For many people, the last thing on their mind is to plan for their death. Not leaving a Will means that the Intestate Succession Act will apply. In terms of the Intestate Succession Act, the heirs are as follows :
(R125 000,00 or a child’s share, whichever is greater)
(if there is a surviving spouse, the children inherit a share; if there is no surviving spouse, then the children inherit everything in equal shares)
(inherit if there is no surviving spouse and if there are no children)
(inherit if there is no surviving spouse, if there are no children and if there are no parents; if one parent is alive then that parent receives half of the inheritance and the deceased’s siblings receive the other half in equal shares)
CLOSEST LIVING RELATIVE
(inherit if ther
e is no surviving spouse, if there are no children, no parents and no siblings)
Intestate succession inheritance may not be what you would have wished for on your death. Also, because there is no nominated Executor by way of a Will, the Master’s Office decides on who will be the Executor of the deceased estate. This person might not be someone who you would have chosen.
It is therefore advisable to sign a Will so that your wishes can be carried out. A Will may turn out to be one of the most important documents that you sign as it “speaks” on your behalf when you are no longer able to.
MYERS ATTORNEYS will assist you with drafting a Will which reflects your wishes, needs and circumstances.
We suggest that you review your Will regularly but in particular after significant changes in your life such as marriage, the birth of children, divorce, a new business, if you have a life partner but are not legally married or if you have disabled dependents