4
NATIONAL WILLS WEEK Saturday 10 September 2022
Advertising Feature
news
Do you have a story? Contact us: (041) 504 7324
What you must do to create a valid document When you die, your estate is divided among your family or the people you want to have inherit from you. The estate consists of your personal property and possessions, as well as any money or other assets. Who your property is passed on to depends on whether you have a valid will. If you have a valid will, the property is divided according to your wishes. If you die without a will (called intestate), your property will be divided up among your immediate family according to the laws of intestate succession. CREATING A VALID WILL If you’re older than 16, you can make a will stating who you want your property to go to when you die. For your will to be valid it needs to be made in the proper way. You also need to be mentally competent; this means that you must be able to understand the consequences of creating a will, you must be in a reasonable state of mind and remember what you own. For your will to be valid it needs to be drawn up correctly. You’ll need to be 16 years or older and make sure that: ● You’re mentally competent and that you understand the consequences of creating a will; ● The will is in writing; ● Two people older than 14 years of age witness the making of the will (these witnesses can’t be beneficiaries of the will); ● You have initialled every page of
Weekend Post
YOU CHOOSE: If you're older than 16, you can make a will stating who you want your property to go to when you die Photograph: SUPPLIED
the will and signed the last page, in the presence of the witnesses; and ● The witnesses have initialled and signed the will. IN YOUR WILL YOU CAN: ● Appoint an executor; and ● Divide up your property. An executor is the person who will make sure that your property is divided according to your wishes, as set out in your will. The executor also settles your outstanding debts. If you don’t choose an executor,
the court will appoint someone to be the executor; this is usually a family member. You can get a lawyer to help you to draw up a will or you can get an easy-to-complete will form from a stationery shop. DIVORCE AND YOUR WILL It’s important to amend your existing will within three months of your divorce unless you want your former spouse to inherit. If you don’t change your will after your divorce, your former spouse will
inherit according to your existing will. MAKE A FILE Keep your will in a file or folder along with other documents that might make it easier for the people you leave behind. This could include: ● A list of your investments; ● A list of your assets; contact details of the executor dealing with your will; and ● A letter of wishes could be included in the file which explains to your heirs why you bequeathed
Start writing their next chapter, today. National Wills Week is from the 12th Sep - 16th Sep 2022 but as the market leaders we offer free Will consultations all year round. Why entrust your legacy with anyone else?
South Africa’s #1 Wills & Estates Specialists.
capitallegacy.co.za Capital Legacy Solutions (Pty) Ltd is an Authorised Financial Services Provider. The Legacy Protection Plan™ is underwritten by Guardrisk Life Ltd, a Licensed Life Insurer.
certain items to certain people or how you wish them to use their inheritance. Note: this isn’t a binding legal document, but it explains why you put something in the will. Make sure that you store all documents in a safe place like a bank or a secure safe at your house. DYING WITHOUT A WILL If you don’t have a valid will when you die, your property is divided according to the rules set out by the law. These provisions are generally fair and ensure your possessions are transferred to your spouse and children, and where applicable, to siblings, parents, and if required, then to the extended family in terms of degrees of relationships. Some problems may arise if you die without leaving a will. These can include: ● Your assets not being left to the person of your choice; ● It can take longer to have an executor appointed; ● The executor who’s appointed may be somebody you may not have preferred; ● There could be extra and unnecessary costs; and ● There could be unhappiness and conflict among members of your family because there are no clear instructions on how to distribute your assets. Different rules apply under customary law. This information was found on the Western Cape Gov website.
