Last Will and Testament
A Will is a written document in which a person disposes of his property, movable and immovable, after his death. The document must be executed in accordance with formalities prescribed by law, and it must have been made freely and voluntarily with the clear intention of constituting a Will.
If a deceased person has a valid Will, it is said that person died testate and his estate will be administered in accordance with the provisions of his Will. If a person dies without a valid Will, the deceased estate will be administered intestate and in accordance with the provisions of the Intestate Succession Act 81 of 1987.
Capacity to make a Will
Every person of the age of 16 years or older may make a Will unless at the time of making the Will he is mentally incapable of appreciating the nature and effect of his act. Mentally incapacitated persons of the age of 16 and older can make a valid Will during a lucid interval. Similarly, persons that cannot express their wishes verbally or in writing or an intoxicated person cannot make a valid Will.
If the formalities in the drafting or execution (signing) of a Will has not been complied with, it will result in the Will being invalid and unenforceable.
Contact B Gouws Inc. Attorneys for a tailored Will to give effect to your wishes.
Trusts
Trusts are essential for a variety of purposes including estate and tax planning, provision for dependant and minor children and for trade and property owning.
A trust can be defined as a separate legal entity, created by the founder when the founder hand over or donates certain funds or assets to the trustees with the instruction to take control of and administer the said assets for the benefit of a third person, the beneficiary.
Once you have decided to form a trust, certain prescribed formalities must be complied with, including:
-
The trust must be created by a written agreement or "trust instrument" ;
-
The trustee must lodge the trust instrument or a notarially certified copy thereof with the Master of the High Court before assuming control of the trust property;
-
The trustee must furnish the Master with an address for service of notices;
-
The trustee must furnish the Master with security for the due and faithful performance of his duties as trustee, unless exempted from doing so;
-
The trust must be registered with SARS and the Master of the Hight Court. The Master will allocate a trust number and issue a letter of authority in favour of the trustees.
There are strict requirements and processes involved when creating a trust. Contact B Gouws Inc. Attorneys to guide you in establishing the trust that will best cater to your specific needs.
