By now we’re sure you would have heard how important it is to have an up to date Will. It is one of the first things a financial advisor will cover when you do a financial plan.
In case you need a refresher, below are just a few highlights:
- Justice.gov.za says the following about how your estate will be distributed should you pass away without a Will:
“All deceased estates will be distributed in terms of the Intestate Succession Act.
This means that the beneficiaries in order of preference are:
- The spouse of the deceased
- The descendants [including adopted and illegitimate children] of the deceased
- The parents of the deceased (Only if the deceased died without surviving spouse or descendants)
- The siblings of the deceased (Only if one or both parents are predeceased)”