Estate Support Services

Will & Testament

When compiling a will, you can come across many obstacles and specific detail.

A few of these include:
  1. The most important step is to make sure your will is up to date by reviewing it after each significant change in your life for example marriage, death or divorce.  Together with that, you also need to review your will according to law changes, such as capital gains tax exemptions, to obtain maximum tax benefits when planning your estate.

  2. Keeping your will updated also means you will have to revoke all earlier wills. It is not necessarily a fact that a new will revoke an earlier will.  You need to ensure that your will include the line “I hereby revoke all previous wills and codicils and this is my last will”. When using a third party to draw up a will, it is common practice that they keep the original copy and therefore you must ask them to return the original copy and destroy it.  Major complications can exist when there are more than one active will, especially when it leads to conflict between two wills.

  3. Always make sure to comply with the Wills Act no 7 of 1953.  This could be easily breached by one of the following simple actions:
    • A beneficiary of the will signing as a witness.
    • A beneficiary draws up a will on behalf of the testator.

      These actions could result in the beneficiaries either inheriting nothing or much less than what could have been the case if the will complied with all the necessary requirements.

  4. Always nominate an executor in your will who will protect your affairs even after you have died.  By not doing so it does not mean your will is invalid, but it can delay the whole process of your deceased estate.  If the executor fees are not specifically stated in the will, the maximum fee will apply which is 3.5% of the gross value of the assets of your estate and 6% of income collected by the executor after date of death.

  5. Always state whether your assets are bequeathed with or without a loan / mortgage.  It can be assumed that an asset is bequeathed without the debt as it will be paid out of the estate although this could in return reduce the residue.

  6. Estate planning and drawing up a will goes hand-in-hand.  You need to know the tax outcome of the distributions made in your will and whether or not you will have enough to cover all distributions, tax liabilities and executor’s fees.

The above mentioned points are only a drop in the ocean if compared to what all the factors are you need to consider. A wise man once said “Taking into account the knowledge required to draft a will properly, paying for the good advice when drafting your will is a small price to pay”.

Estate Support will help you to draw up a will or to restructure your current will to clearly set out your wishes.

T: (011) 789-1605  |  F: (011) 789-7995  |  E:
Unit A, 363 Surrey Ave, Ferndale, Randburg
PO Box 324, Randburg, Johannesburg, 2125
Estate Planning, Wills
& Deceased Estates