Wills and Trusts
Wills and Testaments
We will gladly assist you with the drawing up of your Will / Testament.
The appointed Executor of your Estate acts after your death to administrate and finalize your estate. This is a dedicated task that requires experience and professionalism. The functions of the Executor are set out below. The Master of the High Court appoints the Executor, taking into account the level of expertise of the person appointed in the Will. If the person is not qualified to act as such, the Master will appoint an executor. We suggest that it is better to get to know the lawyer who will finalize your estate, than to appoint a family member or surviving spouse in your Will, who would then, upon your death, have to search for an unfamiliar attorney to act as Executor.
The Administration of Estates Act determines that an Executor is entitled to a fee of 3.5% plus VAT on the gross value of your estate. This is something that can be negotiated with your appointed Executor in your Will.
Trusts
In your will you can make provision for a trust to be created which would serve the purpose of administering the assets in the trust on behalf of capital- and income beneficiaries. A testamentary trust can provide a way for the minor children's inheritance to be protected until such children are capable of fending for themselves. In the absence of such a provision in a will, the inheritance of minor children will go to the Guardian's Fund, a state controlled body.
We can assist you in setting up inter vivos trusts (a trust while you are still alive) as well as testamentary trusts.
Do not hesitate to contact us if you have any questions regarding the above.