THE IMPORTANCE OF A VALID WILL
A will is one of the most important documents that you can ever execute during your life. A will is important irrespective of your age, marital status, occupation or the value of your estate. Through your will an executor of your choice will be appointed and instructed exactly how to deal with your assets after death. According to your instructions, assets will be distributed to or preserved for specific heirs. Should you die without a valid will, the rigid rules of the Law of Intestate Succession automatically come into effect upon your death and specify on your behalf, how your assets will be distributed. These universal rules of the Law of Intestate Succession do not represent your wishes and do not take notice of any specific circumstances that may be of importance to your family. Neither does it provide for the maintenance or any specific needs of your dependants. The effect of distribution according to the rules of the Law of Intestate Succession may be to the disadvantage of those that you have a duty to support or that you would wish to take care of.
Often beneficiaries (heirs) also need to be protected against certain situations. Minority, incompetency to deal with money or assets, insolvency and the consequences of marriage are but a few to mention. Through your will precautions can be taken to protect beneficiaries against these and other situations but still allow them the benefit and enjoyment of their inheritance.
Minor beneficiaries are of specific importance. Firstly cash bequests to minors will end up in the Governments Guardian Fund until they reach maturity. Access to money in this fund is difficult and a tedious process and often result in restraining your beneficiaries to what they are entitled to. Secondly, guardianship of minors is of the utmost importance. Godfathers or other family members do not automatically become guardians of your minor children. A guardian has to be appointed by the High Court before he or she can legally act on behalf of a minor. Again you have the right to nominate a guardian of your choice in your will. In the absence of a nomination the court has a discretion to appoint whoever the presiding judge deems fit.
There is no doubt that a properly planned will is a simple way of assuring that your wishes will be taken care of after your death. To die without a valid will is to leave everything to fate. A will is a simple but easy and effective way to determine who is to benefit and how your assets are to be dealt with. There are however strict rules to comply with in order to assure the validity of your will, and it is advisable to consult with an expert to guide you in the drafting of your will.
Use the opportunity now and make sure that your will is in order before it is too late.
