Page 13 - Bespoke EPG 2017 Digital

for dependants, and achieving the efficient administration of his deceased
estate.

■■ The estate planner who makes a Will is referred to as a ‘testator’. There are
very few limitations to the freedom of the testator to dispose of his property
as he sees fit in his Will.

■■ This section is aimed at providing the estate planner with a broad overview
of the requirements for executing a valid Last Will and Testament. There are
many pitfalls to watch out for, and it is advisable to consult a specialist when
drafting a Last Will and Testament.

Preventing intestate succession

■■ Should an estate planner die without executing a valid Last Will and
Testament, his estate will be dealt with as an intestate estate, and the laws
relating to intestate succession will apply.

■■ According to the Intestate Succession Act, the estate must be divided
between the deceased’s spouse and dependants. The surviving spouse
inherits the greater of R250 000 or a child’s share. A child’s share is
determined by dividing the total value of the estate by the number of the
children and the surviving spouse.

■■ If the spouses were married in community of property, one half of the estate
goes to the surviving spouse as a consequence of the marriage, and the
other half devolves according to the rules of intestate succession.

■■ If there is no surviving spouse or dependants, the estate is divided between
the parents and / or siblings. In the absence of parents or siblings, the estate
is divided between the nearest blood relatives.

Requirements for the valid execution of the Will

■■ The Wills Act sets out the formal requirements to execute a valid Last Will and
Testament.

■■ A person can validly execute a Will from the age of 16 years, as long as he
is not mentally incapable of appreciating the nature of his acts at the time of
signing the Will.

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