• Last Will and Testament

Last Will and Testament

R225

Summary of the Last Will and Testament:
A last will and testament (a “will”) allows you to regulate how all of your assets will be distributed after your death. You can therefore ensure that your assets (or particular objects or cash amounts forming part of your assets) are distributed to beneficiaries identified by you and in accordance with your wishes.
Our Last Will and Testament can be used by one person to stipulate how his/her estate should be distributed after his/her death, or it can be used by a couple who wish to specify in one document how their assets should be distribute after their deaths. Often a couple will do this in circumstances in which they want to leave their estates to eachother – or to alternative people if they die simultaneously.
Our customised will also ensures that an executor is appointed to manage the distribution of your assets after your death so that your estate can be properly wound-up with the minimum of delay. By leading you through our online interview we will obtain all the information we require to ensure that your assets are distributed exactly as you wish. If the will is going to be completed by a couple (i.e. a joint will), then you will have the opportunity to bequeath your assets to eachother, or to bequeath each of your estates separately to different groups of beneficiaries, or to join your estates together in the event of simultaneous death and to distribute the joint estate to a group of individually or jointly chosen beneficiaries.
You will also have the opportunity to bequeath your individual or joint estate to a single beneficiary or to a group of beneficiaries in specified shares. You can also stipulate that certain assets (such as a car, house or jewellery) are to be inherited by one or more specified beneficiaries. Provision is made for charitable donations and cash bequests. The will even provides for the establishment of a trust, if this proves necessary in order to protect the interests of children receiving assets from your estate.
In other words, you couldn’t hope for greater flexibility in managing the inheritance of your estate.
Full details of the Will:
The drafting process associated with the last will and testament includes the following capabilities:
Comprehensive details of the people making the will are incorporated, including full names, identity or passport number, marital status and residential addresses. The will caters for both individuals and couples.
A complete description of the executor of the estate is ensured and provision is also made for the clear identification of an alternate executor. A single executor may be selected, or multiple executors.
The will allows for complete flexibility in relation to the division of the testator’s estate:
  • In the case of a couple, the testators can bequeath their estates to each other;
  • The estate(s) can be bequeathed to a single beneficiary or split between up to ten different beneficiaries;
  • The estate(s) can be divided amongst the named beneficiaries in equal proportions or the share of the estates to be received by each beneficiary can be specified.
  • Alternatively, the testator(s) can specify that specific assets in the estate(s) are to be given to individually named beneficiaries and that thereafter the remainder of the estate(s) is to be given to a single beneficiary or divided amongst a group of beneficiaries in any of the ways described above.
  • In the same way that an individual making a will can choose any of the above options, in the cse of a couple each testator can individually choose to apply any of the above options to their separate estates or they can apply any of the options to their combined estates.
A full range of options is available to the testator(s) wishing to make bequests of specific assets in the estate(s):
  • Up to five immovable properties can be separately bequeathed by the testator(s). In respect of each property, between one and five beneficiaries can be named, who can inherit in equal or specified shares. Provision can be made for a predeceased beneficiary’s children to inherit in his/her place, or alternative beneficiaries can be named.
  • Up to four motor vehicles can be bequeathed in the same way.
  • Similar flexibility is given in relation to bequests of assets such as share portfolios, jewellery, shares or interests in businesses, and a range of other movable assets – all of which are meticulously described.
  • Cash bequests are fully catered for, including donations of specified amounts to individual or multiple beneficiaries, charitable organisations, or both. Adjustments for inflation can be included and provision is made for alternate beneficiaries.
  • If required, detailed terms can be included in the will in relation to any usufructs or fideicommissary rights that the testator(s) wish to bestow on one or more beneficiaries, or on alternate beneficiaries.
Bequests to be received by beneficiaries under the age of majority are meticulously catered for by means of the exclusion of the Guardian’s Fund and the retention of the bequest in trust, under the executor’s management, until the children reach a selected age at which they may inherit.
The will ensures that any inheritances or bequests are excluded from community of property and the accrual system so that the beneficiary receives the full benefit thereof.
The will also gives the testator(s) the opportunity to specify how the testator(s) would like his/her/their remains to be dealt with and a full range of possibilities is provided for.
The contents and terms of each last will and testament are dependent on the responses given during the online interview process. As a result, the above list constitutes a broad overview of the issues typically addressed in the document and is not intended to be comprehensive.