As we get older and begin to accumulate wealth, one needs to make a decision pertaining to the distribution of your assets upon your untimely demise – as unfortunate a topic as this may be, it is imperative that it become one that is explored.
During this period of the Natural Disaster and high chances of being inflicted with ailment, the necessity to have a prepared Will in place becomes extremely important, especially where one has a family and/or dependants.
In essence a Will details who will be the beneficiary/ies to your estate.
When drafting the Willyou will need to carefully decide who will inherit a specific asset from your estate.
The Will is final (unless revoked) and cannot easily be contested.
In this regard, strict compliance with the formalities established within our laws is imperative.
Where individuals pass on without having executed a Will, potential complications may arise upon administration of the estate in terms of the laws of Intestate Succession.
The laws of intestate succession (passing without a will) establishes which family members will inherit from your estate and in what proportion.
The complications that may arise is that you may have certain family members whom you feel are not worthy, inherit from your estate, may have family squabbles erupt as a result, and may have family members with a higher financial need, unattended to and left destitute.
One should not take their time or procrastinate the execution of a will – forward thinking in this regard is advocated.
For further information in preparing your Will as well as Estate Planning, feel free to contact our office.