The Fiduciary Institute of Southern Africa (FISA) recently published a helpful Moneyweb article regarding the unnecessary and costly delays in winding up a deceased estate – a major issue that can prolong the trauma and potentially cause financial hardship.
In particular, it was emphasised that most of the delays can be attributed to poorly drafted wills, important documents that are unavailable, delays with the appointment of the executor and service issues at the Office of the Master of the High Court. “A critical starting point for the smooth and efficient winding up of a deceased estate is a valid, well-drafted and original will.”
It is also important for clients to remember to always date their wills. Even though it is not necessary to date a will for it to be valid, the Executor of your estate will be obligated to work from your last valid will. By dating your will, you avoid confusion if another will is found. If more than one will is found with completely different bequests, and no date to indicate when it was signed, the Executor will be forced to submit all wills. This will result in all bequests to be adhered to as if it reads from one valid will.
For assistance regarding your will, contact the Fiduciary Services team at ariza@barnardinc.co.za
