It is important to leave a will ADVERTORIAL

2018-07-19 06:01
PHOTO: suppliedJoshna Panday.

PHOTO: suppliedJoshna Panday.

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DRAFTING a Will provides you with an opportunity to control how your property and estate affairs are dealt with after your death.

It ensures that your wishes are taken into consideration and avoids the pitfalls of dying without a Will, or intestate.

Upon an intestate death, the estate is distributed according to intestate succession, which is a rigid set of rules set out in law.

This type of succession may be in direct conflict of your actual intentions. It therefore makes practical sense to leave a will.

Some of the advantages of leaving a Will:

• you can choose who will benefit from your estate and specify their benefit;

• you can create a Testamentary Trust for a minor child which can be used to handle the child’s inheritance until he or she becomes an adult;

• you can name the guardians of your minor children;

• you can choose the executor or administrator of your estate; and

• you can amend or revoke your will at any time.

Upon death, the Will will be lodged with the Master of the High Court for acceptance. Without any contentions, a well-drafted and properly executed Will would be acceptable and an executor will be appointed.

Although do-it-yourself Wills are legal, they are attached to their own set of pitfalls that carry the risk of being rejected by the Master of the High Court.

To ensure that all legal formalities of a will are adhered to, professional assistance may be required.

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