WILLS MONTH: 1 JUNE 2012 – 30 JUNE 2012

Written by Cherise Hansen on June 11, 2012. Posted in estates, inheritance, intestate succession, wills

During our experience and in our practice, it has come to our attention that one of the documents often neglected by our clients and most people are their wills.

We have accordingly decided to dedicate the month of June 2012 to informing and advising you, our valued clients, of the importance of having a will as well as assisting in the drafting of your wills.

You may be wondering why it is necessary for you to have a will. Here are a few short reasons why it is necessary for you to have a will;

  1.  A will brings you peace of mind in that you will know that you have dealt with your assets in the manner that you wanted to and you will also ensure that your family is taken care of.
  2. If you die without a will, your estate will be dealt with in terms of the law and you will have no control over who will inherit your assets in your estate.
  3. If you die without a will, you have no control over who is appointed as your executor.
  4. If you don’t have a will and you have minor children who will inherit, then the inheritance must be paid into the Guardian’s Fund at the Master of the High Court who will make the payment to the children when they become adults.
  5. If drafted properly, a will can also be used as an effective tax planning tool.

It is quite possible that your response to this letter is that you already have an existing will. The question we would then ask is:

  1. When did you draft your will?; and
  2. Is it relevant to your current circumstances?
Here is a short story to illustrate the point:

A young, naïve, John Smith fell hopelessly in love. It wasn’t long and he was married to the love of his life, Kate. Soon, the patter of little feet was heard and John and Kate had a baby boy, Andy. Two years later they added another edition to their family, little Rosy.

John wanted to ensure that his family was adequately provided for should anything happen to him and he had a will drafted wherein he left his estate to Kate and his two children.A few years later, John and Kate were divorced.

Life goes on and John meets Alicia, who he eventually also marries. He has another daughter by the name of Sandy with Alicia. He loves his children equally and wants the best for all his children.

John gets so caught up in day to day life that he fails to change his will. He is unexpectedly killed in a car accident. As John failed to change his will to include Alicia and Sandy, they do not inherit anything from John’s estate. John’s circumstances had changed and his will did not take into account his current or change in circumstances.

You may think that the example is extreme but this very thing happens every day. This is just one example but there may be many more reasons why your will may no longer be relevant to your current circumstances.

For those of you who do not have wills, it is often the one document you keep promising yourself that you will get round to doing; tomorrow, then the next day, then next week. But it just never gets done and always lingers at the back of your mind.

This is another reason why we have decided to have wills month – to offer you an opportunity to FINALLY GET IT DONE and give yourself the peace of mind that know that your estate is taken care of.

In our endeavours to assist you in drafting your will, we have also acquired a programme that will calculate the current value of your estate and the liabilities that your estate will incur in terms of Estate duty (which is 20% of the gross value of your estate), Capital Gains Tax, and executor’s fees.

This programme will be able to show you whether you have enough cash in your estate to be able to pay the liabilities without having to sell the assets in your estate.

Allow us to assist you in drafting your will and contact Cherise Hansen of our offices on (011) 781 3009 or cherise@cbekker.co.za now.

Quick Contacts

C Bekker & Associates

1st Floor, Block B, 37 Harley Street, Ferndale, Randburg.