The future can be scary with all the unforeseeable occurrences that can happen to you. This is especially true if you are worried about your family’s welfare should you pass away suddenly. For this reason, it is important to prepare for the inevitable as early as you can. One way to do so is by coming up with your will. This is “a specialised document, which should preferably be drawn up by an expert like an attorney or trust company” – South African Government Information to ensure that all your assets will go to your rightful heirs, including your properties, businesses, investments, etc. Aside from that, having estate documentation will ascertain that there is enough liquidity to pay for all your financial obligations.
Here are some of the most important considerations to make when it comes to planning your last will and testament.
Appointing an executor. You need to find someone trustworthy who will carry out the directions of your will. This includes the disbursement of your wealth to your beneficiaries, collection and payment of debts, and calculation of corresponding taxes, among many other things.
Naming your heirs. Although you can nominate anyone, you have to comply with the Wills Act in South Africa. But, generally, your immediate family members are your rightful beneficiaries, including your spouse and children. However, they can only claim what is left of the inheritance after payment of all debts and expenses.
Making additional provisions. It would be wise to appoint trustees or guardians to ensure that minor children will be awarded the monies when they turn 21 years old should you and your spouse die simultaneously. Alternatively, you may open a trust fund for them and have a reliable individual administer the account for your heirs.
Since estate planning is a totally complicated procedure, it is best to seek help from professional and knowledgeable organisations, such as Naudes Attorneys. With that, contact us today so you can start preparing for the future.
