YOUR WILL, YOUR WAY
Having a Will gives you the freedom to:
• Choose your heirs
• Choose your executor
• Choose a guardian
• Set up a trust
• Estate planning
Having a Will gives you the freedom to:
• Choose your heirs
• Choose your executor
• Choose a guardian
• Set up a trust
• Estate planning
Risks of not having a Will:
• No control over who inherits your estate
• No control over who administers your estate
• No control who will look after your children
• No control of your minor child’s inheritance
THE IMPORTANCE OF NOMINATING THE RIGHT EXECUTOR
In terms of the law, only certain persons may act as Executor and administer an estate – an attorney, trust company or auditor. These persons are known as Recognised Executors and we, LegalEtc., fall into that category.
Should you nominate an individual/lay person as Executor, such as a family member, who does not fall into that category of persons, the Master of the High Court will require the appointment of an agent (attorney, trust company or auditor) to assist such an individual in administering the deceased’s estate.
Should you choose an unrecognised Executor, the Master may request that this person take out a Bond of Security which is a compulsory insurance taken against the value of the assets being administered. This is an additional expense in the estate which must be taken out with an insurance company and must be paid annually until the estate is finalised
Should you choose an unrecognised Executor, the Master may request that this person be assisted by an attorney. The attorney is not obliged to stick to the government tariff of 3.5% and may an hourly rate, as the unrecognised Executor becomes the attorney’s client.
Should you nominate a family member as Executor, this might cause friction amongst the family e.g. the Executor being influenced by a spouse, siblings, etc. Should you wish to appoint a family member, we recommend that this person is nominated as a co-Executor together with a recognised Executor, such as LegalEtc (Pty) Ltd.
The recognised Executor is an independent person who has the necessary experience and expertise required to administer a deceased estate and has no personal or emotional involvement in your estate.
We at LegalEtc. are a team of qualified professionals with 25 years’ experience in Will drafting and Deceased Estate administration.
We strive for perfection and client satisfaction at all times!
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