A Will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. At Perry Reyneke we aim to assist in the drafting, maintaining and executing of a Last Will and Testament, so that your loved ones may be cared for and your last wishes carried out.
The results of leaving your loved ones behind without a valid Will can be catastrophic. By making sure that your Last Will and Testament is in place, valid and up to date you can:
Protect your family’s financial future and inheritance
Protect your family against debt liabilities from your business
Save on estate duty
Let Perry Reyneke manage your estate assets optimally and make sure they are distributed according to your wishes when you pass away.
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Contents of a Basic Will
Testator’s full name and any other name by which he is generally know Testator’s identity number
Should contain a revocation clause, e.g.
“I revoke all previous Wills”
APPOINTMENT OF EXECUTOR / TRUSTEE
Testators often nominate a family member; such as the spouse or a child, as the executor of the estate; or his attorney or accountant, e.g.
“I nominate ‘A’ and failing him ‘B’ and ‘C’ or the survivor of them, to be the Executors of my Will and Trustees of my Trust”
The Will may make provision to include a professional fee for work attended to by the executor in his profession, e.g.
“I direct that my Executor shall be entitled to charge in addition to the Executor’s remuneration for his administration of my estate his professional fees for professional work attended to in that profession during the course of his administration”
Every executor must provide security to the satisfaction of the Master for the proper performance of his functions. The Master may waive the obligation of providing security where the Will specifically directs him to do so, e.g.
“The Master of the High Court is directed to dispense with the necessity of my Executor furnishing security of the administration of my estate”
An Executor may not substitute another person to act in his place, unless specifically authorised thereto by Will, e.g.
“I give my Executor the right of assumption”
The executors and Trustees may be the same persons although their functions are different
A legacy is the bequest off specific property, movable or immovable, to a specified person(s), Trust or charity, e.g.
“I bequeath the following legacies:
As a pre-legacy the sum of R1 000.00 to my wife (full name)
The sum of R1000.00 to my cousin (full name)
The sum of R1000.00 to (full name) on condition she is in my employ at the time of my death”
“I bequeath the residue of my estate to my wife (full name) failing her to the children born of our marriage by representation per stirpes”
“In the event of our simultaneous death or should the survivor of us die within a period of 180 days of the granting of Letters of Executorship in the estate of the first dying of us, then our respective estates are to devolve as follows:
I, the Testator nominate my mother and father or the survivor of them to be the heirs of my estate;
I, the Testatrix, nominate my aunt (full name) and filing her cousin (full name) to be the heir of my estate”
The only persons obliged to collate are the direct descendants of the deceased who are heirs ab intestate, or who would have been the deceased’s intestate heirs had there been no Will, e.g.
“I direct my son (name) and my daughter (name) shall collate the sum of R1000.00 each which I gave them as wedding gifts. Save for these amounts I direct that neither of them nor any of my other children shall collate any other gifts or amounts which I may have given to them”
APPOINTMENT OF GUARDIANS
“On the death of the survivor of us, we nominate (full name) and (full name) or, failing either of them, the other of them, to be the guardians of our minor children. We direct our Guardian(s) be exempt from furnishing any form of security of whatsoever nature for the fulfilment of their duties as such”
REMUNERATION FOR WIDOW
“From the date of my death until finalisation of the administration of my estate, my Executor is directed to pay to my surviving spouse an amount of R1000.00 per month for her maintenance and support”
“I direct that upon my death my body shall be cremated and my ashes shall thereafter be scattered upon my farm Happy Home”
REQUIREMENTS FOR A VALID WILL
It has to be in writing
It has to be signed at the end of the Will, namely the last page thereof, by the testator
It has to be signed in the presence of two (2) witnesses, who are at least 14 years of age or older
The witnesses have to “attest and sign” the Will in the presence of the testator
The Will has to be initialled on the bottom of each page
The last page must be signed by the testator at the end
The Will has to be signed by the testator by the making of a mark, and a Commissioner of Oaths then has to certify that he has satisfied himself as to the identity of the testator and that the Will is the Will of the testator
*Witnesses need not know that they are signing a Will, which is the position under common law