Basic Requirements Of A Will

WILLS

If a person dies with a valid will, that person is said to have died testate and his/her will is used to distribute their property in accordance with their wishes.

However, when a person dies without leaving a valid will, that person is said to have died intestate and their property is distributed in accordance with the provisions of the Intestate Succession Act 81 of 1987 (ISA).

HAVING A WILL PROVIDES THE FOLLOWING ADVANTAGES:

You have complete control over your estate and who receives what
You can create a trust to ensure that your assets are looked after
You can apply conditions before people can inherit
Winding up of the estate is done faster
You can choose your executors

It is also important to bear in mind that whilst a company as a legal entity can exist perpetually until it is wound up or deregistered, its who are natural persons do not. A good estate plan will therefore make provision for the appropriate transfer of shares after the shareholder death.

A South African will must be drawn up in accordance with the Wills Act South Africa:
The will must be signed at the foot of each page;
The will must be signed in the presence of two or more witnesses;
The witnesses must be aged over 16 and must also sign the will;
The witnesses may not be executors or beneficiaries

WHAT YOU WILL NEED TO WRITE A WILL

A last will and testament must include the following items in South Africa:

Name and identification details of the executor of your estate
Name and ID number of your spouse and details of your marriage (e.g., whether you have community of property)
Copy of your South African marriage certificate (or decree of divorce and settlement agreement)
Names and ID numbers of all children/dependents you wish to benefit from your will
Names and ID numbers of any grandchildren
The name and contact details of a guardian/guardians if you have young children
Details of any parties or institutions you wish to benefit
Copies of title deeds for immovable properties in South Africa (or mortgage bonds thereof)
Copies of all insurance policies
An inventory of liabilities

What invalidates a will?

Executor.

Do you need Legal Advice?

Wills

WILLS

HAVING A WILL PROVIDES THE FOLLOWING ADVANTAGES:

BASIC REQUIREMENTS OF A WILL

WHAT YOU WILL NEED TO WRITE A WILL

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