inheritance
Children under 18 cannot inherit lump sum payouts or other assets directly, as they lack the legal capacity to manage such assets. Therefore, if you intend to name a minor child as a beneficiary of a life insurance policy or
While corporeal property refers to physical, tangible property such as a vehicle or a home, incorporeal property includes non-tangible rights such as servitudes and leaves over immoveable property.
A per stirpes clause, or by representation clause, is a legal stipulation included in a will that requires that if a beneficiary dies before you, that beneficiary’s share of the inheritance will pass to his/her heirs.
If the Will is found to be invalid, then the deceased’s estate must be wound up in terms of the laws of intestate succession. In such an instance, the Master will appoint an Executor Dative to the deceased estate.
Upon your death, your testamentary trust will come into formation and the assets identified in your will must be transferred to the trust. Your nominated trustees must apply to the Master of the High Court for letters of authority which
Another legal requirement for the validity of your will is that you must sign in full at the bottom of each page, while your witnesses must sign in full at the bottom of the last page as close to your
If you have previously drafted a Will, it is vital that you include a revocation clause in your new Will in which you expressly revoke all previously drafted Wills. If you die leaving two or more different Wills, this can
Where a minor child inherits money, the Master may direct that these funds are transferred to the Guardian’s Fund, following which an account will be opened in the name of the beneficiary. If the beneficiary has not yet been identified,
While identifying your heirs is important, it’s also important to nominate successive heirs to deal with the eventuality that one or more of your heirs predeceases you. If you are silent on what happens in such circumstances, your executor must
In the context of the Act, property is a broad term that includes movable and immoveable property, corporeal and incorporeal property, and personal rights such as servitudes over a property. It also includes deemed property such as the proceeds of
