FNB Wills

I concur fully with Blunomore J and Freaksta J: appoint a trusted relative rather than a bank or financial institution. Banks love this business and entice you with all sorts of "free" inducements ... ever wonder why? Public service from the goodness fo their hearts? There isn't a lawyer I know (my family's riddled with them, from bench to bar to sidebar) who would go near a bank with their own will.
 
Ok thanks guys, very informative.
So I will get my wife to be executor then, for oversight only, and then get some lawyers to manage the process. Any tips on dealing with lawyers then?
 
Geriatrix said:
Ok thanks guys, very informative.
So I will get my wife to be executor then, for oversight only, and then get some lawyers to manage the process. Any tips on dealing with lawyers then?
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Even if lawyers get involved, your wife will remain the executor; the lawyers simply become her agents for the process of winding up the estate.

What kind of tips are you referring to ? Like the % they will be entitled to ?
 
When I was updating my will recently I found an attorney who made up my new will for free (they had a special for the month) and I selected a relative to be the executor. Cost me nothing.
 
Something that has not been mentioned by those suggesting the spouse as the executor is that you will in all likelihood have to pay upfront for the will. Unless you get lucky like dualmeister then they want to make their money somewhere. I don't know of many people who work for free.

By the way, not that it should change the relevance of anyone's advice, but I have seen many individuals who have been nominated as executors battle when their spouse passes away. Remember they have just lost a loved one!
 
A will is relatively (no pun) easy to DYI.
Simply affirm that you are of sound mind and freely making the will; that this will supersedes any and all others you have made; date the will, and then describe how you wish to dispose of your assets (use clear numbered paragraphs for ease of reading and interpretation). Finally, sign the will (name, date, place) in the presence of two witnesses (ideally not beneficiaries or executors) whose details and signatures are also recorded on the document. Store in a safe place where it can be found after you perish.
 
rorz0r said:
Banks are notorious for taking ages (at least a year) to wind up your estate when they are the executors. It's really a pain for whoever you may leave behind etc. Rather don't get a bank to do it.
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Though the bank might safer than not having a will at all. Some people I know had their father's estate go all to lawyers and shady relatives with the help of a corrupt magistrate.
 
R13... said:
Though the bank might safer than not having a will at all. Some people I know had their father's estate go all to lawyers and shady relatives with the help of a corrupt magistrate.
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If the shady relatives were named as beneficiaries, it was only fair that the estate went to them, because those were the last wishes of the testator.
 
blunomore said:
If the shady relatives were named as beneficiaries, it was only fair that the estate went to them, because those were the last wishes of the testator.
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He said no will at all ...
 
Arthur said:
...the presence of two witnesses (ideally not beneficiaries or executors)...
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Not ideally, legally. Also there are various requirements for witnesses.

Various law firms, including the one I work at (though I note they are not on the list this year), participate in National Wills Week. This year it runs from 17 to 21 September 2012.

http://lssa.org.za/?q=con,228,National Wills Week 2011
 
blunomore said:
In that case the law is very clear as to how the estate is to be divided and if the shady relatives inherited something, it is because the law in the form of a corrupt magistrate allowed it.
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Fixed ;)
 
blunomore said:
Even if lawyers get involved, your wife will remain the executor; the lawyers simply become her agents for the process of winding up the estate.

What kind of tips are you referring to ? Like the % they will be entitled to ?
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Yeah my wife would likely have some difficulty with the whole process so unfortunately lawyers would be needed.
I'd just like to know what fee to negotiate for and what things to look out for in the contract that might not be in our best interest.
 
ClintX said:
Unless you get lucky like dualmeister then they want to make their money somewhere.
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I was skeptical at first myself and thought that they would insist on being the executor. They offered to store the original will for a small monthly fee and obviously will charge if you make amendments to the will later. But, still getting the initial one sorted at no charge was a bonus.

I was also looking at all the options before hand. Banks are a no no!
 
dualmeister said:
I was skeptical at first myself and thought that they would insist on being the executor. They offered to store the original will for a small monthly fee and obviously will charge if you make amendments to the will later. But, still getting the initial one sorted at no charge was a bonus.

I was also looking at all the options before hand. Banks are a no no!
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You must have done it during National Wills Week, I presume.
 
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