The importance of having a Will

Many people are under the impression that when they pass away, their assets will automatically devolve upon their family members and that it is therefore not necessary to have a Will in place.
If you pass away without a Will, your Estate will be divided under the Intestate Succession Act, not according to your wishes. Having a Will in place therefore has many benefits, some of which are discussed below.
 

Wills Limit Family Disputes

A well-drafted Will can help to avoid family disputes by clearly setting out how assets are to be distributed among beneficiaries. Beneficiaries will know exactly what they are entitled to inherit from the estate. Although it is uncommon, family members may contest the validity of a Will if they believe it does not comply with the legal requirements for a valid Will. Such disputes can result in lengthy and costly legal proceedings.

Minor Children and Children with Special Needs

Where minor children are involved, the Testator may nominate a guardian for the children in the Will. In addition, a testamentary trust may be established for the benefit of minor children or beneficiaries with special needs who may not have the capacity to manage their own financial affairs. Trustees will administer the trust assets on behalf of the beneficiaries in accordance with the provisions of the Trust Deed.

Appointment of an Executor

To facilitate the efficient administration of an estate, it is advisable to nominate a person or institution with experience in the administration of deceased estates. The nomination of an Executor is contained in the Will, enabling family members to know exactly who to contact to assist with the reporting of the death and the administration of the estate.

Speeds Up Estate Administration

A properly drafted Will can simplify the administration process and assist in reducing delays when winding up the estate.

Minimising Taxes

Through proper estate planning, certain tax benefits may be achieved. For example, where assets devolve upon a surviving spouse, estate duty and capital gains tax roll-over relief may be available, which can reduce the immediate tax burden on the deceased estate.

Provides Peace of Mind

Knowing that your affairs are in order and that your loved ones will be cared for according to your wishes provides reassurance for both you and your family.

A Will should be drafted by a person with the necessary knowledge and expertise to ensure that it accurately reflects your wishes and complies with the applicable legal requirements.

 

Jacomi Swart
Assistant Manager: Deceased Estates, Johannesburg