to be changed unless you need to add another beneficiary.
2.
Make certain your will is clearly dated.
3.
Be certain that both winesses physical watched you sign your will. The
content of your will is of no concern to witnesses they both only need
to physically see you sign the will.
4.
Witnesses must be over 16 years and must not be beneficiaries or
named as executor.
5.
Avoid make changes to any will; redo the will or prepare a codicil. Sign
the codicil with witnesses exactly like signing a will.
6.
Be sure to fully name heirs and be very speciafic as to their
inheritance.
7.
Nobody knows what their assets will be or what they will be worth.
Think of a will as giving a gift voucher and the shop is the assets you
leave behind. So for example where you have 3 children and you want
them to share equally in your will divide the rand value of the net
estate equally and then allow heirs to chose the assets they wish to
receive making up their inheritance.
8.
Record in your will how to determine who should inherit should any
named beneficiary predecease.
9.
Choose heirs as executors and give them the power to pay for
assistance should they need it.
10.
State that the executor may not sell any asset without first refering
to all heirs but be sure to set a time period within which the heir must
respond to the executor.
11.
Be sure toeirs are not fully named or specifically described leading to
dispute and confusion. (Always protect inheritances to under age heirs
from Guardian’s Fund)
12.
Where there are businesses be sure to give executors sufficient rights
to run the business until distributed or sold.
13.
State how to determine alternative executors should the originally
named executors not be available.
14.
If there is any chance that you may be worth more than R3.5million be
sure to look at estate duty. A YFCWill specifically ensure that extra
tax is not paid giving what would be extra estate duty to your heirs
with a small portion to a recognised charity of your choice.
