Wills and deceased estates sit on opposite ends of the same process: one plans for what happens to your estate, the other administers it once the time comes. Both deserve more attention than they typically get.
When to review your will
- After marriage, divorce, or the birth of a child
- Following a death in the family that affects your nominated executor or beneficiaries
- After acquiring significant assets, or starting or selling a business
- Whenever your wishes for guardianship of minor children change
A will that has not been reviewed in several years often no longer reflects the testator's actual circumstances or wishes — which can create exactly the uncertainty a will is meant to prevent.
What happens when someone passes away
The estate must be reported to the Master of the High Court, who issues a Letter of Executorship or, for smaller estates under R250,000, a Letter of Authority. Almost nothing can be finalised until this is issued. The executor then advertises for creditors, settles the estate's affairs, and prepares a Liquidation and Distribution account before assets can be transferred to the heirs.
Practical starting point
If you do not currently have a valid, up-to-date will, or you are unsure whether your existing will still reflects your wishes, that is a reasonable place to start — well before an estate needs to be administered at all.
AJ van Tonder Inc Attorneys