Real Estate Investor Magazine South Africa Dec/Jan 2016/17 | Page 58

ASSET PROTECTION

Are you Immortal?

Is your Last Will and Testament in place?
BY JOSE’ DELGADO

O

ur heading for this article is made in jest but
many a true statement is made in jest! The
statistics are practically unbelievable with
some research indicating that approximately 90% of
eligible people in South Africa do not have a Last Will
and Testament in place!
Research and numbers aside any qualifying person
must have a Last Will and Testament in place (Will).
It is a non-negotiable as we will all eventually all die.
We do not have any known cases of immortality on
record. Death is not the most desirable dinner topic
but is must be considered as the ramifications of ones
death are immense!
A Will is probably one of the most important
documents that you will ever execute as it deals with
what transpires with your assets, who will possibly
raise your children and what your wishes are for your
last rites amongst others.
In the event of you passing away and not having
executed a Will or your Will not being valid your
deceased estate will be dealt with by way of Intestate
Succession. There are a host of standard processes and
formulas for distribution of assets that must be followed
and these may not be your true wishes for how you wish
your assets to be divided amongst eligible heirs, it is
therefore imperative that you take action and fast!
Any person over the age of 16 (sixteen) can legally
execute a Will. In order for a Will to be valid it must
comply with the Wills Act 7 of 1953. There are a
number of formalities but they are not very onerous.
There is no legal requirement for any specific
professional to draft your Will but it is extremely
important that the person drafting your Will has

56

DEC/JAN 2017 SA Real Estate Investor

the requisite experience as you will be dealing very
important and often complex issues.
In this day and age of the internet many people do
a DIY job and in many cases most people will opt for
a Free Will that are offered by some institutions. On
both counts beware!
Both these options can be very frustrating and
costly for your heirs and spouse as they may not be
valid or properly executed and in many cases a massive
amount of costs can be saved by appointing the correct
Executors.
An executor is the person, professional or company
that you will entrust to step into your shoes to wind up
your estate. In effect they have the same authority as you
have to dispose of or deal with any assets in accordance
with the law and your Will. It is therefore important
to choose very wisely. Aside from the responsibility
entrusted to the executor there are substantial fe