Making a Will is a fundamental right of each person to nominate who will inherit their assets on their death. Most people also want to ensure that their families are provided for when they die.
Wills are therefore not just for elderly people but for everyone, particularly those who have recently married, divorced, bought a new home, lost a partner or given birth to a child – whose personal circumstances have changed and they would like to provide for their new partners or family or deal with new assets they have recently acquired.
The rule of intestate succession (inheritance without a Will) is that your children share equally what you may have left, together with any spouse you may have married and failing any, your parents. This is simplified and there are also some limits and criteria that also apply.
A Will also appoints someone to handle your estate administration (an Executor), and without a Will and Executor appointment, your family would have to follow a process to get one appointed. It may be one of your family members or an attorney. There could be considerable delay getting your estate administration under way whereas a Will sets the process into motion immediately and your intentions are clearly set out and respected.
A Will is cheap and will probably cost you between R200,00 and R450,00 and will give you peace of mind knowing that you have provided for your family and given your instructions how to handle your assets. An attorney is best positioned as a professional specialising in estate law to handle your Will. An online Will is available here free – click on the logo to the right.
Some banks also offer Wills as a free service, but if you die without leaving a large estate they often abandon appointment as Executor as the administration will not make enough money for them – this leaves your family virtually in a position of not having a Will to regulate your wishes. Mc Naught and Company accept all appointments and are well positioned to give you professional estate advice and administration.