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Wills, like life cover, can make people very uncomfortable. In that document, we have to face the reality that death is inevitable and something we have to prepare for. But if you’ve ever experienced the financial chaos that ensues when someone dies without a will, you will know that, for the sake of your loved ones, it is a necessary document. This is especially true when it comes to parents with young children, such as Dipolelo and Izimangaliso, as well as Elzabe with her four foster kids. Your will is the way you can make provision for them according to your wishes.
Even if, like Tumelo and Omphile, you are single, or, like Charles and his wife, have no children, a will can assist in winding up your estate and save your family members an immense administrative headache at an emotional time.
All wills should be as simple as possible so that there are no interpretation issues. If you have children, there are additional considerations, both in terms of providing for them and the tax implications if you leave money to them directly. It is worth paying for a professional will to be drawn up in this case rather than using a standard will. a director of finance
Everything Omphile and Tumelo have to consider must form part of Izimangaliso’s will, but she also has to make provision for her children.
As Izimangaliso is married, she could leave all her assets to her husband, who would pay no estate duty. This does not require any special structure to house the funds for minors. Alternatively, she could take advantage of the tax abatement (no estate duty applies on the first R3.5 million of one’s estate) and leave money to her children tax-free. This could ring-fence money for them, should her husband remarry.
Marriage contract. She would need to take into consideration that her marriage contract could limit how much of her estate she is able to leave directly to her children. As she is married in community of property, her husband is entitled to 50% of her estate, so she could only leave half of the joint estate to her kids.
Testamentary trust. If she decided to leave money directly to her children, she needs to decide if the inheritance goes straight to the minor children or into a trust. A testamentary trust is one formed upon your death and houses funds until such time as your child attains either the age of majority (18), or some other age predetermined by the parent. It is important to keep in mind that someone else (trustees) is looking after the trust, and this comes with costs.
Guardian. If you have young children, you need to stipulate what will happen to them if both parents die, an important requirement for single parents. You can set out a letter of wishes in your will around certain requirements, such as their education.
Child’s marriage. Ensure your will contains a clause that any assets left to your kids will not form part of that child’s matrimonial regime. If, for example, you left a property to your daughter, who then gets married in community of property, including this clause in your will would ensure that the property will not form part of your daughter’s joint marital estate.
Married with no children:
an agricultural lecturer
If he elects to leave all his assets to his wife, the will would be simple and contain the requirements for Omphile and Tumelo. He would need an alternative heir should he and his wife pass away at the same time.