EXPERIENCED WILLS LAWYERS IN CAPE TOWN AND JOHANNESBURG
– Structure your will to benefit from tax breaks –
LEAVING A WILL OR LEAVING A LEGACY
South Africans are free to include any provision in their wills, as long as it is not invalid, vague, in contradiction to the provisions of the Constitution or immoral. But one’s last wishes, should ideally be about more than just handing down the assets of the testator. Wills should ideally leave a legacy and a better life for the remaining loved ones.
WHAT TO INCLUDE IN A WILL
Wills And Immovable Property
It is the dream of many South Africans to be homeowners. The house that a deceased leaves behind is therefore invaluable to surviving children and spouses – it is often worth more than a small cash pay-out that is received from the sale of house of the deceased. As part of leaving a legacy, home owners have the option of bequeathing a home into a family trust, whereby trustees will take care of the best interests of the trust assets and the best interests of the beneficiaries. There are also many other options such as providing for a long-term lease for one of the beneficiaries, or awarding the right to use a part of the property and so on. These are many options that will ensure that a deceased person leaves a legacy for his/ her surviving loved ones.
Excluding existing or future marital regimes from inheritances
When bequeathing assets, it is often helpful to allocate the asset to the separate estate of the beneficiary. In this way, the inheritance is protected from divorce proceedings where the spouse of the heir may claim the asset.
Withholding inheritances from creditors
Testators can protect the inheritances of beneficiaries from creditors. The provisions of a will can also protect heirs from themselves by preventing heirs from spending their inheritances before it is received.
HOW TO DRAW UP A LASTING WILL IN SOUTH AFRICA
There are many cheap options for drawing up a will and passing down assets, but only good legal advice, will ensure that the futures of your loved ones are secured through a lasting legacy. Instruct Julies Attorneys to structure your will in a way that will reduce the taxes to be paid from your estate and to maximise the value that your heirs receive.
