09 Jan What Happens to An Estate Without A Will?

Learn About Estate Planning Benefits In South Africa.

Imagine that your grandmother told you she had written you to be the heir to her estate in her will. Unfortunately, she passes without a will. Who gets the house? How are you to divide her assets?

Protect your loved ones from a fate like this: get in touch with Credit Boost today and receive help creating a definitive will from experts.

Why Are Wills Important?

A will, or testament, is a document that outlines who gets what regarding your estate (everything of value you own), assets, and belongings.

It specifies:

• Who gets your estate or property?
• Who will pay off debt, sell assets, and distribute inheritances? (called an executor)
• Names of legal guardians for children under eighteen.
• Final instructions or wishes for the funeral or assets.

What Happens to My Estate Without A Will?

Dying without a will is called intestancy, and can lead to significant problems amongst potential inheritors.

Conflict

Not having a will might cause disagreements among your family about how your estate should be distributed. A will is your final wishes set in stone. It’s in everyone’s best interest.

Unexpected outcomes

Assets may go to unexpected people, or to people you didn’t intend for. For example, the family home to an estranged relative. Mitigate this by setting up a will.

Increased costs

Intestancy involves extra costs that may well have been avoided had a will been written. Some of these expenses include:

Legal Fees

Those living will have to pay costly court or judge fees to equally divide assets and property among family. This can become atrociously expensive should disagreements emerge.

Execution of a will would be far simpler and cheaper, allowing for a smooth and fuss-free process.

Legal Battles

As disagreements about who gets what arises, there may come pricey legal battles. The longer the battle, the higher the legal fees.

Tax Implications of Dying Without A Will

Dying without a will is not optimised for tax, as the laws governing intestacy may not distribute assets in such a way that tax is minimized. Minimising tax contributes toward a larger inheritance amount.

Creating a will allows you to strategically distribute assets to lessen taxes for your heirs.

Where to Draft A Will in South Africa

Credit Boost helps you designate assets to heirs and children to guardians in the event of your passing by helping you create a will. Our trusted legal team is delighted to help you better express your wishes and divvy your assets fairly.

Our experts take pride in helping you protect your loved ones in the event of your death. Our wills and estate plans are built to make the division of estates and assets as painless as possible for you and your family.