last will and testament
The assets in the estate may only be distributed amongst the beneficiaries once all the estate’s debt has been settled, including SARS. As such, the executor is required to advertise the deceased estate so that any creditors can register their
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 you own assets in a foreign civil law jurisdiction, it is important to understand whether you will be affected by mandatory succession rights in respect of your estate planning. Forced heirship can complicate inheritance especially where you have assets
Assets that you had intended to bequeath to your loved ones may need to be sold in order to pay off the debt in your estate which, besides for leaving your heirs in a financially precarious position, could have tax
If your ex-spouse has maintenance obligations towards your children, it is advisable to protect these payments by ensuring that the maintenance payer has sufficient life cover and that your minor children are named as beneficiaries.
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
There is a big difference between brokers who are financially incentivised to sell insurance policies, on the one hand, and financial advisors who charge a professional fee.
As your adult children become financially independent and your net wealth grows, you may find that you can reduce your life cover to a certain extent.
A distinct advantage of drafting a separate Will for your foreign assets is that you can ensure that the Will fully complies with the laws of the country in which your assets are situated, and that no complications arise.
