Estate planning in South Africa: Essential questions answered
Estate planning is a critical part of financial planning, yet it often gets overlooked. This process involves drafting a will, assigning assets to beneficiaries, and understanding how a deceased estate will be administered. To shed light on this topic, here are answers to some frequently asked questions about estate planning that might assist in helping […]
The omission of a single word can lead to a will being contested
The contents of an “inelegant and very badly drafted” will were recently the subject of a dispute in the South Gauteng High Court, in the matter Strauss vs Strauss and Others. The plaintiff instituted action claiming that the joint will of his parents not only made provision for the situation where they died within 30 […]
IS AN E-WILL VALID IN SOUTH AFRICA?
In terms of South African law, for a will to be accepted as valid by the Master of the High Court (a statutory body to which deceased estates are reported), it must comply with the legal formalities as set out in section 1(a) of the Wills Act, 7 of 1953 (hereinafter referred to as the Wills Act). The main requirements in terms […]
HOW DOES INHERITANCE WORK?
When someone dies they normally have what is called a ‘will’. The people who benefit from this ‘will’ are known as the heirs. Upon someone death, the heirs receive an ‘inheritance’. The person who administers the will of the deceased is called an ‘executor’. What legislation affects inheritances? South Africa’s inheritance laws apply to every […]
OWNING PROPERTY WITHOUT A WILL
If you die without a Will, an administrator will have to be appointed to administer your estate which will be distributed according to the laws of intestate succession. As such, your assets may not be distributed as you would have wished. It also means that the process will be delayed and that there will be […]
CAN I AMEND MY WILL?
Having a Will is a final statement of how you want your assets to be managed after your death. However, sometimes you may want to change it. You may have had a child, for example, and want to add him/her into your Will. You may have also acquired more assets and would like to reconsider […]
THE HEAVY COSTS OF SETTLING AN ESTATE
If you have never planned your estate, perhaps now is a good time to consider it. This will be to you and your family’s benefit, as there are often hidden costs which come into effect at the time of passing, that are not taken into account when you plan your estate and inheritance. Expenses when […]