- There are strict legal requirements that need to be adhered to when drafting a will, failing which could have an impact on the validity of your will.
- Who will take care of your minor child (younger than 18 years) – one needs to be careful when leaving their assets to children under the age of 18, as they will require a guardian to sign any documents on their behalf. In this instance one should consider a testamentary trust to be created to administer assets in your child’s best interests, whilst avoid having their inheritances being placed in the Guardians Fund which is administered by the Master of the High Court and which is only released to them on reaching the age of 18 years.
- Have you done effective estate planning, which if done right could reduce estate duty tax and ensure that you have liquidity in your estate. Always ensure that you are able to provide for your loved ones in respect to immediate expenses that they would need to settle, e.g: funeral and house-hold expenses and medical bills.
- Changes to your personal circumstances – marriage/divorce, birth of a child or death of a loved one.
- Know where your will is located and tell someone you trust where it can be found or who they are to notify in the case of your demise.
- Do you want to be cremated and buried?
If you need any help please contact us.
[By Malissa Anthony FPSA]
