Contemplating one’s death is not a comfortable thing to do. While one is alive and healthy, the prospect of all that coming to an end doesn’t often enter one’s mind. In fact, it’s one of those things that happens to ‘other people’.
Of course, as we all know, this is not the case. Each of us will have gone through the passing of someone close to us: a grandparent, a parent, a friend. And, in some instances, the passing of the person was not expected: it may have happened because of a fatal illness at a young age, or owing to an accident.
“No matter your age, you should make plans for what will happen to your possessions one day,” advises Barry Pogrund, the head of the Wills & Estates division at MGI Bass Gordon.
Barry highlights the two most significant issues that should be part of the planning:
· The clear identification of who will inherit your earthly possessions
· Who will act as the Executor of your estate after your death – in other words, who will be authorised to deal with the assets and liabilities in your estate?
“Drawing up a Will – and updating it as circumstances change – is crucial to ensure that the right people receive the assets you intend them to receive,” he explains. “A valid Will is the only instruction regarding your assets that can be used to distribute those assets. Having told someone that you want that person to get a particular asset after your death is not good enough: this instruction must be included in your Will for the wish to be carried out.”
When you want to make a change to the contents of your Will, you can do so using a Codicil, without necessarily redoing the whole Will. (A Codicil is an addendum to a Will that is used to amend a provision in the Will, or to add to the Will.)
A Will needs to be correctly signed and witnessed.
Barry advises that, when you are drafting your Will, you think about any assets you may have overseas. Do you want the Will drawn up for your South African assets to cover the foreign assets too? Or should they be catered for in a separate Will that is specific to the country where those assets are held?
As regards the identification of an Executor, you must choose someone whom you trust and who has financial acumen. A family member may not have the time nor the knowledge of the process to be able to carry out the winding up of the estate, but they can work with a professional Executor who knows the process. The trusted family member or friend will make sure that the heirs are suitably looked after, and that the professional involved does nothing to disadvantage any of the parties.
Tips from Barry
Communicate certain things in advance to your heirs. If people know why you are doing particular things in your Will, it can prevent a lot of bad relationships after your death. For instance, Barry dealt with an estate in which the parent left all their assets to the three children, but not in equal shares: one received 10% while the other two inherited 45% each. The parent’s thinking was that two of the children struggled financially but the other child was doing well financially. However, the children did not know this, and so the relationship between the children was damaged.
· If you have had a domestic worker or a carer for many years, consider leaving something to that person but make sure you include the information in your Will. It may create complications to achieve this after your death if it is not stated in the Will.
· Ensure that your beneficiaries are traceable. Leave behind details of addresses and telephone numbers, for instance. If a beneficiary cannot be traced, the funds from the inheritance will be paid into the Guardian’s Fund, and that is not something you would want. · Make sure that someone in your family or a good friend knows where your original Will is kept.
· A Living Will is not a legal document. It can serve only as a guide to your closest family members if you are very ill and are on life-support machines.
· Keep records of all your important information regarding your assets, and make sure they are accessible. Barry recommends the book, Your Life in a Nutshell by Nicky Stein-Aginsky, and that you fill all your information in there. This sort of record can be a great help to your family members and the Executor, and may help speed up the process of winding up your estate.
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