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Thursday, October 7, 2010

South African "National Wills" Week

The Law Society of Africa recently held its annual “national wills” week to encourage all South African citizens to get wills drawn up free of charge by Licensed Attorneys. When drafting a will there are a few tips and problems that can happen that you need to be aware of. Complications can arise in any size estate and it’s important to be aware of what do if those complications do arise.

The Fiduciary Institute of South Africa (FISA) advises individuals to constantly update their will due to a change in assets, relationships and/or other financial circumstances. Also, when choosing an executor or trustee for your will you should be sure to find out about their background and experience to make sure you pick the best person for the job. Other tips FISA gives are to make sure your local estate and any offshore assets don’t conflict, to research capital gains tax/estate duty/liquidity aspects to make sure you would be able to pay off all your outstanding debts, and how the marriage you may have can affect what rights your spouse has to your assets.