Most people think that they don’t need a Will because they don’t own much. Others think that the government will get it all.
So, are these beliefs correct? Yes and No.
First, there are many other reasons to prepare your Will besides transferring your estate – such as appointing Executors, Guardians of your minor kids, and making sure that your estate goes to the right people, but not to the ones that the government decides.
Secondly, the government doesn’t “get it all”, but dying “intestate” (without a Will) makes your estate going through Administration process instead of Probate, which is normally costlier and more time consuming.
The new Wills, Estates and Succession Act (WESA) that came into effect 2 years ago has changed the structure of the intestate distribution, which is quite different than the previous structure. However, the most questions that might affect your estate could include the following questions:
- How my estate will be divided?
- Who takes control of your estate when dying without a Will?
- Who will pay for the Public Guardian and Trustee to administer your estate?
If you have more questions like these, please contact us for a FREE estate planning meeting where you can find the answers!