Will?

[BonesZ]

Our lawyer did our wills for free, especially as he was the executor as well, and thereby got a percentage of the estate.
My wife has had bad experiences with using Banks, as they have a high staff turnover and your will could be shifted between departments.

 

[Fng]

I would not use a Bank as a executor, besides the % fees they also charge insane fees to Transport your house. Happened to my Grandfather. He has 7 houses and his total fees is currently exceeding R250k due to my grandmother passing and they were married in community of property.

 

[brianj74]

Houses are hard to transport!

 

[blunomore]

IIRC banks are happy to draw up wills as long as you lodge them there - could be mistaken though.

Your bank will indeed do it for you, for a small annual fee. I think FNB may actually have an online services – not sure.

It is a simple process, but you will need the ID numbers (or at least birth dates I think) of the people you want to include in your will.

hmm...seems the FNB service doesn't cost anything...if you name FNB as executor.

Thanks guys

To all of the above: it is never a good idea to have a bank draft your will and have them as executors - they will always take the maximum amount in fees provided for in the Act.

.....

Your will has to be signed by two witnesses who must appear at the same time. You also need to take down their ID numbers and I think copies of their IDs. The witnesses may not be beneficiaries of the will.

What is the source of this requirement? Never came across this in my studies.

Ah nice. I think I might just do that. I don't plan on dying between now & September, so should work. Thanks.

Not particularly worried about the executor since it'll likely get amended / replaced in a couple of year anyway - so the current executor won't see a cent unless I die in a car crash or something.

I am sure there is irony in that reply, but unless you believe in fortune tellers and psychics and they told your otherwise, you may find yourself deceased before September - or not!

THAT is the purpose of a will - to cater for events beyond your control

 

[Humberto]

What is the source of this requirement? Never came across this in my studies.

The poster known as Garyvdh:

http://mybroadband.co.za/vb/showthread.php/492502-Witnesses-to-the-signing-of-a-legal-document?p=9522496&viewfull=1#post9522496

It's not quite what he said, but I'm playing it safe.

 

[smallearth]

Beware lawyers and banks being names as executor. It usually includes a big fee for them.

 

[blunomore]

Humberto, sorry I cannot quote your post, the board seems to have glitches. The mods and admins are fast asleep

As far as the ID numbers of witnesses, I am not aware of any such requirement. The only time this would come up is if someone alleges that the will has been forged or is irregular in some manner. In any event, the witnesses are not always people you know, so where would one even begin to search for them if you had to find them? And what if they are deceased?

 

[roughiain]

NEVER Go with a bank.

Both my folks passed away. One with me as executer one with an absa will.

Appointed a lawyer to help me the one I was executer on. Had letter of executer ship in 2 weeks. Estate is ready to close +- 4 months

Absa

Had to wait 2 weeks for an appointment, then another 3 before they appointed some one to handle it, then 2 more weeks before they even lodged the papers with the court.

 

[AnibugZA]

Gosh, dying is a complicated and messy and expensive affair.:erm:

I think I'll just live forever, thanks. Make things simpler and reduce the paperwork and fees.

 

[Freaksta]

hmm...seems the FNB service doesn't cost anything...if you name FNB as executor.

Thanks guys

One thing I always remember my tax lecturer telling me is NOOOOOOO to the above situation.

 

[guest2013-1]

It's quite straight forward as people pointed out, however I'd have a lawyer take care of it and not a bank. Banks tend to tie up the process for several months (if not years) before the estate is settled, no need to pull more teeth than you have to

 

[HavocXphere]

I am sure there is irony in that reply, but unless you believe in fortune tellers and psychics and they told your otherwise, you may find yourself deceased before September - or not!

THAT is the purpose of a will - to cater for events beyond your control

No irony blu. Right now I don't have a great deal of net worth (Just started working) so even with 3.5% weren't not talking a vast amount of $$$ here. That will change soon enough, hence my comment about it being temporary. I just don't want my family to be caught up in a situation where there is *no* will. Essentially I'm talking about a stop gap measure between now & when there is real money involved. I'm more interested in streamlining things administratively than streamlining it cost efficiency wise.

If I die "between now & September" & end up paying the 3.5%/6% then so be it. I'll probably end up going with the free wills thing that ld13 posted anyway.

I'd have a lawyer take care of it and not a bank.

See above.

 

[Seriously]

Easiest for now is to see your bank. They do will's and keep them safe. When your net worth improves get a lawyer you can trust.

 

[Seriously]

Beware lawyers and banks being names as executor. It usually includes a big fee for them.

Family fraud is a bigger risk.

 

[Dolby]

Also, family can have issues when money is involved ... this one is jealous of that because they were left something and many other scenarios. So you may save money and it can work - there are pitfalls with family. I won't do it.

I've read a witness needs to be traceable, not necessarily via an ID number. But regardless of it being a requirement or not ... why not simply add it?

 

[HavocXphere]

Also, family can have issues when money is involved ... this one is jealous of that because they were left something and many other scenarios.

True enough. In this case I trust the sole beneficiary (sister) blindly though which makes things easier.

In fact I'm blessed with a family with very little tension & they all stick together. If I were religious that would be at the top of the list of things I'm thankful for...

Excluding said beneficiary's (potential & currently unknown) spouse is a priority though...afaik there is some kind of provision that allows you to pass the money to one person only & exclude the (potential) married in community of property part.

 

[maumau]

True enough. In this case I trust the sole beneficiary (sister) blindly though which makes things easier.

In fact I'm blessed with a family with very little tension & they all stick together. If I were religious that would be at the top of the list of things I'm thankful for...

Excluding said beneficiary's (potential & currently unknown) spouse is a priority though...afaik there is some kind of provision that allows you to pass the money to one person only & exclude the (potential) married in community of property part.

We also have an unusually united family but when my dad died (clause dictating his estate was left only to blood relatives) one of my siblings decided he was entitled to much more than the rest of us. Helped himself to various financial extras and because we all trust one another nobody checked on anyone else. 4 years later we discovered what was going on and he initially agreed he owed the estate R250 000 but has managed to convince us that it's actually R120 000. The rest of us don't want to cause a family feud so we've accepted it.

What i'm getting at is you can trust someone but keep your eyes open and don't be lulled into a false sense of security. Sad, but i speak from experience.