willjpg

Where there's a will, there's a way

Having a will is the right of every South African who wishes to leave something behind after they pass away.

Anyone who has assets, and who wishes to lessen the burden on their loved ones, is advised to draw up a will.

Certified financial planner at Core Wealth Kirsty Scully explains the importance of having an up-to-date will.

Sadly, I regularly come across people who do not have a will. many young couples believe that it is too early to plan for one’s death and delay preparing a Will – sometimes until it is too late. As far as I am concerned, you are never too young, too poor or too busy to prepare a Will.

Kirsty Scully, Certified financial planner - Core Wealth

So, what will happen if someone dies without a will?

If you do not have a valid will you will be known as dying ‘intestate’ and your estate will be frozen until appropriate documents have been obtained to authorise your relatives to deal with your estate. So that means, for example, in the case of a husband and wife, if the husband dies without a will, the wife will be left with not being able to access any of his money until the estate is finalised. And that could be really tough especially if she is trying to look after children.

Kirsty Scully, Certified financial planner - Core Wealth

Scully says another reason why it is good to have a will is that you can choose who is the executor of your estate.

The Executor transfers the assets of the estate to the beneficiaries, pays all outstanding debts, collects all outstanding money’s owed to the estate and dispatches the final liquidation and distribution accounts to the Master of the Supreme Court for final approval.

Kirsty Scully, Certified financial planner - Core Wealth

It's important to remember that a will must meet certain requirements in order to be valid.

1. The testator (that’s the person whose estate it is) must sign all the pages of the will.

  1. The testator must be at least 16 years old.

  2. There must be two witnesses of the will who must sign it.

  3. The witnesses must be at least 14 years old and must be able to read and write.

  4. The testator and witnesses must sign any changes that are made on the will.

  5. No person that signs the will may inherit from that will, neither can the executor sign the will.

Listen to the full interview below:


Recommended

by NEWSROOM AI
Read More
[WATCH] Raising the roof! #CapeTownStorm

[WATCH] Raising the roof! #CapeTownStorm

The air turns blue in Blouberg as homeowner watches roof and patio furniture get blown away by strong winds!

"We're the butt of world policing" - policing specialist

"We're the butt of world policing" - policing specialist

Policing specialist Eldred De Klerk, talks about concerns surrounding the appointment of a new Western Cape police commissioner.

'Dark days ahead for Denel employees'

'Dark days ahead for Denel employees'

Denel has informed workers that their July salaries may not be paid on time.

Gordhan asks High Court to suspend PP's remedial action against him

Gordhan asks High Court to suspend PP's remedial action against him

Gordhan's legal team says he could suffer irreparable harm if remedial action was to be implemented before a judicial review.

Pocket money: From what age? How often? How much?

Pocket money: From what age? How often? How much?

Certified financial planner Kirsty Scully shares her advice on teaching children about the value of money.

The most common money mistakes people make in their 30s...and how to avoid them

The most common money mistakes people make in their 30s...and how to avoid them

Certified financial planner Kirsty Scully tells us how we can avoid the most common financial gaffs in our thirties.

Popular articles
How Stellenbosch became a breeding ground for Afrikaner billionaire businessmen

How Stellenbosch became a breeding ground for Afrikaner billionaire businessmen

The Money Show's Bruce Whitfield interviews Pieter du Toit, author of "The Stellenbosch Mafia: Inside the Billionaires' Club".

47% probability of the rand crashing in next 12 months - Rand Merchant Bank

47% probability of the rand crashing in next 12 months - Rand Merchant Bank

The writing is probably on the wall for the resurgent rand. Bruce Whitfield interviews John Cairns, a Strategist at RMB.

Outrage as pastor tells students gay people are 'as bad as Hitler'

Outrage as pastor tells students gay people are 'as bad as Hitler'

Students at De Kuilen High are being offered counselling after being told by Pickard Henn that gay people are going to hell.

I was threatened with a tyre and petrol - Redi Tlhabi

I was threatened with a tyre and petrol - Redi Tlhabi

Journalist says what former president Jacob Zuma said at the state capture commission is bigger than defamation.

For R17,000 you can get your UK visa application done in 24 hours

For R17,000 you can get your UK visa application done in 24 hours

Immigration consultancy Move Up managing director Ryan Rennison says the service is mostly used by senior executives.

'It's about time too!' DJ Fresh on his new 947 gig  #FreshOn947

'It's about time too!' DJ Fresh on his new 947 gig #FreshOn947

The news that DJ Fresh would be joining 947 was dominating on social media on Monday with the hashtag #Freshon97

'A lot of people may have wanted him dead.'  - Who killed Mark Batchelor?

'A lot of people may have wanted him dead.' - Who killed Mark Batchelor?

A Sunday newspaper report has suggested the soccer ace's death may have been linked to a missing stash of cocaine.