bequest
To avoid any doubt or confusion as to who the testator is, make sure that your will includes your full name and ID number. Many families make use of family names that get past through generations resulting in multiple members
In the absence of an estate plan, problems could arise in the deceased’s estate if there are insufficient liquid assets to honour the deceased’s bequests. In order to pay the bequests, the executor may need to realise assets in the
Something that many people tend to overlook is that all previous Wills should be both physically destroyed and revoked in writing as failing to do so can cause uncertainty for those left behind -especially if one or more of the
Remember, the residue of your estate is what is left after all debts and estate costs have been paid, and after all, bequests have been made, so it is important to ensure that the inheritance intended for your heirs is
Your accrual contract continues to apply after the death of the first dying spouse, at which point the accrual will come into account. The executor of the first dying spouse’s deceased estate will need to calculate the increase in the
If there are specific assets in your estate that you intend bequeathing to your minor children, it is important that you provide for this carefully in your Will. Remember, in terms of our law, children under the age of 18
If you intend to gift a larger amount of money to your child, it may be more effective to structure the inheritance as a loan whereby the loan account appears as an asset in your estate, thereby avoiding donations tax.
A revocation clause is a paragraph inserted in your Will which revokes all other Wills that you have ever drafted and declares the current Will to be your Last Will and Testament. Although a testator is not legally required to
If your fixed property is bonded and you have the appropriate level of bond cover in place, your executor will settle the bond using the proceeds of the life cover and bond cancellation instructions will be issued, thereby allowing your
Your heirs are those people who stand to inherit the residue of your estate, which is whatever assets are left after all your debts, the cost of administration, and any legacies or special bequests have been distributed. When drafting your