MAKE SURE: If you don’t have a valid will when you die, your property is divided according to the rules set out by the law Photograph: SUPPLIED
Take advantage of National Wills Week The Law Society of South Africa National Wills Week will take place from September 1216. Why must you have a will? 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”. Why should an attorney draft your will? Attorneys are professionals qualified in law. An attorney can advise you on any problem which may arise with regard to your will. An attorney has the necessary knowledge and expertise to ensure that your will is valid and complies with your wishes. Often a will is not valid because the person who drafts it does not have the necessary legal knowledge to ensure that the requirements of the law are met. What happens to your estate if you die without a valid will? If you die without leaving a valid will, your assets will be distributed according to the provisions of the Intestate
Succession Act. The provisions of this Act are generally fair and ensure that your possessions are transferred to your spouse and children, and where applicable, to siblings, parents, and if required, then to the extended family in terms of degrees of relationships and those that were dependent on you for financial support. BUT, the following problems may arise if you die without leaving a will: Your assets may not be left to the person of your choice;It can take a long time to have an executor appointed. The executor who is appointed may be somebody you may not have chosen yourself; andThere can be extra and unnecessary costs. There can be unhappiness and conflict among members of your family because there are no clear instructions on how to distribute your assets. For more information or for assistance call the Law Society of South Africa on 012-3668800 or email us at lssa@lssa.org.za
NATIONAL WILLS WEEK
Weekend Post
Advertising Feature
Saturday 10 September 2022
news
The importance of having a will WHY DO YOU NEED A WILL Some clients believe that they don’t need a will for a few reasons – "I'm single", "I don’t have kids yet", "I have no real assets" or "I'm too young". The truth is that everyone can benefit from a will in some way, even if only to give certainty to those we leave behind and unfortunately none of us are too young to die. These are some reasons you could benefit from having a will in place: YOU CHOOSE YOUR EXECUTOR The Master of the High Court will require a professional to be appointed to act as agent if your spouse/family member is appointed as Executor. It