Many find the prospect of drafting a will daunting and often procrastinate when putting their estates in order. Having a valid final will is essential in ensuring that loved ones gain the maximum benefit from the deceased’s estate. Here are some important facts to consider surrounding the process.

THE IMPORTANCE OF HAVING A WILL

A valid final will ensures that the deceased’s final wishes are executed as intended. This means that:

1. They appoint guardians for their minor children.
2. They decide how their estate is distributed.
3. The process of executing the estate is carried out efficiently.

When a valid final will isn’t in place, the Master of the High Court appoints an executor to the estate. This person then appoints a guardian for minor children. Often, it is not the person the deceased would have preferred. The executor further distributes the estate according to South African law, which often means that the deceased’s assets are distributed to people that were not intended to inherit their assets. Furthermore, this process is time-consuming and cumbersome since all claims to the estate must be investigated. Here, the executor must differentiate between legitimate and fraudulent claims, often fraught with difficulty.

WHY YOU SHOULD PARTNER WITH AN EXPERIENCED FIDUCIARY PROVIDER

When a will is drafted by a person that does not have the necessary legal knowledge, the will is often determined as invalid. Here, the deceased is treated as though they passed away intestate, meaning without a will.

When a person has a large number of assets to dispose of, the process of executing an intestate estate becomes incredibly burdensome and long-winded. Here, succession planning for businesses and trusts is fraught with difficulties, and estate duties are typically exorbitantly high.

With the correct estate planning principles in place, estate duties can be minimised and assets protected to ensure the beneficiaries reap their intended benefits.

IMPORTANT FACTORS TO CONSIDER WHEN DRAFTING A WILL

Estate planning involves drafting a will, managing trusts, restructuring assets, and succession planning, among other tasks. The first step is contacting a qualified lawyer to draft the final will.

Before contacting a lawyer to carry out this task, consider the following:

1. Who should inherit which portion of the available assets?
2. Who should be appointed as the legal guardian of minor children?
3. Who should be appointed as the executor of the will?

These are the fundamental aspects that should be included in every will. The document becomes more detailed when more assets are involved, as every asset is specified.

Remnant’s team of professionals are well-versed in the intricacies of estate planning. They assist clients in ensuring that their estates are in order and that their loved ones reap the maximum benefits. For guidance on estate planning, visit their website.