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Category:
Insurance
/
Life Insurance
/
Sanlam Trust /
Wills and
Estates
Why a will?
Every competent person of 16 years and older that owns assets and is
mentally able to understand the results of his or her actions,
should have a will. Why? If a person dies without a
will, it could lead to severe administrative, tax and legal problems
and possibly also lead to financial losses.
A
will should comply with certain legal requirements to be valid.
In your will, you determine how your assets should be divided, and
nominate an executor and trustee to take care of the division of the
estate's assets and to handle the administration of any trust
assets.
You have the right to name heirs as you wish in your will. If
you don't, your assets will be divided according to the Intestate
Succession Act, Nr 81 of 1987, after your death – which could mean
that persons that you would have preferred not to inherit from you,
could inherit.
Your
will therefore determines the future of everything that you've built
up through the years – and your heirs can be directly disadvantaged
if you don't plan correctly. Estate duty, income tax, VAT and
capital gains tax can take a big chunk out of your estate if your
planning is wrong.
It
thus goes without saying that you should get the advice of a
specialist or adviser for the drafting of your will.
Also
see:
Why a will must rather be drafted by a professional institution
Your will is probably one of the most important documents that you
can draft during your lifetime. A will must comply with the
formalities as directed in the Wills Act, otherwise the document (or
part thereof) can be declared invalid and inexecutable. Also, a will
is drafted according to each person's unique circumstances and
needs, therefore it is not advisable that standard wills/will
templates be adjusted and then be used as a will.
Sanlam Trust can help
you with expert advice:
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