Drafting a will is not quite as simple as jotting down your last wishes on \u00adpaper. Follow the advice of four legal experts to ensure that your estate is properly executed.<\/p>\n\n\n\n
Put it in writing and keep it safe<\/b><\/p>\n\n\n\n
\u201cDo not neglect to have a will drafted as a verbal will does not have any force or consequence,\u201d warns Kim Armfield of Kim Armfield & Associates.<\/p>\n\n\n\n
Furthermore, she suggests leaving the original will in safekeeping, either with the professional who drafted the will or with
someone who can be trusted. <\/p>\n\n\n\n
\u201cTry and keep all important documents in a safe place, so that it can be handed to the executor of your late estate,\u201d she adds. Such documents may include life and investment policies, funeral policies, mortgage statements or details of any long-term liabilities, and your marriage certificate or contract.<\/p>\n\n\n\n
You might outlive your beneficiaries<\/b><\/p>\n\n\n\n
\u201cOne very often tends to forget that your
loved ones to whom you have bequeathed assets may themselves predecease you,\u201d Armfield notes. \u201cIn such an event, it is important to stipulate in your will who would then receive these benefits.\u201d<\/p>\n\n\n\n
Make provision for sufficient cash flow<\/b><\/p>\n\n\n\n
Karen Zaaiman of Smuts & Co. Attorneys stresses the importance of ensuring that
your beneficiaries are financially covered. \u201cEnsure that you either have enough cash in your asset portfolio or sufficient life cover to cover all outstanding amounts owing on all assets \u2013 especially fixed assets,\u201d she says. <\/p>\n\n\n\n
Zaaiman also notes that an estate takes a minimum of six months to be finalised. \u201cTherefore, you need to ensure that your partner has enough cash to maintain a property for that period,\u201d she says. <\/p>\n\n\n\n
\u201cWhen you leave property to an heir, you need to ensure that it is a practical inheritance; for example their income must be able to cover future expenses like maintenance, rates and taxes,\u201d Zaaiman suggests. <\/p>\n\n\n\n
Ensure minors are taken care of<\/b><\/p>\n\n\n\n
Where minors are involved, Zaaiman strongly recommends a testamentary trust, which will allow you to appoint the persons who will be looking after finances on the children\u2019s behalf. \u201cAlso ensure that you appoint a suitable guardian for minor children,\u201d she adds.<\/p>\n\n\n\n
You might have to appoint a curator bonis<\/i><\/b><\/p>\n\n\n\n
\u201cIt is sometimes necessary to have someone appointed by the court to administer the estate of a living person,\u201d says attorney Clarence van Vuuren. \u201cThat person is called a curator bonis <\/i>and is appointed where a person is no longer able to conduct his or her own affairs, often as a result of an illness like Alzheimer\u2019s disease,\u201d he explains. He adds that appointing a curator bonis <\/i>is especially important where family members disagree on the best interests of the affected person or one family member is exercising an undue influence over said person. <\/p>\n\n\n\n
Add a collatio<\/span> clause<\/b><\/p>\n\n\n\n \u201cWhere a beneficiary of an estate, who is also a descendant of the deceased, has received certain gifts or loans from the deceased during his or her lifetime, said gifts or loans must be taken into account when the estate is being divided among all the heirs,\u201d explains Marina Horak of Horak Inc Attorneys.<\/p>\n\n\n\n She suggests adding a collatio<\/i> clause to <\/p>\n","protected":false},"excerpt":{"rendered":" Drafting a will is not quite as simple as jotting down your last wishes on \u00adpaper. 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your will, in which it is explicitly stated that any heirs who have received gifts or loans needn\u2019t pay anything back into the estate.<\/p>\n\n\n\n