Important tips to consider in a Last Will and Testament

Important tips to consider in a Last Will and Testament

Category Advice

Article Provided by Leanne Jooste, B Law Inc. Attorneys

When appointing an executor

A person executing a Last Will and Testament will appoint an executor who will step into his/her shoes upon his/her passing and will be tasked with the duty to implement the deceased person's last wishes as set out in the Last Will and Testament. An executor will need to know where your original Last Will and Testament is located, where your assets are, and who your creditors are.

It's advisable to set out or attach the following information to your Last Will and Testament:

• bank account details;
• details of assets and proof of ownership of such assets (title deeds, share certificates, etc);
• details of creditors and account numbers;
• details of policies and investments;
• details of pin numbers for bank cards and passwords for internet banking:
• the location of keys for any safes you may have; and
• Contact details of heirs.

Tips when drafting the Last Will and Testament

It is vital that a person who executes a Last Will and Testament take note of the following which might occur in the event that the Last Will and Testament is not drawn and executed properly. A badly drawn or executed Will can result inter alia, in:

Your Will being rejected by the Master of the High Court (which will result in your assets being disposed of in accordance with the laws of intestate succession);

• Adverse tax consequences for your estate;
• Clauses that cannot be enforced;
• Certain heirs being disqualified from inheriting; and
• Your nominated executor refusing to accept the appointment because the terms are too onerous.

The contents of a Last Will and Testament should be reviewed regularly, especially in the event of divorce, the death of someone, or the birth of someone who is a beneficiary.

Professionals such as attorneys and accountants are trained to draw Wills that avoid the above adverse consequences and it's advisable to consult a professional to confirm the implementation of the current Last Will and Testament or to start the process of drawing and executing a Last Will and Testament.

De Lucia Group has been servicing the property industry for over 45 years. Contact us to ensure you get the best advice for all your property-related queries. Michael De Lucia - michaeldl@delucia.co.za

Author: De Lucia Group