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First off, whether they’re in a file folder in your home or in a bank safe deposit box, make sure all of your documents are in one (ideally fireproof) place. If you keep your important documents in a safe or a safe deposit box, you’ll want to make sure that your loved ones have the key and/or combination they’ll need to access them. Be sure to include any and all of the following documents: investment documents, insurance policies, Living Will and your Last Will and Testament.
If you have any other cash or valuables hidden in your house, make sure to keep your loved ones abreast of their whereabouts, too. Y While the details may change, situations like this are more common than you might think. The good news is that they’re quite easily avoidable.
You’ll also want to inform your family of your wishes regarding your funeral. By making specific arrangements ahead of time, you can do your family the favor of not adding frustration to the grief they’ll already be immersed in following your death. Give them a list of all of the persons and organizations you’d like to have contacted in the event of your death. You may also want to give some thought to the type of funeral you want and impart this to your family as well. Lastly, advise your family of how you want them to deal with your remains. Do you want your organs donated? Do you want to be cremated or buried? Where would you have them spread your ashes? It’s better to let them know now, rather than have them guess later.
Should some illness befall you and render you into a vegetative state, a living will can provide your family and medical staff with your instructions on life support, resuscitation, etc. A living will may provide a simple solution and prevent what could be a very complex and arduous problem from taking root.
You’ll also want to complete a Last Will and Testament. A will lets you direct custody of your children and/or pets (if you have them) and outline the division of your assets among your loved ones upon your demise. Again, taking the time to execute a will ahead of time could save your family and/or friends a lot of disharmony down the line. Making preparations ahead of time is a wonderful way to demonstrate your love and respect for family and friends after you’re gone.
Make an appointment with us draft your will:
Louwrens Koen Attorneys
Parkstreet 755, Arcadia
012-343 0367
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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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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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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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