Last Will & Testament

Why should you have a will?

By drawing up your last will and testament, you guarantee that your assets are dealt with and distributed in accordance with your wishes after you pass away. 

Why should an attorney make up your will?

Even though a will can be a simple one-page document, it can be complexing if you have many assets. An attorney can counsel and advise you on problems that may arise with regards to your will. At Van Deventer and Van Deventer Incorporated, our attorneys have the necessary legal knowledge to make sure that requirements of the law are adhered to.

What happens if you pass away without a valid will?

If you pass away without a will, your assets will be distributed according to the stipulations of the Intestate Succession Act. This Act ensures that your possessions are reassigned to your spouse and/or children.

While the rules of the Intestate Succession Act are generally regarded as fair, many issues might occur if you pass away without a will. These issues include:

  • It would take longer for an executor to be appointed, and this executor might not be someone who you would have chosen yourself.
  • Your assets might not be given to the person who you would have wanted to give it to.
  • There can be unnecessary extra costs.
  • There may be discontent among your family members, due to the fact that there are no clear instructions on how your assets should be allocated.

Van Deventer and Van Deventer Incorporated

At Van Deventer and Van Deventer Incorporated, we offer expertise in the following areas of the law:

  • Estate planning - Allowing for the proper management and control of your assets after you pass away, thus making it possible for you to rule from the grave.
  • The freezing of value - Limiting the amount of estate duty you pay, as your assets will be held in a trust and not by you.
  • Preservation of assets after death - Managing your assets, including your contractual arrangements after your death. This is exremely important in a business arrangement where the value of the business could be lost by selling off shares.
  • Protection of your assets from creditors - Your personal liability will be limited to the asets in your name, so your credditors cannot access any assets in your trust.
  • Limiting the reduction of your assets - Your beneficiaries will not be able to go on an elaborate shopping spree that reduces your assets to nil.
  • Protecting vulnerable beneficiaries - Protecting a vulnerable spouse and minor children. This is especially important if a child is incapacitated in some manner.
  • Assuring rapid access to income and capital after death - Payment to beneficiaries can be delayed for up to a year in the winding up of your estate. We will help you ensure that your loved ones are taken care of while your estate is being dealt with.

Contact Van Deventer and Van Deventer Incorporated today for assistance with your will, from attorneys who will treat your loved ones with dignity during their time of emotional trauma.

 

 

The benefits of using trusts for tax planning

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The South African Revenue Service is taking a very close look at trusts and the abuse thereof, so unless one can commercially justify why certain transactions were done by a trust, the motivation will be investigated.

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Posted by Cor van Deventer on Thursday, June 7, 2018 Views: 554