Important Facts To Know When Drawing Up A Will
5 IMPORTANT THINGS YOU NEED TO KNOW ABOUT YOUR WILL
Only an original and signed Will is valid
Your Will only deals with life cover that pays your estate,
thus your Will and life cover beneficiary nominations must
complement each other
Guardian nominations are only applicable when there is no surviving biological or legally-appointed parent
Your appointment of a friend/family member as Executor may be
declined by the Master, thus the co-appointment of an approved
professional is paramount
If you do not create a Testamentary Trust for minor children’s
inheritances, their money will go to the Government Guardian’s
fund
ADVANTAGES OF HAVING A WILL
Protects the inheritance of children under 18
Ensures that your wishes are carried out
You can update your Will at any time
Save on estate duty with proper planning
The appointment of capable, professional and accountable
Children’s inheritances avoid the governmental “Guardian
Fund” and are preserved in their own trust for their sole benefit
If you own a business, a Will protects your family against debt
liability
A Will is a document recognised by law as the expression of your
wishes
Inheritances are precluded from subsequent marital contracts
persons to execute your deceased estate and manage the
testamentary trust assets thereafter
DISADVANTAGES OF DYING WITHOUT A WILL
The court could appoint someone you do not approve of to be
your executor and / or trustee
If you have no immediate or close family, distant relatives rather
than close friends or a life partner - will claim the inheritance
Your estate will be dealt with according to rigid and inflexible
laws
Your minor children’s inheritance might suffer, since anything
they are entitled to receive, will have to be transferred to the
Guardian’s Fund in a monetary form, where it will remain until
they turn 18. This means that the family home would have to be
sold (converted into a monetary form), which is quite possibly
something you would never have chosen to happen
YOUR LAST WILL AND TESTAMENT
WE WILL PROVIDE YOU WITH A WILL THAT IS TAILORED TO SUIT YOUR SPECIFIC
TESTAMENTARY NEEDS
There is no initial fee for this and you can make as many amendments as you may need, provided your Legacy Protection Plan is in force.
At your discretion, you may have your Will stored in our safe custody for no additional charge.
DECEASED ESTATE AND FIDUCIARY SERVICES
With your Legacy Protection Plan in force at the time of your death, your estate will enjoy the use of our legal services for no charge up to and including the
Maximum Benefit, and so recoup all or nearly all of the legal fees associated with a deceased estate.
These services include and are limited to:
• Fully executing your deceased estate
• Trusteeship of the assets you leave to testamentary trust
• Conveyance of property(ies) to the applicable beneficiary(ies)
You can thus benefit from the peace of mind that your intended legacy is preserved, and not sacrificed to exorbitant legal fees in the event of your untimely
death.
IMMEDIATE LIQUIDITY BENEFIT
A cash benefit, equal to the stated benefit amount, will be made available
to your nominated beneficiary within or after 48 hours of your death. This
benefit helps alleviate the financial strain normally experienced shortly after
death and before the executor is appointed by the courts. Its versatility also
means it can be used to assist with funeral preparations.
Simply put, legal fees related to your deceased estate are recouped from
the Maximum Benefit, after providing for the Immediate Liquidity Benefit
payment. Therefore depending on your plan type and needs, you can ensure
that 100% of such costs are covered in the event of death.
