A will is a formal legal document that provides you with the opportunity to:
The results of leaving your loved ones behind without a valid Will can be catastrophic. Your Last Will & Testament is a vital document that ensures the following:
- Your last wishes will be delivered upon.
- Your bequests are binding and not dictated to by intestate succession.
- Your children’s inheritances avoid the governmental “Guardian Fund” and are preserved in their own trust for their sole benefit.
- Inheritances are precluded from subsequent marital contracts.
- The appointment of capable, professional and accountable persons to execute your deceased estate and manage the testamentary trust assets thereafter.
If you die without a valid Will, you are said to have died ‘intestate. In this case, a person – always a relative – needs to apply to the Master of the Court to be appointed as the Executor, whom is then forced to be assisted by an attorney or similar, at a substantial fee that is not governed by our legislation.
While legislation is intended to result in a fair and orderly distribution of property, the formula may not match what you would like to happen to your possessions. In particular, the law has been created assuming that people want their estate divided among family members alone. Without a Will, it is impossible for any benefit to be made to close friends, in-laws, charities or other organisations.
Also, because your wishes are unknown, the management of an intestate estate can take longer and may incur additional costs, making an already difficult time even harder for you, your family and friends.