Why draft a Will

Its your Will - the security in knowing that your affairs will be taken care of.

There are many misconceptions out there with regards to having an attorney draft your Will for you.

Some of the issues entered is that:-

1.  There is no thing as a free Will;

2.  The attorney only wants to be appointed as an executor;

3.  The executor fees are high;

4.  I have a wife and kids so they will take my things anyway.

Free Will

So we address the above sentiments as follows:

For R Crisp Attorneys to draw up your will is indeed free with no strings attached. We will also keep it safe for you at no costs. All you have to do is to inform your loved ones where they can find the Will when required.

R Crisp Attorneys will not insist on being appointed as executors as you will have the option of appointing whomever you want in your Will.  It is your Will after all and we want to assist you in making sure you follow all the formalities that comes with drafting and executing a will.

Appointing an executor

The executor fees are regulated by the Administration of Estates Act, however at R Crisp Attorneys will are able to negotiate on these fees making it easier for your loved ones.  You also have an option of taking out an insurance policy to cover the executor fees.

Defending on the value of your estate you may need an appointed executor or agent to properly administer your estate.  An estate with a gross asset value of less than R250 000.00 only requires the administration by a qualifying person to be appointed to administer the estate.

If the gross assets of the deceased estate is more than R250 000.00 then the Master of the High Court in any event would appoint an executor.  If the appointed executor does not qualify to administer the estate, holding the necessary positions as required by the Master of the High Court then you would have to appoint an attorney, trust company or an accounting firm as an agent.

At times the appointed sole executor may not be found/ his or her whereabouts maybe unknown, or such person may refuse to be the executor of the estate or has passed on, this alone may cause delays in winding up the estate and the Master of the High Court would then appoint a person of their choice and had an individual just appointed an attorney the Firm would then be able to easily continue to administer the estate obtain the necessary letter of executorship and proceed to wind up the estate accordingly without causing much delays to the beneficiaries of the estate. 

Excerpt from the Master’s website:  Appointment of an Executor:

• In estates where the assets are valued more than R250 000, or where the estate is insolvent, an Executor is appointed by the Master. This is normally the person named in the will as Executor, or if there is no will, the person nominated by the heirs. It should be noted, however, that the Executor, if he/she is a lay person, should be assisted by an Attorney, Trust Company or Accounting Firm. He/she must also lodge security to the full value of the estate unless he/she is exempted by the will, or is the parent, spouse or child of the deceased.
• After appointment this person must administer the estate in terms of either the will, or if there is no will, the Intestate Succession Act.
• The Executor has six (6) months after the date of appointment in which to lodge a full Liquidation and Distribution Account with the Master. This account is a detail report on his/her administration of the estate.

Executor’s fees

Executor fees are regulated and it is currently 3.5% of the gross value of assets on death and 6% of income accrued after death and they can charge for VAT on that percentage as well.

Wife and Kids

Your wife if you are married to her in community of property will by virtue of the marriage in community of property inherit a half-share in the estate.  She will further be entitled to a greater of R250 000.00 or a child’s portion and the child(ren) will inherit the balance.

Let's paint a scenario for you:

So the husband dies leave a few assets and a property.

The wife, minor child and 2 (two) adult children from a previous marriage are to inherit.

The 2 (two) adult children refuse to co-operate with the deceased's wife claiming the property belongs to them.  

What shall you do in that instance?  

Signing a Will will avoid all these types of unnecessary delays in winding up the deceased estate.  These are some of the reasons why the estates take long to conclude and you will find that many of these scenarios do play out after one passes on.

Protect your rights make a Will.

It is thus in your best interest to ensure you have a valid Will in place and based on the above appoint R Crisp Attorneys as executors of your estate for your peace of mind.  Please do not hesitate to contact us should you have more questions on this matter.

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The information and material published on this website is provided for general purposes only and does not constitute legal advice. We make every effort to ensure that the content is updated with the most current and accurate information. Please speak to our lawyers on any specific legal problem or matter. We accept no responsibility for any loss or damage, whether direct or consequential, which may arise from reliance on the information contained in these pages. Please refer to the full terms and conditions on the website. For permission to reproduce an article or publication, please contact us ruth@rcrispattorneys.co.za.