Last Will & Testament
We offer drafting of customised Wills for between R300 and R500 per Will, and if spouses have nearly identical wills, then the price for both ranges from R500 to R800. Contact us for details
One of the single biggest problems for an Estate is a lack of a Will. Immediately this can trigger fees of 5% of the gross value of the Estate, if the Executor is required to provide security, and a professional Executor is utilised due to uncertainty within the heirs as to who will be responsible for the Estate. We have had instances where there were minor children, and half the estate has had to be paid to the State (the Guardians Fund) as there was no Will, and so the family cannot access this until the children are 18. This creates significant hardship for the entire family.
Drafters may think that as long as the Estate is small, the division is straight forward, and the language simple. However while a DIY will can meet the requirements of a valid will, you also need to be versed in the Common Law as well as statue, tax implications, and the cash impact on your beneficiaries. For example, a failure to exclude security for the Executor can add 1,6% costs to the Estate.
Lack of Estate planning can cause families to lose their home, or cause significant conflict or disruption.
- Consider any debts on Assets
- Consider if there are minor children, as in the absence of a Trust, any cash or movable assets will be held by the Government (Guardians Fund).
- If children are sharing multiple asset revenue streams, how administratively is this going to be managed?
- Children are entitled to share equally throughout their life – how do you account for this?
- Succession clauses in the event both parents die concurrently