What should be in your last Will & Testament – the greatest gift you can leave your loved ones
Nearly 75% of South Africans die without a valid Will in place. This means that the deceased estate Will be divided according to the Intestate Succession Act, 1987 (Act 81 of 1987).
According to the Act, without a valid Will in place the assets of the deceased are divided according to a set formula among your surviving spouse, children, parents, or siblings. The lack of a valid Will is all-too common among South Africans. So, why don’t more people set up their Will?
Many people think they simply don’t qualify for a Will, but they’re usually mistaken.
You need a valid Will if any of the following applies to you:
- You are above the age of 16
- You have children
- You own one or more properties
- You own a car
- You own valuable assets you have inherited or wish to leave to a family member or a dear friend. (This includes jewellery, furniture, pieces of art, bicycles, boats, etc,)
- You’d like a funeral when you pass away
- You own pets
- You have unpaid debts
- You have investment policies and savings
- You have digital assets such as social media accounts for personal or business and websites or blogs
The chances are that one or more of the above applies to you, and you should have a valid Will and last Testament place. If you do not have a valid Will and last Testament and want to set one up, contact us so we can assist you.
A last Will & Testament is the greatest gift you can leave your loved ones in the event of your death. It confirms your wishes and clarifies any questions your family and friends may have when administering your estate.
For more information, contact: MichelleO@hammondpole.co.za