Where do your assets go if you do not have a Will?

This is referred to as Intestate Succession and there are rules set out in the Intestate Succession Act (and summarised below) explaining who will benefit from your estate should you not leave a Will with specific instructions.

• If you are survived by a spouse, but not by a child or children:
  Your spouse will inherit your estate
• If you are survived by a child or children, but not by a spouse:
  Your child or children will inherit your estate.
• If you are survived by a spouse and a child or children.
  Your spouse will inherit R250 000 or a child’s share, whichever is the greater and the children the balance of the estate. A child share is determined by dividing the estate through the number of surviving children of the deceased and deceased children who have left issue, plus the spouse who has survived the deceased.
  NOTE: In case of a marriage in community of property, one half of the estate belongs to the surviving spouse and, although it forms part of the joint estate, it will not devolve according to the rules of intestate succession.
• If you don’t leave a spouse or children, but both your parents are alive.
  Your parents will inherit the intestate estate in equal shares.
• If you don’t leave a spouse or children, but one of your parents are alive and the deceased parent left descendants:
  Your surviving parent will inherit one half of your estate and your deceased parent’s descendants will inherit the other half.
• If you don’t leave a spouse or children but leave one surviving parent and the deceased parent did not leave any other descendants:
  Your surviving parent will inherit the whole estate.
• If you don’t leave a spouse or children or parents, but both of your parents left descendants:
  Your estate will be split into equal parts. One half will be divided among the descendants related to you through your predeceased mother and the other half among the descendants related to you through your predeceased father.
• If you do not leave a spouse, children or parents and only one of the predeceased parents left descendants:
  The descendants of the predeceased parent who left descendants, will inherit your entire your estate.
• If you do not leave a spouse or children or parents and your deceased parents never let descendants:
  Your nearest blood relation will inherit your entire intestate estate.
• If you are not survived by any relative:
  Only in this instance will the proceeds of your estate devolve on the state.

It is advisable to ensure that you have a Will in place and that you review it periodically to ensure that it is kept up to date and that your estate goes to the people of your choice in a manner which is in their best interests and the interests of your estate.

This article is for general information should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact an attorney for specific and detailed advice. Errors and omissions excepted (E&OE)