Every competent person of 16 years and
older who owns assets and is mentally able to understand the results of
his or her actions, should have a will. Why? If a person dies without a
will, it could lead to severe administrative, tax and legal problems
and possibly also lead to financial losses.
A will
should comply with certain legal requirements to be valid. In your
will, you determine how your assets should be divided, and nominate an
executor and trustee to take care of the division of the estate's
assets and to handle the administration of any trust
assets.
You have the right to name heirs as you wish
in your will. If you don't, your assets will be divided according to
the Intestate Succession Act, No 81 of 1987, after your death – which
could mean that persons who you would have preferred not to inherit
from you, could inherit.
Your will therefore
determines the future of everything that you've built up through the
years – and your heirs can be directly disadvantaged if you don't plan
correctly. Estate duty, income tax, VAT and capital gains tax (CGT) can take
a big chunk out of your estate if your planning is wrong. It thus goes
without saying that you should get the advice of a specialist or
adviser for the drafting of your will.
Sanlam Trust
can help you. Contact us for expert
advice.
Content within this section:
