A bequest refers to a gift or inheritance that is specifically designated in a will. It is a provision in the will where the testator (the person creating the will) specifies the distribution of certain assets or property to a particular individual or organisation. In simple terms, a bequest is a way for the testator to express their wishes regarding who should receive certain items or assets after their death. It can involve various types of property, such as money, real estate, personal belongings, or even specific rights or privileges. Bequests can be made to family members, friends, charitable organisations, or any other person or entity that the testator wishes to benefit from their estate. The specific details of the bequest, including the identity of the recipient and the nature of the gift, should be clearly stated in the will. By including bequests in their will, individuals can ensure that their assets are distributed according to their intentions and that their loved ones or chosen beneficiaries receive specific items or inheritances as outlined in the document.

FAQs - Page 2 of 9 - Francois Vorster

Q: How much can I bequeath?

In South Africa, there is no legal limit on how much you can bequeath in a will. You are free to leave your assets to anyone you choose. However, it is important to keep in mind that your will should not violate any laws or regulations. Additionally, if you have debt or outstanding obligations at the time of your death, those may need to be settled before your assets can be distributed to your beneficiaries.

Q: What about relatives not listed?

Relatives who are not listed in a will may not automatically inherit from the estate. In most cases, the distribution of assets will follow the instructions provided in the will. If a relative is not mentioned as a beneficiary or heir in the will, they may not have a legal right to inherit. However, it's important to note that laws regarding inheritance can vary depending on the jurisdiction and applicable laws. In some cases, there may be provisions in the law that entitle certain relatives to a share of the estate, even if they are not explicitly named in the will. These provisions are generally based on familial relationships and are often referred to as "intestate succession" laws. If you have concerns about relatives who are not listed in a will or if you believe that they may have a rightful claim to the estate, it's advisable to consult with an attorney who specializes in estate planning and probate law. They can provide guidance based on the specific laws in your jurisdiction and help ensure that the estate is distributed in accordance with the applicable legal requirements.

Q: How do I get nominated as executor of an estate?

To get nominated as an executor of an estate, typically, the following steps are involved: Will designation: first, the person creating the will, known as the testator, must explicitly nominate you as an executor in their will. They can do this by clearly stating your name and designation as the executor. Acceptance: after the testator's passing, you will need to accept the nomination as executor. This can be done by formally expressing your willingness to take on the role and responsibilities associated with it. It's important to consider whether you have the time, capability, and willingness to fulfil the duties of an executor before accepting the nomination. Legal process: once you have accepted the nomination, the will needs to go through the probate process. This involves submitting the will to the appropriate court for validation and obtaining legal authority to act as the executor. The court will review the will, confirm its validity, and issue the necessary legal documents granting you the authority to administer the estate. Estate administration: as the nominated and appointed executor, you will be responsible for handling the administrative tasks of the estate. This includes gathering assets, paying debts and taxes, protecting the estate's interests, and distributing the remaining assets to the beneficiaries as specified in the will. It's important to note that the process may vary depending on local laws and regulations. Consulting with an attorney or legal professional who specializes in estate administration can provide you with specific guidance on the nomination and appointment process in your jurisdiction.

Q: Can you have joint executors of a will?

Yes, it is possible to have joint executors of a will. Joint executors are individuals appointed to act together in administering the estate and carrying out the instructions outlined in the will. This arrangement can provide added support, shared responsibilities, and a checks-and-balances system in the administration process. When there are joint executors, they must work together and make decisions collectively. This means that major decisions, such as selling property or distributing assets, require the agreement and consensus of all joint executors. Communication and cooperation between the joint executors are essential to ensure the smooth administration of the estate. It's important to carefully consider the selection of joint executors and ensure they have a good working relationship and can effectively collaborate. It's also advisable to specify in the will how decisions will be made in case of a disagreement or if one of the joint executors becomes unable or unwilling to fulfil their duties. Having joint executors can provide added flexibility and efficiency in estate administration, but it's important to seek legal advice and consider the specific circumstances and dynamics of the situation before making a decision.

Q: Can a family member witness a will?

Yes, a family member can witness a will, but it is generally not recommended. Many jurisdictions have laws that prohibit family members from acting as witnesses to ensure impartiality and to prevent any potential conflicts of interest. It is advisable to choose independent witnesses who are not beneficiaries or closely related to you to ensure the validity and credibility of the will.

Q: Do you need a lawyer to draft a will?

No, you do not necessarily need a lawyer to draft a will. While it is recommended to seek legal advice to ensure your will is legally valid and covers all necessary aspects, you have the option to draft a will on your own. However, it's important to note that a lawyer can provide valuable expertise and guidance in estate planning, helping you navigate complex legal requirements and ensure that your will accurately reflects your wishes.