by Bianca Meyer
A will (also known as a testament) is a written document in which you set out what must happen to your estate after your passing. In your will you can nominate a person(s) to administer your estate on your death, known as executors.
Your estate consists of all your assets and liabilities which you have at the time of your death. Your assets include your belongings, property, etc. and your liabilities are any debts you have. Administering an estate entails taking control of all of your assets, paying your debts, and then to pay the balance left for distribution to the rightful heirs which you determined in your will. If you did not have a will, the distribution will be determined in terms of the Intestate Succession Act, 81 of 1987.
It is important to have a will – irrespective of the value of your estate – as this allows you to determine who should be the beneficiaries of your estate once you pass away. As mentioned, it also enables you to decide who will be administering your estate, whether it be your spouse, brother, sister, good friend or an attorney.
In order for a will to be valid, it needs to be in writing. It can be written by hand, printed or typed. Your signature, as the testator, must appear at the end of the will. This signatory process should take place in the presence of at least two competent witnesses. The witnesses must also attest and sign the will while you are present. Should your will consist of two or more pages, each page must be signed by the testator and the witnesses.
A minor is someone who is below the age of 18 years. It is important to note that minor children cannot inherit cash. Should you die intestate, and your minor child is the rightful heir, his/her cash inheritance will be held by the Guardians Fund at the Master of the High Court. This government institution will administer the funds until your child reaches the age of 18 years old. Alternatively, should you have a valid will, in which you create a testamentary trust in favour of your minor children which makes it easier and faster to access the necessary funds for the minor. A testamentary trust provides the comfort of knowing that adequate maintenance is paid to your minor children, whilst protecting the assets which is due to your minor children in the future.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)