WHAT DOES DRAFTING A WILL IN SOUTH AFRICA ENTAIL?
A will is an instruction that is documented with the assistance of an attorney on how you want your assets divided after you pass away. Wills, once completed, ensure that the testators’ wishes and belongings are distributed by following their wishes after their death. Dying without a will means that your estate is divided amongst your surviving spouse, children, parents or siblings according to a set formula under the Interstate Succession Act, 1987 (Act 81 of 1987). Any person over 16 years of age can make a will. It is, however, advised to consult with a professional attorney to draw up a will.
What information will your attorney require to draw up a Will?
When drafting a will, ensure that you’ll have sufficient liquidity (cash) in your estate to cover all debt and expenses. Also, be clear in bequeathing your assets so that each beneficiary gets what you intended them to benefit. Add up your assets like property and your car. (Note that the value of your assets in your estate is at market value.) Include other assets considered part of your estate like savings, shares and insurance policies. Deduct liabilities, like long-term debts, a bond and taxes; to ascertain your current net worth.
Once you have an idea of your assets and a clear idea of your wishes, PM Attorneys’ professionals can help you draft a will. Our experts will also advise on other legal matters affecting a Will, such as capitals gain tax and marriage regimes.