is convenient to appoint a professional in your will to avoid someone you do not know or trust attending to the administration of your estate. Most problems encountered in deceased estates are of a legal nature and it is beneficial to have an attorney wind up your estate as they are equipped to deal with issues of a legal nature. YOU APPOINT A GUARDIAN FOR YOUR CHILDREN The ‘obvious’ choice or the court's choice may not always be your choice. Appointing a guardian in your will allows you to have a say in who raises your precious children when you cannot. YOU CAN DECIDE WHO GETS WHAT AND WHEN Any specific wishes can be made clear in your will so that your assets are left to the people you choose to benefit. Without a will, the law dictates who benefits and in what share. You can also make provision for what should happen if one of your heirs pass away before you YOU CAN STRUCTURE YOUR ESTATE TO BE TAX EFFICIENT With the correct advice, your will can ensure that your estate duty liability is considered and limited as far as is possible and legal. Professionals like the team at Pagdens can also assist in reducing the tax burden on your heirs. YOUR MINOR CHILDREN CAN BENEFIT You can set up a minors trust to protect your children / grandchildren's interests. If you do not have a will in place
5
Most problems encountered in deceased estates are of a legal nature and it is beneficial to have an attorney wind up your estate as they are equipped to deal with issues of a legal nature
A FREE opportunity to consult with legal professionals at Pagdens Ĩ Ž ĂŶ Ğ Ž ĂŶ ŽĨ ŚĞ Ğ ŽŶ ďĞůŽ Ž ŵĂ ŶŽ ŚĂ Ğ ůĂŶŶĞĚ Ž Ğ Ă Ğ ĐŽ ĞĐ ů ĂŶĚ Ž ŚĞŝ ŝůů ŽďĂďů Ă ŶŶĞĐĞ Ă ŝŶĐŽŵĞ Ă ĐĂ ŝ Ăů ŐĂŝŶ Ă !"# Ž Ğ Ă Ğ Ě $ "ŚĞ ůĂ%Ğ Ž Ă Ğ ĐŽ ůĚ ŝ ŚŽ ĐŽ ĞĐ ůĂŶŶŝŶŐ ĂŵŽ Ŷ Ž Ă ůŽ ŽĨ &' '( ŽĨ ĂŶ Ő Ž Ś ŝŶ Ž Ğ Ă Ğ$ )ĞŵĞŵďĞ * ŝĨ Ž ĨĂŝů Ž ůĂŶ Ž ůĂŶ Ž ĨĂŝů$ ŽŶ ŝĚĞ ŚĞ Ğ Ğ ŽŶ + Do you * ,Ă Ğ ĂŶ Ă Ğ ŝŶĐů ĚŝŶŐ ůŝĨĞ ŽůŝĐŝĞ ŝŶ Ğ ĐĞ ŽĨ )-ŵŝůůŝŽŶ. * ,Ă Ğ Ă ĂŶĚ ŽŶĞ Ž ŵŽ Ğ ŽĨ Ž ĐŚŝůĚ ĞŶ Ă Ğ Ž Ğ ĞĂ . * ,Ă Ğ Ă ĞĐŝĂů ŶĞĞĚ ĐŚŝůĚ. * ,Ă Ğ Ă ĞĐŽŶĚ Ž Ğ ŚŽ ŝ ŶŽ ŚĞ Ă ĞŶ ŽĨ Ž ĐŚŝůĚ. * / Ŷ Ž Ğ Ž ŚĂ Ğ Ž Ğ ĞĂ . * ,Ă Ğ Ă ď Ă Ğ ŶŽ ŵĂŬŝŶŐ ŵĂ ŝŵ ŵ Ğ ŽĨ ŝ . * ,Ă Ğ Ă ŚĞ ďĞŶĞĮĐŝĂ ŽĨ ŚŝĐŚ ŝ Ă Ĩ ŚĞ . ,Ă Ğ Ž * 2ĞŌ Ăůů ŽĨ Ž Ă Ğ Ž Ž Ž Ğ. * 2ĞŌ Ăůů ŽĨ Ž ůŝ ŝŶŐ ĂŶŶ ŝ Ğ Ž Ž ŝ ŝŶŐ Ž Ğ Ž ĐŚŝůĚ ĞŶ. * 2ĞŌ Ž Ă Ğ Ěŝ ĞĐ ů Ž Ž ĐŚŝůĚ ĞŶ. * ĞĂ ĞĚ Ă Ĩ Đ ŝŶ Ž Ğ Ă Ğ. * 4Ž Ž ŝĚĞĚ ĂĚĞ Ă Ğů ĨŽ Ž ŝ ŝŶŐ Ž Ğ5ůŝĨĞ Ă ŶĞ . * 6Ğ ĞĂ ŚĞĚ Ž Ğ ĞĂ Ă Ğ Ž Ă . * 7ĂŝůĞĚ Ž ĂŬĞ ŝŶ Ž ĂĐĐŽ Ŷ ŚĞ ĂĐĐ Ăů ĐůĂŝŵ ŽĨ Ž Ž Ğ. * 2ĞŌ Ă Ğ Ž Ž ĐŚŝůĚ ĞŶ ďũĞĐ Ž ŚĞŵ Ă ŝŶŐ ĂŶ ĂŶŶ ŝ Ž Ž Ž Ğ. * 2ĞŌ ĞĐŝĮĐ Ă Ğ Ž Ž Ž Ğ ĂŶĚ ŚĞ Ğ ŝĚ Ğ Ž Ž ĐŚŝůĚ ĞŶ. * 2ĞŌ Ž ůŝĨĞ ŽůŝĐŝĞ Ž Ž Ž Ğ. "ŚĞ Ğ Ă Ğ Ŷ ŵĞ Ž Ğ Ăŵ ůĞ ŽĨ Ž ŝďůĞ ŽďůĞŵ Ž ĞĚ ŇĂŐ ŝŶ Ğ Ă Ğ ůĂŶŶŝŶŐ ĐĞŶĂ ŝŽ ĚĞ ĞŶĚĞŶ # ď ŽŶů ŚŽ Ğ ŚŽ ŬŶŽ ŚŽ Ž ŝĚĞŶ Ĩ ŚĞ ŽďůĞŵ Ă Ğ ĂďůĞ Ž ĂĚ ŝ Ğ Ž ŽŶ ŚĞ Žů ŽŶ $ "ŚĞ ĞĂŵ Ă :ĂŐĚĞŶ Ă Ğ ůĞŐĂů ŽĨĞ ŝŽŶĂů ĞĐŝĂůŝ ŝŶŐ ŝŶ ŚĞ ĮĞůĚ ŽĨ ŝůů Ě ĂŌŝŶŐ Ğ Ă Ğ ůĂŶŶŝŶŐ ĂŶĚ ĚĞĐĞĂ ĞĚ Ğ Ă Ğ ĂĚŵŝŶŝ Ă ŽŶ$ ;Ğ Ă Ğ ďĂĐŬĞĚ ď ĂĚ ĂŶĐĞĚ ĐŽ Ğ ĂŶĚ ĞĂ ŽĨ Ğ Ğ ŝĞŶĐĞ$ / ĐůŝĞŶ ŝŶĐů ĚĞ ĨĞůůŽ Ă%Ž ŶĞ ũ ĚŐĞ Ă ĐŽŶ ů ĂŶ ĂŶĚ ĮŶĂŶĐŝĂů ůĂŶŶĞ Ăůů ŚŽ ĚĞ ŝ Ğ ďĞŝŶŐ ĂďůĞ Ž Ě Ă ŚĞŝ Ž Ŷ ŝůů # ŝĚĞŶ Ĩ ŚĞ ďĞŶĞĮ ŽĨ Ž ĞĐŝĮĐ ŬŶŽ ůĞĚŐĞ ŽĨ Ă Ğ :ůĂŶŶŝŶŐ$ "ŚĞ ĮŶĞ ůĞŐĂĐ Ž ĐĂŶ ůĞĂ Ğ Ž ŚĞŝ ŝ Ă ĐŽ ĞĐ ů ůĂŶŶĞĚ Ğ Ă Ğ$ 6Ğ ŽĂĐ Ğ$ Ĩ Ž ĚŽ ŶŽ ŚŝŶŐ Ž ŵĂ ŶĞ Ğ ŬŶŽ ŚĂ Ž ĐŽ ůĚ ŚĂ Ğ Ă ĞĚ$ ;Ğ Ă Ğ Ě ĂŌŝŶŐ 7) ŝůů ĨŽ ĐůŝĞŶ ŚŽ ĐŽŶ ĂĐ Ž ŽĸĐĞ Ě ŝŶŐ Ğ ĞŵďĞ $ ;Ğ ŝůů Ăů Ž ďĞ ĂďůĞ Ž ĂĚ ŝ Ğ Ž ŽŶ ĞůĞ ĂŶ Ğ Ă Ğ ůĂŶŶŝŶŐ Ž ŽŶ Ž ŝ Ž ĞĐŝĮĐ Đŝ Đ ŵ ĂŶĐĞ $ ŽŶ ĂĐ ŝů ĞΛ ĂŐĚĞŶ $ĐŽ$>Ă Ž ?'@A?B-B?? ĨŽ ŵŽ Ğ ŝŶĨŽ ŵĂ ŽŶ$ Śŝ Ă ĐůĞ ŝ ĨŽ ŐĞŶĞ Ăů ŝŶĨŽ ŵĂ ŽŶ ĂŶĚ ŚŽ ůĚ ŶŽ ďĞ ĞĚ Ž ĞůŝĞĚ ŽŶ Ă ůĞŐĂů Ž Ž ŚĞ ŽĨĞ ŝŽŶĂů ĂĚ ŝĐĞ Ž ůŝĂďŝůŝ ĐĂŶ ďĞ ĂĐĐĞ ĞĚ ĨŽ ĂŶ Ğ Ž Ž Žŵŝ ŝŽŶ ŶŽ ĨŽ ĂŶ ůŽ Ž ĚĂŵĂŐĞ Ă ŝ ŝŶŐ Ĩ Žŵ ĞůŝĂŶĐĞ ŽŶ ĂŶ ŝŶĨŽ ŵĂ ŽŶ ŚĞ ĞŝŶ ů Ă ĐŽŶ ĂĐ ĂŶ Ă Ž ŶĞ ĨŽ ĞĐŝĮĐ ĂŶĚ ĚĞ ĂŝůĞĚ ĂĚ ŝĐĞ Ž ĂŶĚ Žŵŝ ŝŽŶ Ğ ĐĞ ĞĚ Θ" #
LEGAL ADVICE: Everyone can benefit from a will in some way, even if only to give certainty to those we leave behind and unfortunately none of us are too young to die Photograph: SUPPLIED
containing a minor's trust set up, any child's inheritance will go to the state-run Guardians Fund until they are 18. YOU CAN PROTECT HEIRS WITH SPECIAL NEEDS You can set up special trusts to protect the interests of heirs with special needs or disabilities. This can ensure they are cared for when you are no longer around to care for them personally. The process of having a will drafted is much easier than
you think. The attorneys at Pagdens will draft your will, provide relevant planning advice and explain everything along the way. Once your will is drafted, you only need to review it from time to time or when you encounter big life changes. Don’t put it off, get your will drawn up today! Contact Pagdens via ilse@pagdens.co.za or call 0415027200 today to start the
process and let us take care of the rest. This article is for general information and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact an attorney for specific and detailed advice. Errors and omissions excepted (E&OE)
W LANGSON ş
ASSOCIATES INC
As part of our 10 year anniversary, W Langson and Associates, in partnership with the LSSA, ŝůů ďĞ Ă Đŝ Ă ŶŐ ŝŶ Ă ŽŶĂů ŝůů ĞĞŬ For your free will, kindly contact us on 041 364 2997 or visit us at 44nd Second Avenue, Newton Park. ĂŶŐ ŽŶ ĂŶĚ ŽĐŝĂ Ğ ŝŶĐ ĞĂ ŽĨ ĂĐ ŝŶŐ Ğ ĐĞůůĞŶĐĞ