IMPORTANT (AND SURPRISING) FACTS:
A will reduces inheritance tax. According to Law For All (lawforall.co.za), if you have a will in place, large amounts of tax on inheritance can be avoided. A person who is to inherit should not sign as a witness or help draft the will. “This disqualifies that person from inheriting, unless expressly authorised by a court, which would be an expensive exercise,” Khumalo warns. Update your will. “People overlook revisiting and updating wills when their financial or personal circumstances change. This can lead to unintended beneficiaries benefiting and cause major strife and disagreements within families,” Mapongwana emphasises. The terms of the will cannot be changed. However, statutory expenses, debts and administrative expenses take priority over the intention of the testator, says Ngqikazi Sithole of Sithole NM Attorneys. “This means property can be sold to cater for expenses even though the will sets out how and to whom it’s to be distributed.” You can exclude your spouse and children
completely. Van Vuren says, “In SA law there are no forced heirship rules. However, under the Maintenance of Surviving Spouses Act, a surviving spouse who’s been left without sufficient support may have a claim for maintenance from the estate of the deceased. If you’re married in community of property, you can only deal with your half of the joint estate in your will.”