Why is a Last Will and Testament important?

A Last Will and Testament is a legal document that outlines your final wishes regarding your estate when you pass on. Your estate consists of all property, bank accounts, vehicles, investments, policies, shares, company interests and jewellery registered in your name or belonged to you.

A Last Will and Testament names beneficiaries who will inherit specific assets or property, designates an executor to oversee the distribution of your estate, and may appoint guardians for minor children if applicable. This document helps ensure that the deceased person’s wishes are carried out and provides clarity in the event of their passing.

A Will ensures that the correct heirs receive the right inheritance. Should you not have a will at the time of your passing, your estate will be distributed according to the rules of an Intestate Estate.

The following occurs when someone passes away without a will in South Africa:

  • Your estate will be divided amongst your closest living relatives, firstly in equal shares to your spouse and children, then your parents, siblings and other family members.
  • Should your children be married in Community of Property, their spouse will inherit half of their share in your estate.
  • The Master of the High Court in your jurisdiction will ask for the nomination of an Executor which could and does cause tension and fighting in families.
  • Disputes could arise based on your wishes and what is required by an intestate estate
  • There is no complete list of all of your assets which can results in assets going unclaimed by your heirs.

A Will ensures that:

  • Your chosen representative becomes Executor of your estate
  • Your representative does not have to have a Bond of Security with the Master of the High Court
  • You decide how your estate is distributed
  • You can ensure that all your assets are claimed by your estate
  • There is less infighting, disagreements and tension for your surviving family.

All in all a Will saves a lot of tears, hurt and pain for a family already going through the grieving process.

SNR Associates Inc offers comprehensive Estate Planning to future proof your estate.

Click here to apply for a professionally drafted Last Will and Testament.