To paraphrase Benjamin Franklin’s famous quote… nothing is certain but death and taxes. While it may be a depressing thought, being prepared for your death is something we all should think about and plan for.
Having a Last Will and Testament is vital in ensuring your assets, finances and other affairs are considered and how your estate will be divided between those you wish to bequeath to.
To break it down a further, a will is a document where a person – the testator – expresses what should happen to their assets, finances, who’ll be guardians for their children and more. Wills also nominate the person who will be responsible for managing the deceased estate until its final distribution to all beneficiaries.
Planning your will can be daunting, especially when it comes to what to include in it, how specific you want to be and ultimately, who gets what.
Things you should consider including in your will:
- An executor – This is the person responsible for handling your estate, ensuring your wishes are followed and that all beneficiaries receive what is bequeathed to them. This can be a private individual or an attorney who attends to the estate.
- Your money and assets – All your money and investments, any properties you own and any other assets, such as cars. This can also include any digital assets you may own.
- Specific gifts and items – Items such as watches, jewelry or family heirlooms can be listed separately with specific instructions for who those items are bequeathed to.
- Guardians for your heirs – Where there are minors left behind, it is extremely important to include who will be your children’s guardians and how they are to be taken care of. In cases where no one is specified as guardian, the state will then decide, which may not be in the best interest of the child. For heirs with special needs, a guardian can also be specified along with instructions on care for the heir. Instructions for finances to care for children or those heirs with special needs should also be specified. Funds can be placed in a trust until the beneficiary is older or the funds can be distributed over a period. Trusts can further specify how funds are used for care of the heirs.
- Any other wishes – If you have further specific wishes, for instance, whether you’d like to donate any of your organs or what funeral arrangements you’d prefer, such as cremation or burial.
- Pets – Many of us have pets who are part of our family and who we love dearly. Like the others left behind, you very well may wish to leave instructions and funds for how and who will care for them.
When a person dies without a will, they die “intestate”. In this situation, the state decides who will be responsible for overseeing the finalization of the estate as well as how assets, money and other matters are handled and distributed, meaning that your final wishes are not considered. Where there are heirs that are minors or those who have special needs, the state also will decide the best course of action for their welfare which may not take your considerations into account.
If you have assets in other countries, such as a holiday property, it is advisable to have a separate will in that country for those assets. This ensures that there are no delays and that all assets, wherever they’re located, are handled accordingly and distributed to heirs as instructed. The estate will be filed and wound up in each country but normally the attorneys will liaise with the main one handling your estate in your home country.
A will can be a simple or complex document, depending on your situation and needs. It is best to have an attorney or qualified individual draft your will. Once your will is complete, it should be filed securely, whether this be at home in a safe or with an attorney or relevant institution.
For more information on Wills for your South African assets, please contact us on info@nonres-sa.com