18 Sep Top 5 reasons a professional draft your will
There are many reasons to have a professional, such as your advisor, help you draft your Will. Brandon Benatar put the top 5 reasons together for you.
- There is nowhere is South African laws that prevents a person from drawing up their own Wills however it is important to keep in mind that for the Will to be valid there are many legal formalities which one must comply with. In many cases an inexperienced Wills draftsman will overlook these requirements resulting in a Will being rendered invalid, a situation that many times can only be rectified by a costly application to the High Court.
- An advisor could help you determine all costs and fees associated with the winding up of your estate while drafting your Will, this could help you in determining whether or not you have the required liquidity in your estate to cover all charges without having to sell off assets. In instances where there is insufficient liquidity your adviser will be able to offer you solutions to fill the liquidity gap.
- Drafting a will with your advisor could help you minimize your estate duty. Remember what is left to your spouse and charity will be exempt from estate duty and reduce the remaining value of your executable estate. Sitting with your advisor and structuring a tax efficient will can lead to large savings on taxes payable on your death.
- Getting your Will drafted by a professional can also put you in the right direction for dealing with your foreign/offshore assets. Unfortunately, when dealing with foreign assets it is not always possible or advisable to include those assets in your local Will. Sitting with your advisor you can determine whether a separate offshore will is needed for the winding up of your foreign estate.
- There are many benefits to having your will drafted by an advisor such as their expert guidance which will help you leave behind a neat, professional, practical and enforceable Will, and not a legacy of chaos.