Trustdad Legal

​

What is an estate ?

​

An estate is the total of all the assets and liabilities that belong to an individual. The size of your estate does not matter. Everybody has an estate.

 

​

What is a will ?

​

A will is a document that determines what must happen with your assets after your death. You are the owner of the assets and it is your privilege to decide what must happen with it. Liabilities can not be passed on to someone, but it must be dealt with before the assets can be transferred to anyone.

 

​

What is a heir?

​

A heir is a person or instance that will receive the assets in accordance with the will of the deceased.

 

​

What is an executor/ executrix?

​

This is the person who was appointed by the deceased to administer the estate.

 

​

What is an executors fee?

​

The executor is entitled to receive a remuneration to administer the estate. The fee is prescribed by law and may not exceed 3,5% of the value of the assets in the estate. ( If the executor is registered for VAT, it would be added to the fee.)

 

​

Must the executor be a person usually doing work of this kind?

​

No,  the general principle is that any person can be appointed as an executor. There might be disqualifications e.g. persons with mental disabilities. If an appointed executor feels that he does not have the knowledge to administer the estate ( or for any other reason) he may seek the services of a third party to help him. In such a case the executor may negotiate the remuneration fee with the third party.

 

 

What happens if the executor is unhappy with the way the third party handles the estate?

​

The executor may at any time terminate the services of the third party. He may then proceed to do the work himself or employ the services of someone else. Please note that fees might be due and payable to the person whose services were mandated before the file will be handed over. 

 

​

How do you change a will?

​

A will is changed by simply drawing up a new will. There is no need to get hold of the old will to cancel it, neither to inform anyone that you have drawn a new will.

It is your duty to change your will to keep up with your current situation. An example is that your husband/wife is your sole heir. You get divorced and marry again. If you do not change your will, your ex will still receive everything when you die.

 

What is the procedure that will be followed?

​

The steps that must be taken to administer an estate is prescribed by the Administration of Estates Act, Act 65 of 1966.

​

​

How old must you be to make a will?

​

Anyone who is 16 years or older can make a will. 

​

​

What is the requirements for a will to be valid?

​

A will must be in writing. It can either be a typed or handwritten document. Each page of the will must be signed in full by the testator as well as two witnesses  that must be older than 14 years. There must also be a date when it was signed. A person who is named as either the executor or beneficiary, should not sign as a witness as it may disqualify them as heirs.

 

​

What if I had expressed my wishes orally?

​

No oral wishes are valid and will be rendered null and void, even if there were witnesses.

 

​

What happens if I die without drawing a will?

​

Your estate will still have to be administered in accordance with intestate law. Your family will have to apply to the Master of the High Court for an executor to be appointed. He will have to administer the estate in the same way, except that the intestate law will then prescribe who receives your assets.

​

​

IF YOU FOLLOW THE GUIDELINES,

YOU SHOULD BE ABLE TO DRAW YOUR OWN WILL.

 

SHOULD YOU PREFER TRUSTDAD TO ASSIST YOU TO DRAW THE WILL, PLEASE FILL OUT THE CONTACT FORM.

​