Page 18 - Ongoye Online, Christmas edition

WHY YOU
NEED A WILL
WHAT IS A A WILL?
As the the name suggests a a a a a will is is a a a a a person’s last wishes concerning how and to to whom they would like their their assets to to be be distributed in in the the the the event of their their demise The will must be be be in written form and and should be be signed by the the the the the testator (the person who writes the the the the will) and and two other witnesses witnesses The witnesses witnesses do not necessarily have to to know the the the the contents of the the the the document as as their purpose is to to to bear witness to to to the the the the fact fact that the the the the deceased did in fact fact write and sign the the the will to to be utilised WHAT ARE THE TYPES OF WILLS?
• Simple Will (drawn up by a a a a single person who details how their estate should be distributed)
• Joint Will (between spouses married in in or out of of community of of property)
• Trust (a central bank account belonging to a a a a a a a law firm firm which holds funds of the firm’s various clients)
IS IT IT NECESSARY FOR EVERYONE TO WRITE A A WILL?
Anyone who owns any type of asset being it it a a a a a a cellphone vehicle business or funds is is encouraged to to write a a a a a a a a will This ensures that their their last wishes pertaining to to their their estate are respected WHERE CAN ONE WRITE AND KEEP THEIR WILL?
The UNIZULU Law Clinic assists both University staff members and the wider uMhlathuze Municipality community with drafting wills free of charge Alternatively one may seek
the the the services of of of a a a a a law firm or or one of of of the the the banks in South Africa both of of of which charge for the the the services rendered A A lawyer requires payment for for the service service of drafting a a a a a a a a will upfront whereas banks are likely not to charge for for this kind of service - on on on the the the condition that they automatically become the the the executor (an overseer and distributor of of funds/assets) of of the the testator’s estate In such cases the the bank would charge all all forms of communication (calls made letters sent one-on-one consultations) and any other service to the the deceased’s estate A lawyer works in a a a a a a a a a a a similar fashion however the the the testator may choose not to to to appoint them as as the the the the the executor and instead choose one of the the the the beneficiaries listed in in in the the the the will will A person may also draft a a a a a a a a will will at home so so so long as the document is legible and signed by two witnesses HOW DOES ONE’S MARITAL STATUS AFFECT
THEIR WILL?
When a a a a a a a testator is married in community of property (where all all assets accumulated before and during marriage are thought of of as as equally belonging to to to both spouses) 50% of of their their estate automatically goes to to to to their their spouse spouse The rest can thereafter be split according to to to to the the the testator’s preference Where an an an antenuptial contract is is in effect the the the testator testator is is at at at at liberty to to to allocate their assets as as they deem fit CAN A A A WILL
BE AMENDED?
A testator may amend their will (joint or or otherwise) at at at at at any given time Upon updating their will the the the the testator thus automatically cancels the the the previous version CAN ONE INCLUDE SPECIFIC CONDITIONS FOR THEIR BENEFICIARIES?
Including a a a a a a a codicil/s (an addition or or or supplement that explains modifies or or or revokes a a a a a a a a will will or or or part of of one) is is common in in in wills An example of of this would be a a a a deceased requiring their their child to to first complete a a a a a a degree prior to to receiving their their allocated money or asset WHAT HAPPENS WHEN ONE DIES WITHOUT A A A WILL?
When an individual passes away without having made a a a a a a a a a a a a a a a will (a situation described as as intestate) their their estate estate is divided amongst their their immediate family members (spouse children parents siblings or relatives) If they were married in in in community of property the the the the surviving spouse is allocated 50% together with the the the the the child child share from the the the the the the balance Afterwards the the the the the the children then each get an an equal share of the the the the the remaining funds Where the the the the deceased was unmarried and childless the the the estate is is distributed among the the the the closest surviving relatives (parents first then siblings siblings should the the the the parents parents be deceased as as well If no siblings siblings exist or or they are are also late the the the closest aunts or or cousins will then be considered) WHAT HAPPENS IF THE EXECUTOR IS UNDERAGE?
If the the testator passes away and the the appointed executor/executrix happens to to to to be under 18 years old old the the the the the case is handed over to to to the the the the the Master of the the the the the the High Court who then holds the the the the the the money in in the the the the Guardian’s Fund This is is is a a a a a a a fund fund created “to hold and administer funds which are paid to to the Master on on behalf of various persons persons known known or or or unknown for example minors persons persons incapable of managing their own affairs unborn heirs missing or or or or absent persons persons or or or or persons persons having an interest in in in in the moneys of a a a a a a a a a a usufructuary fiduciary or or fideicommissary nature Each Master has its own Guardian’s Fund ” the Department of Justice and Constitutional Development website writes Naledi Hlefane
The information in in in this article was sourced from the the UNIZULU Law Clinic located near the the Physical Planning and Operations Department For enquiries regarding drafting of of wills or or or any other legal services kindly visit the the office or or contact Advocate Bahle W Sogoni via sogonib@unizulu ac ac za ONGOYE: NOV/DEC 2022 ISSUE | 18