Why do you need a will?

2015-09-17 06:00

Every competent person of 16 years and older who owns assets and is mentally able to understand the results of his or her actions, should have a will.

Why? If a person dies without a will, it could lead to severe administrative, tax and legal problems and possibly also lead to financial losses.

A will should comply with certain legal requirements to be valid. In your will, you determine how your assets should be divided, and nominate an executor and trustee to take care of the division of the estate’s assets and to handle the administration of any trust assets.

You have the right to name heirs as you wish in your will. If you don’t, your assets will be divided according to the Intestate Succession Act, No 81 of 1987, after your death. This could mean that persons you would have preferred not inherit from you, could inherit.

Your will therefore determines the future of everything that you’ve built up through the years – and your heirs can be directly disadvantaged if you don’t plan correctly. Estate duty, income tax, VAT and capital gains tax (CGT) can take a big chunk out of your estate if your planning is wrong.

It thus goes without saying that you should get the advice of a specialist or adviser for the drafting of your will.

Issued by: Imperium BlouSter Finansiële

Adviesdienste, 041 933 4092 | 083 560 7825

lezet@imperiumgroup.co.za

Bothastraat 96, Despatch

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