To ensure that your estate devolves efficiently, cost effectively and with minimal delay upon your chosen beneficiaries, it is important that you draw up a valid will, assisted by a suitably qualified professional.
Apart from the nomination of beneficiaries and the appointment of an executor to administer your estate, there are various aspects that you have to bear in mind and address such as:
- Whether the liquidity of your estate will suffice in settling any debts or taxes, as well as administration costs. Furthermore, to provide financial security for your kin? If insufficient, how this can be remedied?
- Whether any estate duty for which you may be liable has been minimised;
- How you should provide for your maintenance obligations regarding your divorce order, where applicable.
- The formation of a testamentary* trust to manage any assets being awarded to a minor beneficiary and the appointment of trustee(s) to manage these;
- The appointment a of legal guardian for any minors;
- Whether the formation of an inter vivos* trust would be beneficial to you; and
- If the interests of your business will be adequately protected in the event of your passing.
*A testamentary trust is a trust created in the Will of the founder and only comes into existence after the death of the founder while an inter vivos trust is one created by the founder and comes into existence while the founder is still alive.
Apart from the nomination of beneficiaries and the appointment of an executor to administer your estate, there are various aspects that you have to bear in mind and address such as:
By seeking the best possible professional assistance, you will be able to identify problem areas, discover solutions and achieve a tranquil sense of security in knowing that you have done everything possible to protect your financial affairs and ensure that your will is a sound legal document. Our succession law experts are able to offer you this service.
For further assistance, reach out to hello@makgale.co.za or call (014) 008 5160.
Trusts, Wills & Estates
Makgale Law