Having a will is important and is one of the best things you can do for yourself and your family. Not only does this document protect your children, spouse and assets – but it stipulates how you would like your affairs to be handled after you have passed on.
What happens to your worldly belongings when you pass away if you don’t have a will? In these instances, your assets will be dealt with according to the Intestate Succession Act, Act 81 of 1987.
This Act is primarily based on close relationships, meaning that your estate will go to your closest relative, descendant, parent or spouse. However, in some cases where there are no relatives or legitimate heir – your estate will be forfeited to the state. However, without a proper will, it’s not guaranteed that your assets will end up going to the people you intended.
Reasons You Need A Will
While every person’s situation is different, there are still various reasons why you should get a will.
- You have control over how your estate will be distributed.
- You can decide who will take care of your children, allowing you to make an informed decision regarding their guardianship.
- It helps to avoid unnecessary delays.
- Having a will allows you to reduce estate taxes.
- You are able to decide who will wind up your affairs by appointing an executor and better control the costs thereof.
- Ensure that there are less legal challenges for your family after your passing.
How Do I Get a Will?
When you are ready to draft a will, start to compile a list of all your assets and debts. Be sure to include all contents of your sage, any items of sentimental value and other belongings you would like to give to a particular person.
If your estate is quite large, or you think dividing your assets might be complicated – it is always advised to work with an attorney who is familiar with the law surrounding estates and has experience drafting wills.
Can I Change or Amend My Will?
Yes, it is quite simple but best to consult your attorney to ensure that your will always complies with the formalities laid down in the Will Act.
Because tomorrow is never certain, making sure that your will and affairs are in order is crucial. For this and more expert legal advice and services, feel free to contact our dedicated team at AMC Hunter INC.