Are you aware that if you ignore 3 critical steps when drawing up your will, your beneficiaries might not inherit your assets in the manner that you intended them to?
The main reason for you to draw up your will is to ensure that your intended beneficiaries will inherit your assets according to your wishes and be able to benefit from this.
It often happens that the beneficiaries of a will do not inherit the assets in the manner intended. The reason for this is that you need to consider the legal, tax and practical implications of your intended will at the time of drafting it.
- To ensure that your will gives a true reflection of your intentions, you must first make a list of your personal circumstances, such as your marital regime, and if you are divorced – the terms of the divorce settlement, minor children or any special needs of beneficiaries. If you are involved in a business, the business structure, partners and liabilities and risks in the business will be very relevant factors to consider.
- Once you have listed your personal circumstances, the second step is to consider the legal, tax and practical implications of your proposed will – taking into account your personal circumstances. If it is found that your proposed will does not conform to your intentions, then the necessary adjustments must be done.
- Finally, when you are satisfied that your proposed will conforms to all your requirements and wishes, your will must be finalised in such a way that it constitutes a valid will.
It is always advisable to get specialist advice when drafting your will – giving you the peace of mind that your beneficiaries will receive their intended inheritances.
Contact us for assistance in drawing up your will.