Will and testament

M

Messugga

Honorary Master
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So with me not getting any younger and the household assets actually starting to add up to something, I reckon it's about time to get a will and testament sorted.
Problem is, I have no idea what I'm doing here. I just don't want some executor like Fnb jumping in and taking a cut of my stuff, for not doing all that much.

So where should I go and what is needed?
 
then you pay for them to keep it for you i think.

this has been on my mind as well.
 
akescpt said:
then you pay for them to keep it for you i think.

this has been on my mind as well.
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Just be weary of their "cut". Rather pay a lawyer or your broker to keep your will and then when the bucket gets kicked your family get a lot more money.
 
Hi..

Ok so, get a will and testament drawn up at a lawyer, they keep it for free. Nominate a small company as the executor should anything happen to you. Not only do they take a smaller cut they also get things done a lot quicker.
 
I can email you a template if you want. Just edit it for your self in Microsoft Word, and then print it out, sign it, get witnesses (not family members), and then make a few copies to be kept in safe places.
 
LazyLion said:
I can email you a template if you want. Just edit it for your self in Microsoft Word, and then print it out, sign it, get witnesses (not family members), and then make a few copies to be kept in safe places.
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That would be welcome. And what do you do about executor? Appoint someone?
 
Go to your financial broker, or whoever handles your financial affairs. It takes less than 10 minutes.

My wife gets everything I own should I die, and vice versa. Should it happen that we both kick the button at the same time then our joint estate gets split 50-50 between our kids. The executor and one of each of our parents will be the custodian of our estate until they're 18.

Also remember to take out life-insurance to the value of all your debts combined. You don't want your creditors going to court to take a cut for debt you incurred and haven't settled yet.
 
Personally, I'd avoid banks. They generally have you appoint them as executor, and that's very expensive for your estate. However, many people do find their bank convenient, and they have experienced teams who do this all day everyday.

As LazyLion says, RYO is easy. Make sure you full identify yourself, state you're of sound mind and making the will freely and uncoerced, revoke all previous wills, and then sign and date, followed by having identifiable witnesses sign it in your and one another's presence (and say so). Appoint an executor (whop's agreed, and a replacement if s/he predeceases you or is incapacitated). The trick comes in storing it so that it's discoverable when you die. Good luck.
 
12 to 16 September is National Wills week. A lawyer will do it free of charge.
 
A bank gets their fee or cut of about +-3% after finalizing. A lawyer gets it up front.
Hence you would need to push a lawyer continuously.
Just my 2c for what it's worth.
 
Hemi300c said:
A bank gets their fee or cut of about +-3% after finalizing. A lawyer gets it up front.
Hence you would need to push a lawyer continuously.
Just my 2c for what it's worth.
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A bank charges 3.5% plus VAT on the Gross Assets and 6% plus VAT on any income after date of death. Any interest that may accrue on investments also falls in this category.

You can bargain with an attorney regarding fees and they also get their money after the estate has been wound up as is the case with any other executor.

Just make your surviving spouse or other family member the executor then they can go to a lawyer to assist them.
 
LazyLion said:
I can email you a template if you want. Just edit it for your self in Microsoft Word, and then print it out, sign it, get witnesses (not family members), and then make a few copies to be kept in safe places.
Click to expand...

Persons nominated as beneficiaries in the will are not allowed to sign as witnesses.
 
lexor said:
Persons nominated as beneficiaries in the will are not allowed to sign as witnesses.
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Yes, and those are usually family members... hence why I said not to let the family members sign.
I remember my estate law. ;)
 
Some pretty horrid advice here. Pay a lawyer to draw it up. Don't get it done for free as the person/organisation will most likely only do it for free on condition they be appointed executor. And do not appoint a stranger to be the executor of your estate. Appoint a family member or close personal friend as executor. I speak from the experience of deaths in my family.
 
Hey guys,

12-16 September is national wills week, where select legal firms around the country offer their services to draw up a basic will for you. It might not be a technical advanced will, but a will is better than no will, and they could possibly advise you if you would need a more advanced will. Firms that offer their services for free of charge during this week do not require you to make them executor, which is another plus.

Try it out, might be all you need.
 
Airborne90 said:
Hey guys,

12-16 September is national wills week, where select legal firms around the country offer their services to draw up a basic will for you. It might not be a technical advanced will, but a will is better than no will, and they could possibly advise you if you would need a more advanced will. Firms that offer their services for free of charge during this week do not require you to make them executor, which is another plus.

Try it out, might be all you need.
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This ^. Going to have mine and my wife's done.
 
Thanks to Bokka and Airborne90 for pointing out that National Wills week is around the corner. Will be using that at least as a starting point for my ZA will. We have a UK one (all very fancy) but probably not valid in ZA..
 
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