If you die without a valid will, your estate will be distributed in terms of the laws of interstate succession.
What does that mean?
An executor will be appointed by the Master of the High Court as well as, if applicable, Trustees, Guardians or Fiduciaries.
The executor will follow the rules as per the Interstate Succession Act.
The executor will first look at close family, spouse(s) and children and then look at other family relations.
If there is no eligible person to inherit then the proceeds of the estate devolve on the state.
The executor will be representing you, for you are deceased, in ensuring that your account, dept, taxes, are paid and to execute your wishes.
Just to mention some possibilities:
It is therefore important to have a financial plan in place and reviewed when there is changes in your life.
It is also needed to review your insurance and investment nominations for different rules would apply to different
type of product contract legislation.
Your last will and testament wishes and your beneficiaries on your insurance and investment must be comparable.
You could have the best intentions in you Last Will and Testament but to actually implement your
wishes could be problematic and your loved ones would be affected.
We at RI Financial Management Services provide personal attention and treat your estate as if it is one of our family member’s estate.
We have our own dedicated administration partner namely Electus Trust which have been administering estate since 1987.
We don’t just draft last will and testament, we also see if there is liquidity in your estate.
We do not want to publish ESTATE AUCTION, due to not enough liquidity in your estate.
I/We, the undersigned, hereby instruct RI Financial Management Services and Electus Trust to process my Last Will and Testament application. RI Financial Management Services must confirm and advise if my wishes are executable and on the liquidity of my estate. To be able to assess your executability and liquidity of your estate, authority from you is needed to obtain your policy and investment information from the product providers. Please ensure that we receive the Last Will and Testament Application together with the Authority Letter.
RI Financial Management Services (PTY) Ltd, FSP 47004, Electus Trust and staff, acknowledge that while rendering services in terms of this instruction, they shall come into possession of information of a confidential nature. No staff shall at any time use or disclose or allow third parties to use or disclose any of your confidential information except with your written permission. Information on this application form would only be used for this specific purpose, if or when this information would be used for further servicing options, your written confirmation would be requested.
We do ask a fee for drafting your documents for we also include an estate duty calculation to enable us to confirm the liquidity in your Last Will and Testament.
We also incur fees payable for the use of TransUnion and Windeed enquiries.