Covid 19 and Wills

Covid-19, do you have a will?

Covid-19 made a lot of people realize that we are not immortal. Covid-19 hence also made a lot of people realize that they should have a will. If you die without a will, an act of Parliament, namely the Intestate Law of Succession, 1987 prescribes who will inherit your estate. 

This is one very good reason to rather sign a will in which you, amongst others, can stipulate who should inherit which of your assets. Here are some other reasons.

In the will you can cater for:

1. The possible divorce of a child of yours – the inheritance of the child can be excluded from a marriage in community of property and the accrual system;
2. The possible insolvency of a beneficiary of the will – you can use an insolvency trust to ensure that creditors of the beneficiary will not receive the inheritance;
3. Substitution and accrual; i.e. what happens if a beneficiary passes away before you?
4. Your children inheriting your estate whilst also providing for the maintenance of your spouse;
5. A trust for your minor children – otherwise, cash and inheritances of minor children are paid to the Guardians Fund of the Government.

Contact Van Velden-Duffey during September and October 2021 to have your will revised or drafted free of charge: 014 592 1135 / wills@vvd.co.za