Will and Testament
Information about Will and Testament and Estate Planning
What is a will and testament? | How can I get a last will and testament? | What are the advantages | What is the role of the executor in your last will and testament? | Who provides the will and testament service and what options are available? | Where can I get more information?
WHAT IS A WILL AND TESTAMENT?
A last will and testament is a legal document that forms the building blocks to your estate plan. The estate planning process is especially important and requires careful consideration. Estate planning involves managing a person's assets while they are alive and the distribution of those assets when that person passes away. Estate planning allows for the orderly administration and disposal of a person's estate. Estate planning involves the process whereby a client's financial affairs in respect of his will, property, trusts, insurance, income tax and estate duty are restructured to achieve certain objectives.
The following aspects must be covered in the when estate planning:
- Wills: Drafting of a legally binding Will to ensure a practical and equitable distribution of assets to heirs and minimising death duties; You can find out more about Wills and why they are important on the estate and trust advisory FAQ page.
- Trust formation: To serve as a vehicle to own assets with the view of pegging the growth potential thereof and to protect the assets against the claims of creditors;
- Asset restructuring: To separate business interests from personal investments;
- Buy and sell agreements: Protecting partners in the event of the disability or death of one partner;
- Succession planning: What will happen to the business interests of a sole proprietor?
- Taxation: Donations tax, Estate Duty, Capital Gains Tax;
- Offshore structures: The use of offshore structures for SA residents
After your estate planning evaluation, your PSG fiduciary advisor will recommend either a trust fund plan or a will and testament plan. Your last will and testament will take on significantly different roles to a trust. Your last will and testament as part of your estate planning provides details of you estate division after you die. It must meet certain formal requirements as provided by the South African laws. Your last will and testament covers four important points: Who will be in charge of your estate as your executor; the responsibilities and powers your executor will have; who will inherit what property; and how your property will ultimately be transferred to your beneficiaries. If you have minor children, your last will and testament will have a fifth important point: who will serve as the guardian for your children until they become adults.
HOW CAN I GET A LAST WILL AND TESTAMENT?
Speak to a PSG Financial Advisor. We have more than 200 offices throughout the country that can ensure you peace of mind. You can search for offices by region, by advisor name or by advisor speciality. You can also request to speak to an advisor and we will ensure that one of our highly skilled advisors contact you.
WHAT ARE THE ADVANTAGES OF HAVING A LAST WILL AND TESTAMENT?
- Protects your family's financial future.
- Protects the inheritance of children under 18 and designates a guardian.
- Ensures that your wishes are carried out.
- Avoids higher estate administration costs.
- If you own a business, a Will protects your family against debt liability.
- Wills are cheaper than trusts and can be update at any time.
- A Will is a document recognised by law as the expression of your wishes.
- Save on estate duty with proper planning
We can provide you with a step by step guide to setting up your last will and testament.
WHAT IS THE ROLE OF THE EXECUTOR IN YOUR LAST WILL AND TESTAMENT?
An executor is simply someone who executes, or carries out, a task. In the case of a will and testament, the executor is the individual who is charged with the management of the deceased estate and carrying out the tasks outlined by the writer. The executor automatically acquires the title to any property which falls within the estate. In this way, the executor acts as the owner of any property to which an heir has a claim. An executor may not use these titles for their own benefit, unless this is explicitly provided for in the will and testament.
The executor must: obtain a number of "certified" copies of the death certificate needed for probate. Locate the will and testament, as well as other important document such as stock certificates, trust documents and insurance policies. Apply to appear before probate court. Notify beneficiaries named in the will and testament. Send death notices to the post office, utilities, banks and other service providers. Create and inventory of belongings and have them appraised if necessary. Check for deceased's creditors and debtors. File for insurance benefits. Open an account in the name of the estate to cover expenses, such as legal fees, funeral expenses, estate duty and taxes. File estate duties and capital gains tax returns.
WHO PROVIDES THE WILL AND TESTAMENT SERVICE AND WHAT OPTIONS ARE AVAILABLE?
PSG Konsult Trust (Pty) Ltd is an independent trust and fiduciary services company which offers services to structure a client's estate in respect of his will, property, trusts, insurance, income and estate duty.
Our service offering is as follows:
- Estate planning to structure a client's financial matters in respect of his will, property, trusts, insurance, income tax and estate duty.
- Evaluation of existing estate planning structures.
- Drafting of wills.
- Drafting and registration of inter vivos trusts.
- Deceased estate administration.
- Advice regarding the drafting of financial statements for inter vivos trusts.
- International estate planning.
- Registration of offshore trusts and companies.
- Drafting of agreements related to estate planning.
- Exchange control.
- Applications for tax clearance certificates.
- Registration of companies and close corporations.
- Corporate trusteeship.
WHERE CAN I FIND MORE INFORMATION A LAST WILL AND TESTAMENT?
You can find more information about a last will and testament on our FAQ page.