South African change jobs on average 7 times in the working phase of their lives and 95 percent end up without sufficient funds when they retire. The main reason is that they cash in their pension funds instead of preserving them every time they move jobs.
An invalid will can lead to unnecessary delays and costs when it comes to winding up your estate.The problem worsens as frustrated beneficiaries and angry members of the family have to deal with the lengthy process of dying “Intestate.” That is without a valid will. Executing an estate is so much easier if the will is prepared properly.
Here are some important points to ensure that your will is valid.
- You must be 16 years or older and mentally capable to make a valid will.
- You must sign your will at the end of the document. If it consists of more than page then it should be signed at the end of each page.
- You should sign you will in the presence of two witnesses over the age of 14 who are competent to give evidence in a court of law.
- The witnesses must not be benefit in term of the will. So they may not be beneficiaries, executors or trustees.
- The witnesses must sign the will in the presence of you and the other witnesses.
- The will must be dated to ensure that the executor of your estate has a clear understanding of the latest will.
The time that it takes to ensure that you have a valid will is minuscule compared to the time and effort it takes to wind up an estate without a valid will.
Make sure that your will is valid. Your beneficiaries depend on it….
The rising costs in tariffs, rates and taxes are a reality which households will have to face head on as there are no magic wands to wave to make them go away. We will have to get down to understanding theses expenses and how much they eat into our monthly incomes. Let’s take the recent hike in electricity costs and see how we can manage this a bit better.
The only real way to get on top of your electricity bill is to analyse how much you use and at what cost. This follows a fundamental principle in financial planning – “If you can measure it you can manage it.”
The recent World Economic Forum on Africa held in Cape Town has an important place for all countries on the continent. It aims to synergise the efforts of Africans to improve their economies.