Why must you have a will?
By making a Will you ensure that your assets are disposed of in accordance with your wishes after your death. This privilege is called “freedom of testation”.
Who should draw up your Will?
Professionals such as attorneys or specialists employed by trust companies or the trustee departments of banks. Specialist in drafting Wills can advise you on any problems which may arise regarding your Will. A specialist has the necessary knowledge and expertise to ensure that your Will is valid and complies with your wishes.
Often a will is not valid because the person who drafts it does not have the necessary legal knowledge to ensure that the requirements of the law are met.
What happens to your estate if you die without a valid will?
If you die without leaving a valid will, your assets will be distributed according to the provisions of the Intestate Succession Act. The provisions of this Act are generally fair by attempting to ensure that your possessions are transferred to your spouse and children.
However, the following problems may arise if you die without leaving a will:
- Your assets may not necessarily be left to the person or persons of your choice.
- It can take a long time to have an executor appointed. The executor who is appointed may be somebody you may not have chosen yourself.
- There can be extra and unnecessary costs.
There can be unhappiness and conflict among members of your family because there are no clear and definite instructions on how to distribute your assets.
Maximus has recently entered into an association with specialist international trust company, Sentinel International , who can assist in the drafting of your local and international Wills as well performing the functions of executor.
Please contact us for further information.