Why draw a Will?
There are certain legislative restrictions when framing how you would like your assets to devolve, but this may be discussed with your Attorney.
If you do not draw a Will, the provisions of the Intestate Succession Act of 1987 apply and your heirs will be determined in terms of this Act.
A Will that you sign would need to be attested to in the presence of two witnesses over the age of 14.
You would need to appoint an Executor who will administer the settlement of all debts by your Estate and the transfer or delivery of all your assets to your heirs. The Executor works under the supervision of the Master of the High Court which is a statutorily created body that ensures that the Executor complies with the Law. The Master of the High Court also supervises the administration of the Estate if a Will is not drawn up.
It is advisable to appoint an Executor who is acquainted within the processes involved in the administration of Estates, such as an Attorney.
Ismail Ayob and Partners have experience in the drawing up of Wills and administration of Estates.
We also prepare free simple South African Wills and Islamic Wills for you.
We would also be able to advise you on whether a Trust would be suitable in your circumstances and we will try and advise you, insofar as possible, of the possible tax implications of your decisions.