It is National Wills Week, the annual national awareness campaign championed by the law society, that looks into one very important part of estate planning - having a will.
By making a will you ensure that your assets are disposed of in accordance with your wishes after your death. This privilege is called “freedom of testation”.
But today I want to explore some of the more technical aspects of not having a valid will when you die.
If you die without leaving a valid will, your assets will be distributed according to the provisions of the Intestate Succession Act. The provisions of this Act are generally fair and ensure that your possessions are transferred to your spouse and children, and where applicable, to siblings, parents, and if required, then to the extended family in terms of degrees of relationships and those that were dependent on you for financial support.
I have Jocelyn Manda, Fiduciary Specialist at PPS as my guest today to go through some of the problems loved ones left behind face when a head of a household or breadwinner dies without a will.
PERSONAL FINANCE