It is common knowledge that a properly drafted Will which accurately reflects the wishes of the testator is vital in every estate plan. One important aspect of this is the selection of an executor who will be responsible for the administration of the estate. The appointment of trustees where there is provision for a testamentary trust is also of vital importance.
An executor should not only be a qualified estates administrator but a practicing one too. It is important to nominate a professional who is involved with this regularly or a trust company where the administration of estates is a major part of their activity. Appointing a relative or a close friend neither of whom are involved in estates administration is most inadvisable. Such appointments merely hold up the process and may add to costs of winding up an estate due to a professional having to be appointed as agent for the nominated executor.
Another issue regarding Wills is now becoming increasingly important and this is when a South African resident has assets offshore. In cases where such assets are in the form of bank accounts or investment funds it may not be necessary to have a separate offshore Will as such accounts can be in joint names allowing for automatic continuity on death. However, assets such as fixed property may be more problematic necessitating the creation of a separate Will in the jurisdiction where the property is held.
If a second Will is deemed practical then one should make sure it doesn’t clash in any way with the South African Will and vice versa.
If there are offshore assets then it is advisable to discuss the administrative issues of how these assets would be handled with your local executor and to establish if there are any additional costs in such administration.