Last Will & Testament Services
One tends to underestimate the importance of a last will. If you do not make provision for the inevitable, namely death, then your remaining loved ones and family members may be left in turmoil.
Just a few facts:
Just a few facts:
- Should you die without a legal will, it will take approximately 24 to 36 months for your estate to be administered.
- Your belongings will not be distributed according to your wishes but rather according to a set formula.
- Minor children will not necessarily be provided for.
- Disputes will follow regarding children with different mothers.
- No provision is made for Estate Duty.
Every person should die with dignity. The remaining family members should not be left with the added burden of sorting out the will and the administration of the estate. To avoid all the discomforts and financial constraints, MBS Accounting Services can draft the last will for you at a nominal professional fee. This will ensure that when you pass away, your assets will be distributed as you desire and the administration of the estate is completed in a much shorter period of time. Our premium for the drafting of a will is R456.00 (inc VAT). This is a once-off amount for drawing up and safekeeping of the will. The member will receive two copies of his/her will within fourteen working days.
GENERAL INFORMATION ON LAST WILLS & TESTAMENTS
Revocation
The law specifies that the will with the date nearest to the date of death will be the standing last will. This means that should you have a will with another body (for instance a financial institution) the will shall be revoked automatically with the signing of the new document. You therefore DO NOT have to cancel the existing will.
Regular Updating
Because of the changes that occur in our lives, as well as the everyday threat of possible death, your will should regularly be updated. This will be charged at a nominal fee. If MBS does your taxes or is your named executors this fee does not apply. MBS will send an annual reminder to you to update your will if necessary.
Safekeeping
A will is an extremely powerful document. It is possible however that the document can get lost after your death. For this reason, we request that you send us a signed copy for safekeeping at our offices. This will be done free of charge.
COMPLETION OF THE APPLICATION
Section 1 is the personal information of the member and his/her spouse. This should be completed in full and must be readable. It is sometimes difficult to make out the name and the surname. You will find the will application on the back of the application form.
Marriage Type:
In community of property:
Most of our clients are married in community of property. This means that at the stage of divorce or death, the couple will both receive 50% of the joint estate. Please note that should the member wish NOT to benefit his/her spouse in the will, the spouse will still be granted 50% of the estate. This can only be rectified by means of a divorce.
Out of community of property:
NO joint state. The estate of each member can be distributed at his/her own discretion. This is specified in an ante nuptial contract
Out of community of property with the accrual system:
Both estates before the marriage are seen as not being part of the joint estate. Only property/interests gained after the marriage will form part of the joined estate.
Labolo:
Customary marriage. Most people have converted their existing labolo marriages to common law marriages in the form of marriage in community of property. The labolo marriage has been legalized and now forms part of the South African law. It is seen to be the same as a marriage in community of property.
Legacies:
Should you wish to leave a specific amount of money or a specific object to a specific person, this will be seen as a legacy. This should be specified in the Special Wishes block. This is not customary because the net value of the estate at the time of death cannot be calculated.
Heirs:
An heir is a person that will benefit from the will, in percentage, after all legacies have been dealt with. Your estate is worth 100%. You can now decide who will get what (percentage wise).
Family Obliteration:
It is possible that all the mentioned beneficiaries and/or legacies might die in the same accident. Provision must then be made for alternative beneficiaries. The replacement will only take place in case of all beneficiaries dying in THE SAME accident. If for instance only one of the three should die before you do, your share will be divided between the two beneficiaries still living.
Executor:
The executor is the person that will attend to the administrative duties with regards to the administration of the estate. This person is allowed to take 3.5% of the estate for his/her work. This is one of the reasons why banks and financial institutions nominate themselves as executors. This person should be very trust worthy. It is better to nominate a family member or friend that can negotiate with a lawyer or trust company for a lower fee for the administration of estate. The nominated member will then still be the executor, but s/he can appoint a body to assist with the administration of the estate. This will in most cases save a lot of money for the estate of the deceased that can then be utilized to the benefit of the beneficiaries.
