Trusts can be created through different means and for different purposes although this article will primarily focus on Trusts created by means of a Will. This is called a Testamentary Trust.
Amid the spread of the Corona virus in South Africa, the demand for wills has increased significantly. This pandemic has confronted us with the uncertainty of life and the necessity of getting our estates in order. A will ensures that your assets are disposed of according to your wishes after your death – this is referred to as freedom of testation.
Whilst many may consider drafting a will during the lockdown, several challenges in circumstance are presented. For example, you may not be able to print your will in order to sign it or the beneficiaries to your will may be the same people you in isolation with and they therefore cannot sign as witnesses. Furthermore, electronic signatures are, at present, not considered to be valid for wills. The Master of the High Court will only accept an originally signed will. With the lack of clarity regarding validity of wills during lockdown conditions, it is imperative to familiarize yourself with the requirements to execute a will. Compliance with the formalities circumvents any disputes or frustration of your intention.
The Wills Act 7 of 1953 stipulates that:
You may revoke your will or alter it via a codicil at any time before your death. If you fail to draft a valid will your estate will be distributed according to the Intestate Succession Act 81 of 1987. These provisions are generally fair, however, the results may not be as intended and therefore drafting a valid and comprehensive will is advised.
Should you have any enquiries please do not hesitate to contact us.
Trusts can be created through different means and for different purposes although this article will primarily focus on Trusts created by means of a Will. This is called a Testamentary Trust.
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