Lets talk about WILLS!
When and why do I need a Will?
Your last will and testament is an important tool in ensuring you leave your loved ones with what you intend. Drawing one up can help alleviate their grief.
Wills are often misconstrued to be for wealthy people alone but that isn’t true. Anyone who has assets and are above 16 years of age and are mentally capable, may draft a Will which will allow their surviving family members peace of mind in the event of their death. For a Will to be valid in the eyes of the law it has to meet some requirements. Let Kruger & Co. assist you in drawing up a document that gives you a say over your prized possessions, who you wish to appoint as Executor and Guardians where needed.
What is a Last Will and Testament?
A Will is a legal document that stipulates how you wish your assets such as money, property, and other possessions to be distributed in the event of your death. A Will is also used to appoint an Executor of your estate, appoint Guardians and direct how assets should be taken care of in the event of minor or incompetent heirs (i.e. implementing a Trust).
Only a Will that is drafted according to the formalities set out in Section 2(1)(a) of the Act is valid. Wills can be made singular or jointly. A valid Will can include the revocation of previous Wills. A Will must be signed by the Testator/Testatrix and two competent witnesses who are at least 14 years of age and who are not beneficiaries or spouses of any beneficiaries to the Will.
What happens if I die without a Will?
When you draw up a Will you take control of your estate and see to it that it benefits those who you wish it to benefit after your death. If you die without a valid Will in place the law states that your estate should be allocated in terms of the law of intestate succession, which means it will be divided amongst your spouse, children, and family members in line with a set formula. Life insurance policies, retirement plans and trusts are generally payable to a named beneficiary without regard to the terms of a person’s Will.
When do you need a will?
Consider making a Will as soon as you purchase a new property, marry or enter into a life partnership, have children or a fragile loved one that needs to be taken care of. It is imperative for you to state in writing whether you would like your spouse or anyone important to you to be a beneficiary of any of your assets when you pass on. Especially if you want anyone other than your spouse to receive any of your assets, then you need a written Will that makes those wishes clear.
How do I get a Will?
At Kruger & Co we offer the drafting and updating of a Will as a free service. Send us an email or give us a call today so we may assist in the drafting of your Will for FREE!