Cornel West articulated the following view: “Death is always a constant possibility and probability and of course an inevitability, as well.”. Now, the fact that you are going to die, the fact that one day, you will leave behind the car(s) you own, the house(s) you own, and the companies(s) you run, should sensitize and conscientize you of the necessity and significance of planning, directing and deciding who will be a recipient of your hard-earned possessions. How do you do this? Drafting a Last Will and Testament.
The significance of a Will is crucial, as it safeguards your interests and ensures that your desires are legalized and thus authoritative even beyond the grave. A Will as a legal document is discussed in the Intestate Succession Act.
Below are the advantages of having a will and the disadvantages of NOT having a will, as per the Intestate Succession Act.
Advantages of having a Will:
- Bequeath specific assets to specific persons (pre-legacies);
- Choose who he/she would like to act as the executor of the estate;
- Waive the executor having to provide security (where necessary);
- Set up testamentary trusts for minor beneficiaries/beneficiaries incapable of managing their affairs thereby cutting out the Guardian’s Fund;
- Leave the estate to whoever he/she wishes and by implication, leave out whoever he/she wishes, regardless of their relationship.
Disadvantages of NOT having a Will :
- The deceased’s beneficiaries are his/her closest relatives;
- The deceased cannot leave specific items to specific persons (pre-legacies) but rather everything will fall into the residue;
- The executor will have to be nominated by the heirs;
- The executor may have to provide security to the Master;
- There is no provision for testamentary trusts so minor beneficiaries will have their inheritance looked after by the Guardian’s Fund;
- There is a greater chance of family infighting as the Testator failed to make his/her wishes known.
Drafting a Will = Drafting a peace of mind
It is advisable that you draft a Will with a qualified legal professional, to avoid your Will being rendered invalid, null, and void due to certain important clauses being left out when it was drafted.
Book yourself a legal consultation with Manzankosi Corporate Legal Consultancy to commence the process of drafting your peace of mind. Email us at: info@manzankosiclc.co.za or WhatsApp: 067 147 2323 | 081 712 1114
