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Overwiew of making a will |
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Written by Louwrens Koen
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Friday, 26 March 2010 20:37 |
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If you have not made a Will before, there are numerous factors you need to consider before you will be ready to start.
What are your assets?
You should start by making a list of all your assets such as cash, investments, vehicles and any other personal possessions of value.
To help you work out your assets more easily we have created a checklist that you can print off and fill in by hand. To download the checklist, click the link below:
Who will you appoint as your Executor?
An executor is someone you have named in your Will as the person you would like to be responsible for handling your affairs after your death.
Being an executor involves a considerable amount of work, and includes the following responsibilities:
- Dealing with all the paperwork related to your estate.
- Gathering all the assets of your estate.
- Ensuring that all your debts, bills and taxes are paid out of the money in your estate.
- Distributing the remainder of your estate (after payment of debts, bills and taxes) in accordance with your Will.
- Holding assets or money ‘in trust’ for a beneficiary, if this is a requirement of your Will, e.g. if the beneficiary is under 18 at the time of your death.
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Last Updated on Wednesday, 31 March 2010 05:36 |
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Why one should make a will! |
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Written by Louwrens Koen
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Friday, 26 March 2010 19:59 |
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Many people associate the making of a will with death and often ignore this important matter - sometimes with disastrous and irreversible consequences.
In the course of your lifetime you sign numerous documents and contracts regarding individual assets in your estate, for example the sale of a house or car. These contracts are usually well considered decisions. In contrast to these, in a will you dispose of all your assets on death in a single document. A will is therefore an extremely important document.
By making a will you ensure that your assets are disposed of in accordance with your wishes after your death. This privilege is called "freedom of testation".
In the event of your dying without leaving a valid will, your assets will be inherited according to the provisions of the Intestate Succession Act Number 81 of 1987. The provisions of this act are generally fair and ensure that your possessions are transferred to your spouse and children (if any).
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Last Updated on Wednesday, 31 March 2010 05:37 |
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Changing or amending your Will |
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Written by Louwrens Koen
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Friday, 26 March 2010 20:20 |
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Why change your Will?
It is important to review your Will when a major life event occurs, such as a marriage, a divorce, a separation, the birth of a child, the death of a relative or a change in your financial situation. These events may have an impact both on your wishes for the distribution of your estate and on the validity of your current Will.
How to change your Will
To change your Will, you cannot simply write changes on an existing Will. Such alterations are assumed to have been made after the Will was executed and so they do not form part of the original legally valid Will.
The only way a Last Will and Testament can be legally changed is by:
- making a codicil to the existing Will, or
- making an entirely new Will.
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Last Updated on Wednesday, 31 March 2010 05:38 |
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10 Things Estate Planning Can Do For You |
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Written by Louwrens Koen
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Friday, 26 March 2010 12:17 |
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1. Provide for your immediate family
You can provide for your surviving spouse through life insurance, particularly for spouses who don't work outside the home. You can pass your property on to your spouse and other members of your family, make sure you’ve selected a competent person to settle the estate and protect your property while the estate is being settled, and even take steps to protect your property from creditors. Without estate planning, your beneficiaries will get less and they’ll get it later.
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Last Updated on Wednesday, 31 March 2010 05:40 |
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Written by Louwrens Koen
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Friday, 26 March 2010 20:09 |
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Once your Will has been drawn up, signed, dated and witnessed, it should be kept in a safe, easy to access place, as it is a very important legal document.
With attorney
Some Attorneys offer fireproof storage for your Will for a small fee. Storing your Will with a attorney is ideal if you want the solicitor to be your executor.
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Last Updated on Wednesday, 31 March 2010 05:37 |
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Written by Louwrens Koen
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Friday, 26 March 2010 12:29 |
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Change your will to reflect your current wishes and situation.
It's time to write a new will if you're experiencing a big change in your life, such as moving to another state, getting married or divorced, moving in with a new partner, or bringing a new baby into the faimily. Your will should be tailored to your current family and financial situation, not the one you faced five years ago or maybe even just last year.
Here are some events that should nudge you toward making a new will and reviewing beneficiary designations you've made for insurance policies, bank accounts, and retirement accounts.
- You get married. You and your new spouse should create new wills when you get married. In most states, your spouse is legally entitled to claim a percentage of your property after you die, unless you have a written agreement to the contrary. This includes married same-sex couples in Massachusetts. If you don't want to leave at least half of your property to your spouse, see a lawyer.
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Last Updated on Wednesday, 31 March 2010 05:39 |
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