Are all of your things in order?

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Avatar for Rockstars
3 years ago

It was too late to ask questions when her husband died suddenly of a heart attack. The property was in chaos. No one really knew where to start. Previously unknown believers appeared. The experience of this South African housewife shows the importance of keeping things in order.

There are good reasons for surviving loved ones to have a clear picture of their financial situation and an updated will outlining the distribution of assets.

Although the laws differ from country to country, there is always an appropriate division of property between the heirs of the deceased. For some African tribes, an elderly family member usually handles the distribution of goods. However, if the distribution is to be made by the courts, a legal declaration by the individual prior to his death will describe what to do with his property. This statement becomes your will. If there is no will at the time of your death, any property you may leave behind will be distributed according to local inventory laws. This can lead to losses for the heirs or unreasonable delays in receiving their share of the property.

A will based on the laws of the country is called a legal will. When drafting such a will, a person appoints an executor. If the court accepts, the executor will distribute and administer the property as set out in the will. In the event that liabilities exceed assets, creditors are usually compensated proportionately. A legal will must fulfill all the legal formalities. Even a small deviation can compromise the validity of such a will. Therefore, when drafting a will, a person should take into account what the courts would consider.

The judicial authority must clearly demonstrate that the document is in good faith from the testator. This confirmation is based on the validity of the tester's signature. To this end, the witnesses must have signed the will in the presence of the other to confirm that the document is authentic and, as far as they know and believe, represents the will of the testator.

The legitimacy of the will itself can be called into question. Were any inclusions or exclusions made in the original document? In this case, the law undoubtedly requires that the signatures of the testator and witnesses appear on the amendments and on all pages.

As long as the testator is alive, he can of course revoke his will. This cannot be done orally, but usually by writing a New Will.

Making a will can become a complex task, especially when multiple parties are involved or when the benefits of an investment or property need to be specifically described. Hence, it is highly advisable to seek competent help.

The untrained eye may not see that the text may cause legal problems or that some necessary procedures have been overlooked. The layman may not be aware of all the factors that would call into question the competence of the testator and witnesses. For example, the law may limit the age of a testator and state what would render a tester mentally incapable of writing a will. In order to avoid any collusion and abuse, the law may provide that a witness cannot be the beneficiary of a will. Not only can a witness or their spouse be disqualified from services, they can also be disqualified as executor, administrator, trustee or guardian. Under South African law, the person who makes or drafts the will will also be disqualified as a beneficiary, unless the will has specific justification to the contrary.

Given these requirements, signing a document is not a superficial service. Responsible behavior should lead the person to carefully consider the implications and consequences of writing their name.

Another factor to consider is whether the will is current. Even the best wishes are of little value if they are no longer true. Circumstances change and a will may need to be amended or revised to meet the new requirements. This is especially true if they remarry. Appropriate measures must be taken for those responsible. If a will is revised, it is better to destroy the old ones.

A will is a valuable document and must therefore be kept in a safe place. A lost will is technically non-existent and can spell tragedy for family members. Therefore, it would be useful to have more than one copy. One copy can be presented to a lawyer or bank and another copy with important documents stored elsewhere.

In addition to the will, insurance, marriage certificates, property documents and other documents directly affect the estate. Wouldn't it be nice to keep all these documents together or at least have a list of where they are?

It can be very helpful to list all your major assets (real estate and personal property), as well as all your debts. Accurate knowledge of responsibility can protect family members from exploitation. Do not forget insurance, orphanage and health policies, as well as guardianship documents. Without disclosing the contents, such a list may be provided by a confidential friend or available somewhere in an emergency. And for the benefit of the executor, there should be a list of known relatives and their addresses.

It definitely helps to keep your home tidy. Such an arrangement can prevent chaos at a time when it is unlikely that people will handle it successfully.

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