Road Deaths, Wills Drafting and Estate Administration
In South Africa, we experience horrific road deaths, injuries and trauma related to incidents on our roads.
Through the Arrive Alive road safety initiative we strive to create awareness that could reduce these fatalities and injuries from not only preventable road crashes, but also the impact of crime and incidents such as hijackings, cash-in-transit robberies, spiking incidents etc.
One of the pillars of our road safety strategy includes post-crash care and assistance with claims from road crashes. We share content about claims from the Road Accident Fund and measures to address post-traumatic stress.
With the road fatality dating revealing that there are annually more than 12,000 road fatalities, it is clear that there are many more family members and loved ones who are left in serious financial and other difficulty after a road death.
With the assistance of experts from the legal and financial fields, we would like to share some insights about how effective financial planning, the drawing of a Will and the professional Administration of an Estate could reduce these challenges for those who remain behind.
Some of the most important questions we should ask are:
Do you know what a last will & testament is?
A Last Will & Testament is the most important document you will ever have. It is a document that outlines what your wishes are in case of your demise. It determines what happens with your assets after you are deceased.
Have you ever discussed your last will with a lawyer or financial advisor?
It is important to have a Will drafted by a professional who understands the legalities and can offer advice regarding your assets and what to do with them once you are deceased.
Do you have a last will in place? If not, why not?
If you do not have a Will in place , then your assets will be distributed according to the Law of Succession. A Will can be done for free.
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Are you familiar with the process of creating a will?
Creating a Will is a simple process. All you have to do is use a legal template either from a Lawyer or a Trust Company which has all the legal clauses that are needed. You then decide what needs to happen to your assets according to the law. It gets signed by you and two independent witnesses, and then the original gets stored in safekeeping. You can keep a copy of the Will in a safe place at home.
Do you know what happens to your assets if you die without a will?
If you pass away without a Will , you have then passed away "Intestate". Meaning there is no Will , therefore law of succession will take over. This is not advised because you run the risk of the assets not being distributed as you would have liked.
What happens with your minor children?
You may need a Trust to protect them.
Have you ever been named as an executor or beneficiary in someone else's will? If so, what was your experience?
It can take very long to do so on your own. We suggest using professionals to do it.
Do you understand the legal requirements for a will to be valid in your country?
A legal will that is executable is very important. There are certain rules to follow to make it valid.
Have you made any updates to your will in the last few years?
We recommend at least once a year we need to review your Will. This is because there might have been changes to your assets or circumstances (e.g. marriage/divorce, newborn baby etc, property bought/sold etc…)
For any assistance contact Legatus Trust
Also View:
Notification of Death after a Road Crash
The Funeral Industry and Assistance to Families of Crash Victims