Trustees:
The trust established in these documents is specifically for purpose of the well being of minor children. The trustees will have specific powers as mentioned in the will and will work with the money that was left to the children. The money will be used for the every day care of the child and the residue of the money will be paid to the child at the specified age. A child of ten or even sixteen cannot work wisely with money. It is normally wise to wait till the child reaches an age of between 18 and 21.
Guardians:
A child is not an asset in any estate and can thus not be distributed as one. The parents of the child are seen as the natural guardians and after death of one of the parents, the child(ren) will stay with the living parent. Should both parents pass away, the child will be sent to live with the guardian until s/he reaches the age of 18.
Contact us for a copy of the required application or to obtain more information.
GENERAL INFORMATION ON LAST WILLS & TESTAMENTS
Revocation
The law specifies that the will with the date nearest to the date of death will be the standing last will. This means that should you have a will with another body (for instance a financial institution) the will shall be revoked automatically with the signing of the new document. You therefore DO NOT have to cancel the existing will.
Regular Updating
Because of the changes that occur in our lives, as well as the everyday threat of possible death, your will should regularly be updated. This will be charged at a nominal fee. If MBS does your taxes or is your named executors this fee does not apply. MBS will send an annual reminder to you to update your will if necessary.
Safekeeping
A will is an extremely powerful document. It is possible however that the document can get lost after your death. For this reason, we request that you send us a signed copy for safekeeping at our offices. This will be done free of charge.
COMPLETION OF THE APPLICATION
Section 1 is the personal information of the member and his/her spouse. This should be completed in full and must be readable. It is sometimes difficult to make out the name and the surname. You will find the will application on the back of the application form.
Marriage Type:
In community of property:
Most of our clients are married in community of property. This means that at the stage of divorce or death, the couple will both receive 50% of the joint estate. Please note that should the member wish NOT to benefit his/her spouse in the will, the spouse will still be granted 50% of the estate. This can only be rectified by means of a divorce.
Out of community of property:
NO joint state. The estate of each member can be distributed at his/her own discretion. This is specified in an ante nuptial contract
Out of community of property with the accrual system:
Both estates before the marriage are seen as not being part of the joint estate. Only property/interests gained after the marriage will form part of the joined estate.
Labolo:
Customary marriage. Most people have converted their existing labolo marriages to common law marriages in the form of marriage in community of property. The labolo marriage has been legalized and now forms part of the South African law. It is seen to be the same as a marriage in community of property.
Legacies:
Should you wish to leave a specific amount of money or a specific object to a specific person, this will be seen as a legacy. This should be specified in the Special Wishes block. This is not customary because the net value of the estate at the time of death cannot be calculated.
Heirs:
An heir is a person that will benefit from the will, in percentage, after all legacies have been dealt with. Your estate is worth 100%. You can now decide who will get what (percentage wise).
Family Obliteration:
It is possible that all the mentioned beneficiaries and/or legacies might die in the same accident. Provision must then be made for alternative beneficiaries. The replacement will only take place in case of all beneficiaries dying in THE SAME accident. If for instance only one of the three should die before you do, your share will be divided between the two beneficiaries still living.
Executor:
The executor is the person that will attend to the administrative duties with regards to the administration of the estate. This person is allowed to take 3.5% of the estate for his/her work. This is one of the reasons why banks and financial institutions nominate themselves as executors. This person should be very trust worthy. It is better to nominate a family member or friend that can negotiate with a lawyer or trust company for a lower fee for the administration of estate. The nominated member will then still be the executor, but s/he can appoint a body to assist with the administration of the estate. This will in most cases save a lot of money for the estate of the deceased that can then be utilized to the benefit of the beneficiaries.
Trustees:
The trust established in these documents is specifically for purpose of the well being of minor children. The trustees will have specific powers as mentioned in the will and will work with the money that was left to the children. The money will be used for the every day care of the child and the residue of the money will be paid to the child at the specified age. A child of ten or even sixteen cannot work wisely with money. It is normally wise to wait till the child reaches an age of between 18 and 21.
Guardians:
A child is not an asset in any estate and can thus not be distributed as one. The parents of the child are seen as the natural guardians and after death of one of the parents, the child(ren) will stay with the living parent. Should both parents pass away, the child will be sent to live with the guardian until s/he reaches the age of 18.
Contact us for a copy of the required application or to obtain more information.
