Advertise Here
Icon

Directory

IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconCompare Medical Scheme Benefits
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconEmergency Medical Rescue
IconExpatriate Cover
IconHealthcare Consultants
IconMedical Aid Brokers
IconMedical Aid Schemes
IconMedical Malpractice Cover
IconMedical Schemes Trustees Liability Insurance
IconMedical Service Providers
IconOmbud
IconOnline Quotes
IconPublications
IconRegulatory Authorities
IconWellness Programs
Advertise Here
  Subscribe To »

To have and to hold a signed Will

Published

2021

Wed

08

Sep

National Wills Week will be held from 13 to 17 September 2021. This is an ideal opportunity to draft a Will or to review an existing Will. In recent times, we have come to realise that death can happen to anyone, at any time. Death does not discriminate against age. Whether you’re young or old it is therefore important to ensure your affairs are in order.

 

There are many advantages to having a valid Will in place. Some of these are:

  • You decide how you would like your assets distributed
  • You can ensure that a minor’s inheritance is protected in a trust until they attain a specified age
  • You can nominate a guardian for a minor child
  • You can nominate an executor to administer your estate on death
  • You can nominate a trustee to administer a testamentary trust
  • You can protect your beneficiaries’ inheritances from forming part of a joint estate with their spouse
  • You can structure the Will in a tax efficient manner 

 

The process involved in taking instructions for the drafting of a Will is quite detailed. The discussion goes beyond simply knowing a client’s intentions for the distribution of his estate.  Some important considerations are listed below:

 

  • A planner will need to analyse the liquidity in an estate and plan how liabilities, estate administration fees and taxes will be settled.
  • How does the type of marriage affect the distribution of assets in the Will.
  • Maintenance obligations resting against a client do not automatically fall away on death.  One must therefore plan ahead and ensure that these obligations can still be met
  • Although an inter vivos trust is separate from a Will, a planner must take the terms and conditions of the Trust Deed into consideration, especially if the trust is to become a beneficiary in the Will.
  • If there is a loan account outstanding in an inter vivos trust, in favour of the client, what are the implications when the client dies and how does this affect the estate
  • Succession planning for a client whose business entity is also part of the discussion.
  • You will need to ascertain whether a beneficiary can afford to take care of an asset bequeathed to him/her in a Will, and if not, what measures can you put in place.
  • In recent times, executors have experienced unforeseen delays in the administration of a deceased estate.  Beneficiaries only receive their inheritance at the end of the estate administration process. A client must therefore put measures in place to ensure that their dependents’ needs are still met, without having to wait for the finalisation of the estate. 

 

In the case of Raubenheimer v Raubenheimer and Others (560/2011) [2012] ZASCA 97, the Supreme Court of Appeal stated: “It is a never-ending source of amazement that so many people rely on untrained advisors when preparing their Wills, one of the most important documents they are ever likely to sign”.

The court also stated: “…the courts continue all too often to be called on to deal with disputed Wills which are the product of shoddy drafting or incompetent advice”.

 

Having a discussion with a professional adviser is therefore vitally important.  A professional adviser will also ensure that the provisions required for the correct signing of a Will is adhered to.

 

 
Source: By Jocelyn Manda, Fiduciary Specialist, PPS Fiduciary Services
 
« Back to previous page Print this page » |
 

Breaking News »

Understanding the interplay between your healthcare financial planning solutions

Consumers are taking serious financial strain in every aspect of their living costs. Rising inflation means the costs of everyday household items are going up, some exponentially – think food, fuel, ...
Read More »

  

Taking a Triage Approach to Your Healthcare Financial Planning

Taking a Triage Approach to Your Healthcare Financial Planning Understanding the drivers behind ever increasing healthcare costs, and how to manage your hybrid healthcare funding strategy   In medical ...
Read More »

  

Can I get the Municipality to Pay for Damage caused by Potholes?

There are not many hazards on the road loathed as much as that of the dreaded pothole. Whether the pothole is small enough to swerve out the way of or big enough to simply shred your tyre no matter what decision ...
Read More »

  

Priced out of the medical aid market? Here are your options

Whether they’re cancelling or reducing their level of cover, many South Africans are feeling the pinch when it comes to medical aid. In a recent Sanlam survey, 36% of the 4,998 adult respondents said they ...
Read More »

 

More News »

Image

Investment »

Image

Life »

Image

Retirement »

Image

Short-term »

Advertise Here
Advertise Here

From The Glossary »

Icon

Malingering:

Effort by a claimant to continue to receive disability income benefits by pretending continued illness or injury.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2022. All Rights Reserved.