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Will and Testament

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:

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.

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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?

We can provide you with a step by step guide to setting up your last will and testament.

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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.

register Ensure your estate is in safe hands, contact a PSG Konsult fiduciary advisor.

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:

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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.


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