Home Tags Master of the High Court
Tag: Master of the High Court
Estate planning means making a plan for taking care of your nearest and dearest and dealing with everything you own and owe when you pass away. A will or testament is a legal document where you leave instructions on how you want your family to be taken care of, and who will inherit assets like property, jewellery, cars or investments that you own.
The most recent estimates by the Master of the High Court are that as many as 70% of South Africans do not have a legally executable will. What this means is that for many South Africans, the death of a family member or loved one is surrounded by confusion, disarray and conflict.
Right now, over 4.14 million people around the world have succumbed to COVID-19 - and over 84,000 of those deaths happened right here in South Africa. As we navigate a third COVID-19 wave, South Africans are starting to come to terms with their own mortality.
As a result of the pandemic, women are more financially exposed than ever. According to our latest Household Financial Wellness Insights, released together with UNISA, women who make up 51.1% of the South African population, were hardest hit by the lockdown.
The loss of a family member or a loved one is a challenging and an emotional life experience. The days and months following the death of a loved one can often go by in a blur. Help and guidance are essential for families to get their affairs swiftly in order. Putting financial issues off to later will not only leave families with unnecessary financial constraints but it can also lengthen the process of winding up an estate.
The current chaos and squabble amongst the Zulu Royal family following the recent death of King Goodwill Zwelithini might have been avoided had his Will complied strictly with the requirements of the Wills Act. At this time, while the reporting coming out is not entirely clear, and it might well be that omissions and problems may have been overstated or miscommunicated, the truth will be clearer once the Will is made public.
Your will is one of the most important documents on which you ever have to place your signature. It is your last wishes on earth and the document that determines how your assets should be divided, nominates an executor and trustee to take care of the division of the estate's assets and to handle the administration of any trust assets.