Nobody likes
to dwell on the matter of their own demise. Unfortunately, it is something that
none of us can escape and ignoring the consequences can make things that much
harder for those left behind.
If
you die without drafting a will, an executor will be appointed and he
will distribute your assets in terms of the intestate succession. When this law is enforced when dealing with
immovable property, it can lead to a lot of frustration to the family of the deceased,
as no clear instructions were left behind.
It is
important to take into consideration the manner in which you were married, when
handling your estate and drafting of your will. If you are married in community of property,
you only own half of all assets registered in your name and your spouse the
other half share. Your spouse therefore still remains a one half share owner of
any fixed property you may want to bequeath to a third party which could
potentially present conflict between the parties.
If you are
married in terms of the accrual regime, the calculation to determine which
spouse has a claim against the other to equalize the growth of the respective
estates only occurs at death. Your spouse may therefore have a substantial
claim against your estate necessitating the sale of assets you had not intended
to be sold.
If you are
involved in a co-ownership situation, you may wish to address the issue of
occupation rights for your surviving spouse in your will. Co-ownership, like
many other aspects relating to wills can be tricky which is why it’s best to
involve the services of a professional when drafting a will.
Alongside
your will, you should also prepare the following in relation to any immovable
property you may own:
· State where
your title deeds are kept and record any outstanding bonds and all insurance
· File
up-to-date rates and taxes receipts
· Record
details of the leases on any property you have
· State who
collects your rent
· State who
compiles your yearly accounts
· State where
your water, lights and refuse deposit receipts are kept
It is also
important to remember that if you have a bond over your property, whether you
have life insurance or not will have a huge impact on your estate and the
subsequent transfer of your immovable property. Also keep in mind, that if the bond is not
settled the surviving joint bond holder will have to go to their bank and apply
for an endorsement to take over the balance of the loan on their own.
Also keep in
mind that no transfer duty is payable on
property bequeathed to heirs. This applies even when the heirs agree to
distribute the property or properties amongst themselves, in a different way to
that envisaged by the testator. Conveyancing fees are however still payable. If
the heirs decide to sell the property (out of the estate) to an outsider,
transfer duty will then apply – but in most cases will be paid for by the
buyer.
Simply put,
there’s no excuse not to have a will. You can speak to your bank or your
attorney about drawing up a will that they will hold on your behalf. Doing so
will ensure that everything in your estate goes to the right people timeously,
and without extra cost, which will prevent additional heartache and worry
during a very stressful time.
With acknowledgement of extracts from :
https://www.privateproperty.co.za/advice/property/articles/death-andproperty/3231