What is a Will?
A Will is a formal legal document in which the testator (who makes the Will) specifies how their assets should be handled or divided after their death. It focuses on the testator's wishes regarding the distribution of their estate, which include equal sharing among family members, appointing guardians for minor children, and an executor to manage these distributions as detailed in the testator's Will.
Why is it important?
Having a Will is fundamentally important for not only ensuring that the testator's assets are distributed after death as is outlined in his Will, according to his wishes but also prevents family disputes in the future. It ensures that chosen guardians are appointed in cases where minors are involved, by securing a save home and future for them. A will sets out in what ways a minor of the family will benefit from the will. The administration process of the distribution of the testator's assets are much easier when there is a Will in place. Having a Will also ensures that there is no intestate succession.
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In other words, you decide who in your family inherits and who does not. You can choose who you trust to appoint as an executor to manage the distribution of your assets,instead of relying on the Master of the High Court to appoint someone to manage your assets when there is no Will. This may lead to family disputes and conflict which can be avoided.
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What will become of your children when they have not reached majority status yet? They still need a guardian to take proper care of them. That is why having a Will is important, for you can choose a trusted family member or person to be the guardian of your children when you no longer can.
What is Intestate Succession?
It is the legal process that will be followed when a person dies without making a Will. Intestate succession determines in what way your assets will be distributed by someone else (Master of the High Court may appoint an executor). The term 'intestate' only means that there is no Will.
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The Intestate Succession Act 81 of 1987 outlines how your assets will be distributed and the specific process that is followed.
What procedure is followed?
The asset distribution in the Intestate Succession Act 81 of 1987 is as follows,
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1. A surviving spouse, children or closest family member will inherit first. ​
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2. Surviving family members will inherit when the deceased is not survived by his or her spouse, children or decedents. ​​
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3. Parents will inherit, or in cases where the deceased is not survived by his or her parents, the siblings of the deceased will inherit.
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