Where there is a Will ….

 

We don’t like to think about death. I believe that is why so many people don’t have a Will. If a person dies  without a valid Will, the Intestate Succession Act of 1987 will determine how your estate should be divided amongst your next-of-kin and there will be unnecessary delays in getting an executor appointed.

 

Why not make sure that your affairs are in order when you die and that your assets are dealt with according to your wishes? And if you have a Will, does it still reflect your wishes?

 

Here are some ideas of what can be put in a Will:

  • A testamentary trust for minor children

 

  • Making surviving spouse their heir, subject to the condition that on his / her death whatever remains must go to your children

 

  • Ensure that inheritance does not accrue to a joint estate of to an insolvent estate where creditors will grab whatever they can get hold of

 

  • A bequest that is subject to the condition that the beneficiary must first reach a certain achievement, e.g. a Baccalaureus Degree

 

  • A usufruct granting the enjoyment and possession of a property to A whilst ownership vests in B

 

  • Who should take care and guardianship of your minor children, if both parents are predeceased

 

  • Who is to be appointed as executor

 

  • Donations of organs for researh or transplant

 

  • Your wishes regarding your burial / cremation

 

  • Whether you should be kept alive through artificial means if you are in a coma

 

(The last three items should rather be dealt with in a separate document, and be made known to your next-of-kin before your death).

 

FUNNY PROVISIONS

 

To introduce a bit of lightheartedness to what may be a morbid subject, here are some funny clauses:

 

“ I direct that the first dying of me and my wife shall inherit nothing.”

 

“I promised Johnny Johnson that I will remember him in my Will: Hi Johnny, hope your are well. See, I did not  

   forget you ….”

 

“As a believer in re-in carnation, I direct that my whole estate shall be held in trust and invested by my trustees

  until such time I shall return to earth when it shall be handed back to me.”

 

Please note, these clauses are not recommended!

 

Consult an attorney to draft your Will.

 

Most attorneys and banks do not charge thousands of rands for planning and drafting a Will. My advice is not to delay in getting your Will in order. Even if you have one, it needs to be revised from time to time as circumstances change.