Your will is a legal document detailing how your estate should be distributed to your beneficiaries after you pass away. In celebration of National Wills Week, between 17-21 September Trustfocus – part of the IGrow Group – is offering to draw up your will completely free of charge. This would normally cost R2 000.
Your will should set out:
- who will act as executor of your estate – this is the person who will see that the items in your will are distributed in accordance with your wishes
- who your beneficiaries are and exactly what you wish them to inherit
- who will be guardians to any minor children until they become adults
With a valid and up-to-date will, you can protect your family’s financial future and inheritance, and well as protecting them from any business debt you may have. This is where the importance of a will as part of a broader estate plan comes into play.
Simply put, estate planning involves managing your assets while you are alive and distributing these assets when you pass away. It considers all of your financial affairs and sets structures in place to manage these most efficiently. Estate planning considers:
- wills: drafting a legally binding last will and testament to make sure that your assets are distributed according to your wishes.
- trusts: forming trusts to manage your assets effectively to the benefit of your beneficiaries.
- Creating a clear division between your personal assets and your business interests.
- tax: structuring your investments in the most tax-efficient ways, to minimise the impact of taxes such as capital gains tax and estate duty.
When planning your estate now, it is worth considering the options for not only protecting your wealth for future generations but also how best to grow it. IGrow has launched a comprehensive blueprint for creating personal wealth for all property investors, called the IGrow Wealth Plan. We have also launched the IGrow Property Investor Software program, the most advanced property investment software available on the market currently, allowing investors to grow and manage their own property portfolio as a business, from anywhere in the world. These two advanced property investment management tools are currently available at a special introductory price. For more information please visit our IGrow Wealth Plan website and the IGrow Property Investor Software page.
The following criteria must be followed when creating a will:
- You must be mentally competent when you compile your will, meaning you must understand the consequences of creating a will and that you must also be in a reasonable state of mind when you do so.
- Your will must be in writing in order for it to be valid.
- Two people older than 14, who are not your beneficiaries, must witness the creating of your will.
- Both you and the witnesses must initial every page of the will and sign the last page.
- You can appoint an executor in your will. An executor is the person who will make sure that your property is divided according to your wishes, as set out in your will, and he/she will also settle your outstanding debts. If you don’t choose an executor yourself, then the court will appoint someone – usually a family member.
- To avoid the possibility of creating an invalid will you should approach a qualified individual, such as a financial advisor or lawyer, to help you draw one up.
Trustfocus can assist you in drafting your will and making sure that it meets all legal requirements. And, during National Wills Week, this service from Trustfocus will be completely free of charge.
To take advantage of this fantastic offer (valued at R2 000) contact Trustfocus on:
CAPE TOWN – 021 979 2501 / firstname.lastname@example.org
PRETORIA – 012 943 0201 / email@example.com
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)