Why do you need a Will?

Why do you need a Will and Why an attorney should draft it?

A Will is a vital document that everyone should have in place to ensure that your assets are distributed in the manner of your choice after your passing. National Wills Week (16 to 20 September) coming up it is a chance not to be missed to get this essential legal document in place.

The Intestate Succession Act will determine who inherits your assets if you pass away without a Will, which might not coincide with your wishes.

Not only can a Will prevent the possibility of severe administrative, tax, cash flow and legal problems and financial loss, but it can legally protect your spouse and children after your passing.

A Will allows you to:

• • appoint trustees to administer your children’s inheritance and ensure that their financial needs are met;
  • nominate a guardian to take care of your children should you pass away while they are minor children;
  • ensure that your children’s inheritance does not end up in the Guardian’s Fund, which has a low growth rate and comes with its administrative issues.

If you already have a Will in place, it is essential to ensure that it is updated regularly. This is because your circumstances change with time as do the laws and taxes which impact the effectiveness of your Will. Keeping your Will up to date will ensure that you adapt to your changing financial situation and enable you to take advantage of available tax benefits.

Why choose an attorney to draft your Will?

Being qualified legal professionals, attorneys can advise you on any problem which may arise concerning your drafting a will. An attorney has the necessary knowledge and expertise to ensure that your will is valid and that it meets all of the required legal formalities while also ensuring that your wishes are set out clearly. 

The specific requirements for a valid will are contained in legislation and court judgments. Attorneys are trained in reading law and required to keep up to date with new court judgments and changes in requirements which may affect your will or estate plan. Often a will is not valid because the person who drafts it does not know to ensure that the requirements of the law are met.

At Pagdens, we have specialists who will ensure that your Will meets all the necessary legal requirements and that it clearly states your wishes, while taking into account the tax and cost implications of the estate administration to ensure that these costs are kept to a minimum. 

One of the most important considerations, when planning an estate or drafting a will, is the effect tax will have on your estate and your recipients. Tax Laws change every year, and it is essential that someone who understands the legal jargon, and can explain the effect that the tax act changes have on your unique circumstances, advises you on the correct approach to take for your will. 

Other benefits of having Pagdens draft your will and/or be the executor of your estate is that our litigation department is available to step in should there be any claims in favour of or against your estate which require legal action. Our conveyancing attorneys are also well versed in the complexity of property transfers and property law arising from an estate and can attend to property transfers were required in the administration of your estate.

At Pagdens you have all the necessary skills for estate planning, will drafting, taxation laws, property law and estate administration under one roof. This year’s National Wills Week will be held from 16 to 20 September. Call us to discuss your will or complete our Online Will Form at www.pagdens.co.za, and we will contact you with our suggested solutions.

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)