We know that you have worked hard to accumulate your wealth and assets. You owe it to yourself and your loved ones to plan ahead for the distribution of your wealth and assets when you pass away. When you get your own Will, you are taking control of your estate and taking care of those you leave behind.
If you decide not to get your own will, this means that beneficiaries you may never have wished to inherit might benefit, while those that you genuinely care for and would want to benefit might be left with no legal entitlement to your estate or assets.
We attend to the winding-up of deceased estates in accordance with the deceased’s Will. If you die without leaving a valid will, your estate will devolve according to the Intestate Succession Act, 1987
- Keep the original secure: Store your original signed Will with a trustworthy person or institution, as a standard photocopy is not automatically accepted as valid by the Master’s Office.
- Notify your loved ones: Inform your family and heirs exactly where and with whom your Will is kept so they do not face unnecessary delays or struggles to retrieve it.
Dying without a valid Will in South Africa means you die "intestate." This simply means you forfeit the right to choose who gets your money, house, and belongings. Instead, the government uses a strict legal formula to decide for you. If you pass away without a Will, your family will face these immediate problems:
• Children's money goes to the State: Any inheritance meant for minor children (under 18) must be paid into the government-run Guardian’s Fund. It is notoriously difficult for guardians to access this money for school fees or medical needs.
• The law decides who inherits: Your assets are divided strictly by blood relation and legal marriage. Personal promises to friends or favourite relatives are completely ignored.
• Unmarried partners get nothing: The law does not automatically recognize unmarried life partners or stepchildren. Without a Will, your partner could be left entirely empty-handed.
• Bank accounts stay frozen longer: Because you did not appoint a trusted person (an Executor) to handle your affairs, the Master of the High Court must choose one. This extra paperwork can freeze your bank accounts for months or years, leaving your family with no cash for daily expenses.
• Extra costs drain your money: The Master appointed administrator usually has to buy a costly insurance policy called a "Bond of Security." This expense is paid out of your estate, leaving less money for your loved ones
If you have minor children, it is important that you nominate a guardian for them in terms of your will, keeping in mind that the guardian will be responsible for caring for your child should you pass away.
If you and the child’s other parent are still alive, your child has two natural guardians, and your legal guardian would only assume responsibility if you and your spouse (or the other parent) were to die simultaneously.
