July 13, 2015

Should I draft a will?

A mother who has always wanted her daughter to inherit her diamond engagement ring may never get her wish if she dies without leaving a valid written will. The mother’s estate would then be distributed in terms of the Intestate Succession Act No. 81 of 1987.  Taking the time to draft a will can leave you with the peace of mind that your assets will be distributed according to your wishes as far as possible. Your will should reflect exactly how you want your assets to be dealt with after your death and should not be contra bonos mores (against […]
January 23, 2015

Your will: An important document

Life is unpredictable, therefore we advise our clients to lose no time in drawing up their will and planning their estate. Below are important reasons why this should be one of your top priorities. Q:  Why should I have a will? A:  A will enables you to name your heirs. Should you die without a will (intestate) your assets will be divided according to the Intestate Succession Act. That may advantage people whom you did not wish to name as heirs. Q:  Who is allowed to sign your will as witness? A:  Your will must be signed in the presence […]
October 8, 2014

Appointment of the Executor of my Will

This is a subject which causes more and more discussion and people become more knowledgeable about Executor’s fees and how it is calculated. As mentioned in previous articles, the maximum Executor’s fee is fixed by law. The current maximum permissible Executor’s fee is 3.5% of the gross estate value plus 14% VAT (should the Executor be registered for VAT). It seems as though this fee is very fair or even at a very low percentage, but let us illustrate with an example: Let us suppose that the gross estate value is R2 million. Due to the drastic increase in the […]
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