When to review your will www.ecsponentlimited.com

What happens if you don’t have a will at the time of your death?

Changing circumstances may dictate the need to change your will or update your estate planning. Here are examples of life events when you may consider reviewing – and/or changing – yours:

  As soon as you turn 18
  When you marry or enter a relationship union – the first time and if applicable, especially the second time
  A new beneficiary, such as a child is added
  When you emigrate or move to a different country
  If you start a new business venture
  When a family member experiences estate and/or health issues
  If you get divorced
  When you sell or acquire a major asset
  If you experience a significant change in net worth, e.g. as result of inheritance or insolvency
  In the event of changes in your relationship with your beneficiaries
  When you want to be more involved with philanthropic activities
  When there are changes in government policy and/estate or tax legislation
  Every five years based on potential changes in tax legislation

Speak to a qualified financial advisor to learn more

Not having a proper Will can compromise your Legacy

How to make a Will

A will is the foundation of estate planning. If you pass away without a will, the Master of the High Court will appoint an executor since no-one would have been nominated.

The executor’s first duty is to locate a will if there is one. If your will cannot be found among personal papers, the estate must be administered as if there is no will.

Passing away without a will in place means your estate will be administered under the Intestate Succession Act, Act 81 of 1987. This Act is concerns around ‘blood’ relationships, which includes illegitimate and legally-adopted children who are also considered ‘blood’ descendants.

Here are your 5 simple steps to a lasting legacy:

01. When to review your legacy plan and update your will

Changing circumstances may dictate the need to change your will or update your estate planning. Here are examples of life events when you may consider reviewing – and/or changing – yours.

02. Plan an effective Will

The heart of an estate plan is determining what will happen to your property if you become incapacitated or when you pass away.

03. Prepare to create/update your Will

Having a professional will prepared is an important part of your legacy planning. It is an important legal document that has a significant impact on how your family, or those dearest to and dependent on you, live after you die.

04. Other types of Wills

Understanding the differences between Living Wills and Offshore Wills is critically important to motivate the right decision for you and your family.

05. Using a Trust in planning your legacy

Inter Vivos or Testamentory Trusts – what are they and how do they influence the planning of your Will?

01. Time

01. When to review your legacy plan and update your will

Changing circumstances may dictate the need to change your will or update your estate planning. Here are examples of life events when you may consider reviewing – and/or changing – yours.

02. Plan

02. Plan an effective Will

The heart of an estate plan is determining what will happen to your property if you become incapacitated or when you pass away.

03. Prepare

03. Prepare to create/update your Will

Having a professional will prepared is an important part of your legacy planning. It is an important legal document that has a significant impact on how your family, or those dearest to and dependent on you, live after you die.

04. Types

04. Other types of Wills

Understanding the differences between Living Wills and Offshore Wills is critically important to motivate the right decision for you and your family.

05. Trusts

05. Using a Trust in planning your legacy

Inter Vivos or Testamentory Trusts – what are they and how do they influence the planning of your Will?

The Lasting Gift Guide to Estate and Financial Planning

The Lasting Gift Guide to Estate and Financial Planning is designed to help you understand the impact of what you leave behind, what you choose to give away, and all the complexities surrounding them.

Ecsponent Wills Guide