What Is A Will Without A Plan

What Is A Will Without A Plan

By Almo Lubowski (Managing Director – FinServe Legal & Trust)

We all know how important and crucial a Last Will and Testament is. If, however you still doubt its importance, I would like to share a story about a recent legal matter that I was involved in, where a fiancé was left with nothing from her future spouse.

In the aforesaid case an e-mail was sent indicating the deceased wishes to have his fiancé be the sole beneficiary of his estate. However, he never executed a proper Last Will and Testament and passed away soon thereafter, without getting an opportunity to do so. The fiancé spent hundreds of thousands in legal fees to try and have the e-mail declared as a valid Will. Her attempt however failed, and the deceased unfortunately died intestate and legally the fiancé could not benefit from his estate at all.

Assuming you have understood the importance of having a properly executed and valid Will, does it do enough to ensure you have maximised your estate planning? A Will in itself saves a huge amount of time and money too, but it can’t ensure you will pay as little in fees and taxes as possible. This can only be done by proper Estate Planning. However, before you can plan you need to understand where you stand. This can be done by sketching a scenario whereby you establish what your deceased estate would look like if you were to pass away today. We would look at what property you would be taxed on and what fees you would need to pay (Estate Duty, Capital Gains Tax, etc). Once this is established, a plan can be put in place to make sure that, in good time these taxes and fees are reduced with the proper structures and estate strategy.

FinServe Legal & Trust now offers this indispensable service. By drafting your tailor-made Estate Plan we can ensure that your Will is backed up by a proper strategy. For more information or to chat to us kindly e-mail trustcreation@finservegroup.co.za or call 0860 994 094

We believe that ‘Sharing is Caring’, and therefore we humbly encourage you to share this information freely with your friends and family. If you have any queries, please feel free to contact us on 0860 994 094 or contact the writer directly.

The information contained in this communication and any other communication from the FinServe Group of Companies is subject to our disclaimer which can be read here.

Visit us at www.finservegroup.co.za to experience ‘Unorthodox Financial Freedom’

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