The consequences of not leaving a valid will
When a person turns 16 years and over you are free to make a will in order to determine how their estate should devolve upon their death. Here are some consequences of not leaving a valid will in the unfortunate event of your death:
You forfeit the opportunity to decide who inherits your assets and your Estate is distributed according to the Intestate Succession Act, 1987 (mostly based on blood relation). Consequently, family members may inherit from your Estate, which was not necessarily your wishes.
Your Partner may be left with nothing if you are unmarried or your Will is not updated from a previous marriage. The Intestate Succession Act does not recognise a partner as a beneficiary in your Estate.
Your minor children’s inheritance could be awarded to the Government Guardian’s Fund or the Master of the High Court until the minor turns 18.
If both parents of a minor child die simultaneously, any interested person may apply to Court for appointed guardianship.
Family feuds often occur when family members argue over the distribution of your Estate when final wishes are not clearly documented in a Will.
The Winding up your Estate can take years, without a Will appointing a professional Executor, the government is essentially in control of the process.
If you die without leaving a valid will, it can be a very stressful and traumatic time for the family members you leave behind. It is never to early or to late to have a valid will drafted, so that your Estate may be distributed according to your wishes and not according to law.
Talk to us today, to have your will legally drafted and safely stored
Additional reading : https://www.justice.gov.za/master/wills-is.html