Passing Without a Will

Many individuals are concerned about what will happen to their estate if they were to pass without a Will. Many individuals do not have time or the funds to see an attorney to draft and advise on a Will.

Popular Belief?

Contrary to popular belief, your assets will not be forfeited to the State upon your death if you do not have a Will. The Intestate Succession Act determines how the estate of a person who died without a valid Last Will and Testament has to be divided.

How Does it Happen?

The surviving spouse of the deceased inherits the first R250,000 or a child’s share of the estate, whichever is the greater.

A child’s share is calculated by dividing the value of the estate by the number of children of the deceased plus one (the spouse).

If your estate is worth more than R250,000 problems might arise as your spouse and your children will inherit your estate jointly. If our estate is made up largely of property, co-ownership of a property by a number of family members, some of whom might still be minors, can be impractical and may give rise to costly delays and disagreements.

Conclusion

Despite the law having provisions in an attempt to protect your family and your estate in the event that you pass without a Will, it is not a perfect solution. Estate planning is of utmost importance especially if your estate is worth more than R250,000.

In order to avoid complications, and to ensure your assets are properly protected, a Last Will and Testament should be a serious consideration.