Tag: Last Will and Testament

Categories
Deceased Estates

WHAT IS A DEATH FILE?

Have you considered the importance of compiling a “death file” AND informing your friends and family where to find your file when you pass away?

Often we see families not knowing if their loved one who passed has a last will and testament.

Examples of information which should be included in your death file are:

  • Your last will and testament.
  • Funeral policy document.
  • Social media accounts.
  • Passwords.
  • Policy documents.
  • Investments documents.
  • A list of bank accounts.
  • Share information.
  • Interest in companies.

These are only a few examples.

Categories
Deceased Estates

LAST WILL AND TESTAMENT

YOUR NOMINATED EXECUTOR MUST HAVE THE CAPACITY TO ACT

The following persons DO NOT have the capacity to act as an executor:

  1. A person under the age of 18 years old.
  2. A person who is mentally unstable.
  3. Unrehabilitated insolvents.
  4. A person who signed a will as a witness.
  5. A person who signed a will on behalf of the testator.
Categories
Deceased Estates

THE ADMINISTRATION PROCESS OF DECEASED ESTATES

The following steps should be followed by the attorney:

  1. Taking of instructions to administer the estate.
  2. First consultation with the family members.
  3. Reporting the estate to the Master of the High Court to obtain the letters of executorship.
  4. Section 29 advertisements in the government gazette and a local newspaper.
  5. Opening of an estate banking account.
  6. Gathering of information to value and validate the assets and liabilities.
  7. Drafting the liquidation and distribution account.
  8. Attend to queries from the Master.
  9. Section 35 advertisements of the liquidation and distribution account.
  10. Pay creditors and distribute the estate.
  11. The executor applies for his/her discharge by die Master.
Categories
Law of Succession

LAST WILL AND TESTAMENT

When you die without leaving a Will, your Estate will be distributed in terms of the Intestate Succession Act. Your family will therefore have no say when it comes to the administration of your Estate.

By leaving a Will you will ensure that:

  • Minor children will have a nominated guardian.
  • An Executor of your choice is appointed.
  • Your assets will be distributed according to your wishes.
  • Beneficiaries are clearly described.

Your Last Will and Testament should:

  • Always be in writing.
  • Signed by the Testator / Testatrix.
  • Signed in the presence of two competent witnesses.