An estate is your net worth whilst alive and when dead.
Under South African Law, a person may make a Will directing how his assets shall devolve after his death (in which case the Law of Testate Succession will apply) or a person may die without leaving a Will (in which case the Law of Intestate Succession will apply).
7 Facts About Wills
The Wills Act of 1953 provides that a Will is only valid if the following requirements are met:
1. The Will is in writing.
2. The Will is signed at the end thereof by the Testator (a person who makes a Will) or by some other person in his presence and by his direction.
3. The Testator’s signature is made by him or by such other person, or is acknowledged by the Testator and, if made by such other person, also by such other person, in the presence of two competent witnesses present at the same time.
4. Such witnesses must attest and sign the Will in the presence of the Testator and of each other; if the Will is signed by such other person on the Testator’s behalf, in the presence also of such other person.
5. If the Will consists of more than one page, each page other than the page on which it ends is also so signed by the Testator or by such other person anywhere on the page.
6. If the Will is signed by the Testator by the making of a mark or by some other person in his presence and by the direction of the Testator, a Commissioner of Oaths must certify that he has satisfied himself as to the identity of the Testator and that the Will so signed is the Will of the Testator, and each page of the Will, excluding the page on which his certificate appears is also signed by the Commissioner of Oaths anywhere on the page.
7. The Will must be signed in the presence of the Commissioner of Oaths who shall then attend to certify the Will as soon as possible after the Will has been so signed.
TG Khosa Attorneys has exceptional lawyers who will deal with your valuable estate even when you’re no longer alive.
We assist our clients with the following:
- Drafting and Amending of Wills
- Administration of deceased estates with the Master of the High Court
- Drafting of Liquidation and Distribution Accounts
- Setting up of Trusts