During the course of the next few months, Singh & Associates Attorneys will be discussing the importance of drawing up wills and the process of winding up deceased estates.
We will initiate our discussions focusing on wills.
Having a valid will is one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children, and assets, it can also impact how you would like your assets distributed after you have passed on.
A very important extract issued by the Master of the High Court reads as follows: “All Persons of 16 years and over, unless at the time of making the will, he or she is mentally incapable of appreciating the consequences of his or her actions, is competent to make a will.
“In a will you determine who should be your heirs and how your assets should be distributed.
“If you die without leaving a valid will, your assets will be distributed in terms of Intestate Succession Act no 81 of 1987. A will is a specialised document, which should preferably be drawn up by an expert like an attorney.”
Bearing the above in mind, wills must take on a specific format and the attestation to a will is another important criteria to be considered.
Some of the further advantages of having a valid will in place are inter alia: You can disinherit individuals who would otherwise stand to inherit; make bequests and donations; minimise estate taxes; decide who will wind up the affairs of your estate (executor); decide who will take care of your minor children; avoid a lengthy liquidation and distribution process; change your mind if your life circumstances change; create trusts for your children or other young beneficiaries and sometimes, most importantly, a will may avoid family conflicts and distress.
However a valid will must meet certain legal requirements:
When you make a will, you have to observe to certain legal requirements. Most wills are typed formal documents that must be signed by the testator and two witnesses. The testator must have “testamentary capacity” when you make a will. This means you must be an adult who understands the nature of what you’re doing and that you understand that the will you’re making determines who will get your property when you die.
Neshal Singh is an attorney at Singh & Associates Attorneys & Administrators of Estates. He can be contacted on 043-722-3067 or email estates@singhassociates.co.za.
The local law firm has recently been renamed but the roots of the company go back decades, having been established in 1939, situated in then East London (KuGompo City).
We specialise in property matters and the winding up of deceased estates, together with the practice of other fields of law.
