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It is important to ensure you have a plan in place for the division of your assets and payment of your liabilities when you die.
Your estate is all of your assets and liabilities.
Your will is a written document that directs how your assets will be divided after your death.
Your will is only valid for South Africa (beware of foreign assets).
Assets are the things you own (cars, cash, houses, etc).
Your liabilities are the things you owe (debts, sureties, etc).
The best way to manage your estate is to sign a Last Will and Testament.
If you die without a will, your estate is administered by the State.
The Intestate Succession Act is used when no will was drafted.
This process can take longer, and gives the deceased person far less control over how his or her estate is divided
A will must be properly signed and witnessed to be legitimate.
Signing the will
You and two witnesses must sign on every page
Witnesses must be 16 or older and should not be beneficiaries.
A Last Will and Testament makes sure your assets and affairs are properly taken care of after you die. It also allows you to decide who will, and who won't, inherit from you when you die.
Your estate will be divided when you die.
This is when your Will becomes important.
What matters most is the legacy you leave behind…
Your Will can be signed anywhere, and the location and date should be clearly indicated on the document.
Your estate will be settled at the Master of the High Court (‘The Masters Office’).