Between building a career, raising a family, and planning for retirement, it’s easy to put off drafting a Will or thinking about Estate Planning. Yet, these are some of the most important documents you’ll ever sign. They protect the people you care about most, ensure your wishes are carried out, and make things far easier for your family when you’re no longer here.
At EW Serfontein & Associates Inc. we believe a Will’s compilation shouldn’t be a daunting task to fulfil, but rather a simple act of responsibility and love.
A Will gives you control over what happens to your estate once you are no longer alive.
It’s your opportunity to decide exactly who inherits your assets, who looks after your children, and who will manage your estate when you’re gone.
If you don’t have a valid Will, your estate will be distributed according to the Intestate Succession Act, as opposed to your personal wishes. This can create unnecessary delays when winding up the completion of your estate, incur additional legal costs, and even result in unnecessary family disputes.
Having a properly drafted Will ensures your legacy is handled smoothly and respectfully.
South African law is quite clear on this. A Will must be:
Our Team is able to guide you through every step, ensuring your Will complies fully with the Wills Act, 1953 (Act 7 of 1953), avoiding the pitfalls that often arise with DIY templates or generic forms.
IMPORTANT: Beneficiaries should not act as witnesses! Doing so could disqualify them from inheriting from the Will.
If you pass away without a valid Will (called dying intestate), the law steps in. Your spouse, children, or closest relatives will inherit according to the Intestate Succession Act whereby the law will determine how your estate will be distributed - a situation many people would like to know will not be the case, as they would like to be certain that their estate will be distributed according to their personal wishes.
In addition to limiting your control, dying intestate can also delay estate administration. The Master of the High Court will have to appoint an executor as there was not one chosen prior to your passing, which can take months, leaving your family without access to vital funds while the state ties-up your estate. A very undesirable process, especially for your loved ones.
Your Will allows you to appoint an executor, the person or professional who will manage your estate and carry out your wishes upon your passing. A trusted family member can act as your executor, with the support of a lawyer. Are are allowed to choose more than one executor, meaning we can be chosen to fulfill a role as executor alongside your chosen family member, in order to guide and assist them through the process of winding-up your Estate's affairs.
If you have minor children, you can also appoint guardians to take care of them and set up a testamentary trust to protect any inheritance they may be due, until they reach a suitable age. This ensures your children are provided for responsibly, without unnecessary risk or expense.
A Will is just one part of your overall Estate Plan. Estate Planning looks at the bigger picture - your assets, life policies, retirement funds, property, and even potential tax implications.
A sound Estate Plan ensures that financial room has been made within your estate to cover potential costs (i.e. debts, taxes, etc.), which ensures that your heirs receive their inheritance without delay. In addition; Estate Planning helps to prevent forced asset sales and reduces the emotional burden on your family.
Our Team are well versed in providing guidance on the subject of Estate Planning, as we assist each of our clients to ensure that their affairs are in order, with as little liability left on the table once they have passed on.
When someone passes away, a few key taxes come into play:
Planning ahead helps ensure that there’s sufficient liquidity to settle these costs without burdening your heirs or forcing the sale of important family assets.
Life changes … and your Will should change with it. You should review or update your Will whenever you:
A quick review every few years can save your family considerable difficulty later.
How we can assist you with your Will:
Our process is straightforward, confidential, and personalised:
Creating a Will isn’t about focusing on death, it’s about protecting life. It’s about knowing that wishes will be met, and your loved ones will be cared for when you are no longer around.
We approach every Will and Estate with professionalism, empathy, and meticulous attention to detail. Whether you’re drafting your first Will or updating an old one, we’ll make sure it’s done right.
Contact Us today to take a step towards securing your future, for you and your loved ones.
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This article is not intended to constitute any form of financial or legal advice.
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