willjpg

Where there's a will, there's a way

Having a will is the right of every South African who wishes to leave something behind after they pass away.

Anyone who has assets, and who wishes to lessen the burden on their loved ones, is advised to draw up a will.

Certified financial planner at Core Wealth Kirsty Scully explains the importance of having an up-to-date will.

Sadly, I regularly come across people who do not have a will. many young couples believe that it is too early to plan for one’s death and delay preparing a Will – sometimes until it is too late. As far as I am concerned, you are never too young, too poor or too busy to prepare a Will.

Kirsty Scully, Certified financial planner - Core Wealth

So, what will happen if someone dies without a will?

If you do not have a valid will you will be known as dying ‘intestate’ and your estate will be frozen until appropriate documents have been obtained to authorise your relatives to deal with your estate. So that means, for example, in the case of a husband and wife, if the husband dies without a will, the wife will be left with not being able to access any of his money until the estate is finalised. And that could be really tough especially if she is trying to look after children.

Kirsty Scully, Certified financial planner - Core Wealth

Scully says another reason why it is good to have a will is that you can choose who is the executor of your estate.

The Executor transfers the assets of the estate to the beneficiaries, pays all outstanding debts, collects all outstanding money’s owed to the estate and dispatches the final liquidation and distribution accounts to the Master of the Supreme Court for final approval.

Kirsty Scully, Certified financial planner - Core Wealth

It's important to remember that a will must meet certain requirements in order to be valid.

1. The testator (that’s the person whose estate it is) must sign all the pages of the will.

  1. The testator must be at least 16 years old.

  2. There must be two witnesses of the will who must sign it.

  3. The witnesses must be at least 14 years old and must be able to read and write.

  4. The testator and witnesses must sign any changes that are made on the will.

  5. No person that signs the will may inherit from that will, neither can the executor sign the will.

Listen to the full interview below:


This article first appeared on CapeTalk : Where there's a will, there's a way


Recommended

by NEWSROOM AI
Read More
Man thanks right-to-die activist Sean Davison for helping cousin take own life

Man thanks right-to-die activist Sean Davison for helping cousin take own life

On Wednesday the Dignity SA founder was sentenced to three years house arrest after entering a plea and sentencing agreement.

Smooth operator - How to avoid getting caught out by telesales agents

Smooth operator - How to avoid getting caught out by telesales agents

Consumer journalist Wendy Knowler shares her advice on how best to deal with the calls.

There's a scientific reason why your pooch is giving you those puppy dog eyes

There's a scientific reason why your pooch is giving you those puppy dog eyes

Scientists say specific muscles around dogs eyes have evolved allowing them to make certain expressions that we find appealing.

'Where is the humanity?' SAHRC calls for review of farm eviction laws

'Where is the humanity?' SAHRC calls for review of farm eviction laws

Western Cape regional commissioner Chris Nissen says there has been a dramatic rise in evictions in recent years.

Pocket money: From what age? How often? How much?

Pocket money: From what age? How often? How much?

Certified financial planner Kirsty Scully shares her advice on teaching children about the value of money.

The most common money mistakes people make in their 30s...and how to avoid them

The most common money mistakes people make in their 30s...and how to avoid them

Certified financial planner Kirsty Scully tells us how we can avoid the most common financial gaffs in our thirties.

Popular articles
Even upmarket boutiques offer lay-bys! Here’s what you need to know…

Even upmarket boutiques offer lay-bys! Here’s what you need to know…

Lay-by has taken off as a payment option in the last year or two, says consumer journalist Wendy Knowler.

[LISTEN] Jacques Pauw and NB Publishers issued with summons for R35m

[LISTEN] Jacques Pauw and NB Publishers issued with summons for R35m

Former State Security Agency director general Arthur Fraser says he has suffered repuational damage because of Pauw's book.

Innovative medical glue replaces stitches and staples

Innovative medical glue replaces stitches and staples

Bio-Technology Ph.D. student at the Israel Institute of Technology Alona Shagan explains device similar to a standard glue gun.

[VIDEO] DA's Van Damme accuses family of racism, V&A Waterfront apologises

[VIDEO] DA's Van Damme accuses family of racism, V&A Waterfront apologises

The Democratic Alliance MP claims she was subjected to a racist tirade at Cape Town's V&A Waterfront and wants action taken.

I’ve never seen anything like this! – Simon Brown on Old Mutual vs Peter Moyo

I’ve never seen anything like this! – Simon Brown on Old Mutual vs Peter Moyo

The Money Show’s Bruce Whitfield interviews Simon Brown, Financial Educator at Just One Lap.

[WATCH] Volkswagen’s new feel-good Kombi ad 'Cupcake Boss' is brilliant

[WATCH] Volkswagen’s new feel-good Kombi ad 'Cupcake Boss' is brilliant

Advertisers traditionally warn against working with children. In this ad it works beautifully, says ad expert Andy Rice.

Court orders Gupta-linked Trillian to pay back R600 million to Eskom

Court orders Gupta-linked Trillian to pay back R600 million to Eskom

It also ordered the company to pay for all the costs of the application. Bruce Whitfield interviews EWN’s Clement Manyathela.

Comparing milk prices across Africa suggests the rand may get stronger

Comparing milk prices across Africa suggests the rand may get stronger

The Money Show’s Bruce Whitfield interviews Neville Mandimika, Africa Strategist at Rand Merchant Bank.

Learn to invest, then watch your money grow

Learn to invest, then watch your money grow

Ray White interviews Thobelani Maphumulo, author of "Invest Your Way to Wealth".