THERE is a common misconception that only wealthy people or people with multiple assets need to have a will. The reality couldn't be further from the truth.
If you are an adult in South Africa with any assets and dependants, writing a will is the responsible thing to do. It alleviates significant complications and delays in the administration of your estate in the event of your death.
Whether your life is uncomplicated with just a house, a car, and perhaps children, or if you are a business owner with multiple properties and investments, foreign assets and complex trust structures, Eksekuteurs vir Boedels en Testamente have the expertise to assist you.
We tailor wills to the specific needs of each individual.
Even for people who need a basic will, it is advisable to have a professional assist with drafting it. They provide good advice and guidance on best practices and what to be mindful of.
For example, it is advisable to make provision for minor children to receive their inheritance through a testamentary trust structure. Failure to do so may result in their inheritance being transferred to their guardian or the State Guardian's Fund.
We help thousands of people every month to quickly and effectively put their wills in place and assist in securing their legacies.
People with more complicated estates, multiple assets, investments, and potentially foreign interests will need to consider various factors when drafting their will. Taxation, asset transfer and the foreign administration of their estate with multiple stakeholders require an in-depth technical understanding of estate administration and tax legislation. Any mistakes in the estate planning process can have serious implications for your beneficiaries and jeopardise your legacy. Factors to consider include:
- A divorce settlement with a former spouse and/or child support
- Stepchildren or other individuals to whom you provide financial assistance
- Multiple properties
- Specific bequests
- Existing trusts
- Business ownership and business interests, including the respective partnership agreements and business succession planning
- Foreign assets
- Previous inheritances
Eksekuteurs vir Boedels en Testamente assists clients with needs ranging from very basic wills to clients with a net worth amounting to hundreds of millions of rand.
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