Do you have children?
Do you want to leave a legacy?
Do you have substantial assets?
Do you want to minimise estate taxes?
Do you want a say on how your assets are distributed or are you happy for the State to decide?
If you answered YES to any of these questions, you need a will.
A will is a legally-binding document that:
Can I write my own Will?
It is perfectly legal to write your own will however it is not recommended. Drafting a will takes a level of knowledge and skill. The last thing you want is to save a little money drafting your own will only to lose substantial sums of money to sort out the will if it is badly written or invalid.
Using a professional
Attorneys and certified financial planners who specialise in the administration of estates are best qualified to draft a will and administer an estate. Not only have they qualified in the field, attend to administration of estates daily and are regulated by an advisory body, they can also provide you with professional and expert advice on how best to structure your estate.
A trust is a contract for the benefit of a third party. The person intending to set up the trust (the donor or founder) enters into a contract (a trust deed or will) with an administrator (or trustee) for the benefit of a third party (the beneficiary). A trust is created for various tax or legal reasons and may hold any kind of asset for the benefit of the beneficiaries.
A Living Will is a statement of your wishes regarding life-sustaining medical intervention in the event that you become terminally ill or are unable to communicate.
A General Power of Attorney: A will comes into operation on your death. if you are unable to deal with your affairs you will require a general power of attorney appointing a trustworthy person to attend to your maintenance and estate.
Beneficiary Nominations: Since all retirement funding and policies fall outside of your estate and therefore are not administered in terms of your will, it is important to update your beneficiary nominations at the same time as updating your will.
We charge a fee of R1,750 (VAT exclusive) per hour based on a time/work basis. Our fee includes consultations with you to give specialised inheritance tax planning advice, drafting, signature and safekeeping of the will.
The costs for administering your estate is limited to a maximum fee of 3,99% of the gross value of your estate. This fee is negotiable at the date of our appointment as executors taking into account the complexity of the estate, the risk of litigation and the number of properties falling into your estate for transfer.
We need not be named as executors to your will however there are advantages to doing so:
Procrastination and the unwillingness to accept death are the main reasons why people do not draft their wills. It is easy to draft a will and will save your family unnecessary heartache at an already difficult time.
Your will can be changed at any time and it is advisable to review it periodically and especially when your circumstances change.
Contact us today for assistance on any of the above.