Shifts in relationships, financial circumstances, family dynamics, and/or estate planning objectives may create the need to review and update your will.
As life evolves, a crucial document that is often neglected is the will. Yet, as one of the most important documents you’ll sign, your will warrants regular review.
In the process of pre-emptively revisiting this document, consider the following: ADVERTISEMENT CONTINUE READING BELOW Personal circumstances Any change in your personal circumstances can necessitate a review of your will, specifically a change to your marital status, or where there have been additions to your immediate family, such as the birth or adoption of a child or grandchild. Naturally, if you have recently been divorced, updating your will is likely to be a priority. Remember, Section 2B of the Wills Act effectively provides divorcing spouses a period of three months from the date of divorce to update their will.
An option is to nominate an alternate guardian in terms of your will to provide for the eventuality that your parents are not capable of fulfilling the role. Another important factor is to assess where your nominated guardian lives in relation to you and your family, particularly if your guardian has moved cities or emigrated from South Africa.
Per stirpes clause ADVERTISEMENT CONTINUE READING BELOW Per stirpes, or by representation, is a legal stipulation which requires that if a beneficiary dies before you, the beneficiary’s share of the inheritance will pass to their heirs. Essentially, it means that each branch of the family will receive an equal share of an estate. For example, if you leave your estate to your son and daughter in equal shares and your son pre-deceases you, your son’s share of your estate will pass to his children.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ensuring food security in SA through enhanced cyber security for farmersThe increased use of general technology together with automated smart farming equipment means the digital threat level has increased for farmers, says Carey van Vlaanderen, CEO of ESET Southern Africa.
Read more »
Google’s Contributions Ensuring Election Integrity in SAGoogle's Contributions Ensuring Election Integrity in SA
Read more »
The D-Word: Insightful essays explore the seismic shifts threatening democracy worldwideEXCERPT | The D-Word: Insightful essays explore the seismic shifts threatening democracy worldwide
Read more »
Michelin shifts mindsets to promote sustainability and drive efficiencyChoosing quality tyres with a low rolling resistance is one major way for fleet owners to reduce fuel consumption.
Read more »
Commvault shifts gears on cyber resilience with cleanroom techData protection company hosts SHIFT event to underscore the role of cleanroom technology in cyber resilience.
Read more »
Ethiopia: Djibouti Hit As Ethiopia Shifts Transit Cargo to Port of LamuDjibouti faces a major setback as Ethiopia shifts its transit cargo operations to the Port of Lamu, providing a substantial boost to the LAPSSET project.
Read more »