Published on the South African Council for Business Women’s Blog
The loss of a family member or a loved one is a challenging and emotional life experience. Help and guidance are essential for getting affairs in order swiftly. The winding up of an estate is a lengthy administrative process with a lot of hurdles to overcome at the best of times, for example, reporting the estate to the Master’s office, obtaining a letter ofexecutorship, the placing of advertisements in the newspaper and gazette, contacting the banks and beneficiaries, dealing with SARS, preparing a Liquidation and Distribution Account, dealing with assets and liabilities, and the list goes on and on.
It is thus of vital importance to draft a Will without delay. This legal document outlines the deceased person’s last wishes, to determine the distribution of assets, the naming of beneficiaries, and the devolution of the estate. It should also nominate the executor who will administer the estate process and can even specify the executor’s remuneration at a lower fee than the current maximum allowance of 3,5% plus VAT of the gross value of the estate. Without a Will, your estate will be dealt with in terms of the Intestate Succession Act.
When drafting a Will, it is important to make use of an expert, as the Will should be clear, concise, represent the true intentions of the Testator, meet the criteria of the Master, and be easy to read. The Testator can not only nominate the executor but also appoint guardians for any minor children, appoint Trustees should a Trust need to be established for minor children, and also make provision for enough cash in the estate to cover administrative expenses like transfer costs on properties, executor remuneration, master’s fees, estate duty and the like.
Revise your Will when important events in your life occur, for example, the birth of a child, marriage, divorce, or death of a beneficiary/spouse. Whilst having a valid Will in place, it is also important to keep this in a safe place where the nominated executor or a close family member knows where to find it. It is advisable to also keep copies of the following important documents/information along with the Will: (refer to our Book of Life which is available upon request, for more details pertaining to specific information and/or documents needed):
– Identity document of yourself and spouse;
– Antenuptial contract and marriage certificate;
– Divorce order and settlement agreement;
– Full names and date of death of a predeceased spouse, if any, and details of Master’s office where the estate had been administered;
– Title deeds of properties/timeshare;
– All banking details, i.e. current account, savings account, credit cards, investments; Also login details for your internet banking profile;
– Important contracts, rental agreements, partnership agreements, policy contracts, cell phone contract, funeral policy, retirement annuities, etc;
– Share certificates, investments, trust deeds, and letters of authority;
– Firearm licenses;
– Motor vehicle registration certificates;
– Bond deeds and proof of other debt owing to the Testator;
– Short-term insurance details;
– Receipts for items in safe storage;
– Income tax reference number and login details for your E-filing profile, alternatively your Tax consultant’s contact details;
– Passwords to social media platforms such as Facebook, Twitter, and Instagram as these need to be canceled;
– Contact details of your General Practitioner and/or Physician as often reports need to be requested to claim from Life Policies etc.
Stegmanns Incorporated, based in Pretoria and Nelspruit, has dedicated teams on standby to assist with the drafting of your Will and guide you through the process of winding up the estate. (A guide to the deceased estate process is also available upon request).