Important advice about Wills

Let’s face it…no one likes to think about death. But, like taxes, it is a certainty. Unlike death, though, with proper planning, you can structure your estate to avoid some of the roughest blow of the taxman and ensure your wealth stays in the family.

Connie Bruwer, Managing Director of PC Bruwer and Partners, and also an expert in the area of wills, gives an explanation below of the importance and the right way to plan your will and estate.

Your will–the cornerstone of your estate plan

A will is the most important document in your estate plan. It states how and to whom your possessions will be distributed when you die. It’s also the document most commonly challenged in court. Because of this, you need to have your will be crystal clear on what happens to you and your estate upon your death. Regardless of its scope, your will should do the following:

  Annul any earlier wills;

  Provide for paying debts and funeral expenses;

  Specify how you want property distributed and when;

  Name beneficiaries;

  Specify charitable bequests;

  Name executor, trustee(s) and guardian(s).

 

Peace of Mind, Control and Privacy: The Power of a Will

A will can provide for peace of mind. You can sit back and enjoy life without worrying about what would become of your spouse, your family and your estate, should something unforeseen happen to you. A will also gives you control. You decide where your property will go. And you decide on the people who will ensure that your wishes are carried out, such as an executor, trustee (s) and guardian (s) who will settle your estate and manage and distribute your assets.

  The Executor: Be sure to list an executor in your will. The executor is the person who makes certain all the legal and financial issues are taken care of in addition to assuring that the wishes articulated in your will are carried out. They must work with the courts, banks, insurance companies, accountants, lawyers and all beneficiaries.

  The Trustee and Guardian: You may also wish to choose additional trustees and/or guardians as necessary. A trustee oversees the terms of any trusts you may have established while a guardian is legally authorized to take care of any surviving minors or those that cannot take care of themselves due to mental and/or physical handicaps. A will can also provide a measure of privacy to ease the sting of probate. Upon your death, your estate goes to probate, and without a will, your affairs all become a matter of public record. Anyone can know your business and that of your spouse or family. The sooner, quicker and cleaner you can get through probate, the better

The Probate Process

Planning your will is comparatively straightforward. The problems arise after you have die. Following your death, your will must go through a process known as probate. This legal process involves validating the deceased’s will, collecting the deceased’s assets, liquidating the debt, paying necessary taxes and distributing property to heirs. It isn’t necessarily a problem transferring property under the probate laws. There are, however, grounds for avoiding the probate process.

Making Probate Easier for your loved ones
To make sure that your loved ones aren’t exposed to unnecessary delay or confusion during probate, you should follow these basic guidelines to bulletproof your will:

  • Draft your will when there is no doubt that you are sound of mind;
  • Videotape the signing of your will. This way there will be proof of your intent, sanity and the lack of coercion;
  • Make sure your spouse is not in the room while the will is being prepared and signed, and make sure the witnesses note it. This may seem extreme, but in cases where a family member charges coercion to get the will overturned, it will be very hard to prove coercion when there’s physical evidence that your wife was not present during the will’s creation or signing;
  • Mention every member or your family in your will — even if it’s just to politely disinherit them;
  • Record your wishes in a number of documents. The more backup you have, the less likely for your will to be overturned.
  • Finally a properly drafted will can provide you and your family relief in a time of uncertainty and upheaval. Not only does it provide direction, but it will help avoid unnecessary and substantial estate taxes, if composed appropriately.

 

For more information on wills please contact Connie Bruwer or Ansja Ferreira, experts in the field of wills and estate planning.