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FiVE FACToRS To

FuTuRE-PRooF YouR

ESTATE PLAnning

By Willie Fourie, Head of Estate and Trust Services, PSG Wealth

E state planning doesn’t need your heirs a lot of heartache, and avoid financial problems.

to be overly complicated,
yet there are common
getting an heir to sign as a witness on your will, will
mistakes we see people 3) Watch out for your witnesses
make that can have devastating automatically disqualify them from inheriting from your

outcomes for those left behind. estate. Witnesses may not be beneficiaries of any kind.

Here’s what you need to be aware of. 4) Your legal heirs take priority
If your beneficiaries are not, by law, heirs to your estate because

1) Watch your wording of your financial responsibilities, your inheritance will instead

A misunderstanding with wording in your will can result go to your rightful heirs. Nominating your favourite friend over
in the opposite of what was intended. If the executor your estranged kin may become null and void depending
of the estate and heirs to the estate have conflicting on what is seen to be your duty by the court. generally, there

views about a will’s provisions (which can often happen), are three considerations here that can contest freedom of
they will look to the Master of the High Court of south testation, which essentially means you can do what you
Africa (who must confirm the validity of the will) for a like. These are claims for maintenance from dependents, or

decisive interpretation of any contentious clauses. claims from a surviving spouse, or lastly, claims in terms of
the accrual system created by the Matrimonial Property Act.
Common wording blunders include:
“I bequeath my farm to my son and the cash in my bank account 5) Don’t do it yourself
to my daughter.” Drafting a will without professional assistance can actually
The timing of the parent (testator) passing becomes crucial do the opposite of protecting your assets or ensuring
here. The son may in this instance inherit the farm without the your estate reaches those you want or need it to. sure,
proceeds of the current harvest as it may have been banked. He you can easily download a template or purchase one at

would have to wait until the next harvest to have any funds to your local stationery store, but working with a qualified

replant the fields or to pay the day-to-day expenses, while the adviser to draft your will keeps your wishes for your assets
daughter will have liquid assets (cash) to spend as she pleases. safe, for sure. Including your estate planning in your

financial planning overall takes care of the big picture
“I bequeath my motor vehicles to my son and my investments and is best done with the guidance of a professional.
to my daughter.”
In instances like these, how does one treat the collection
of vintage motor vehicles that the testator invested all
his spare cash in over the years? These and other curious
questions will be answered by the court and your wishes
may well be for naught if wording conflicts arise.

2) Select your executor with care
Often a layman is appointed as executor but using friends or
family as executors should really be avoided due to the complex
nature of winding up estates. A trusted professional, such as
an FPsA (Fiduciary Practitioner of south Africa) and member
of FIsA (Fiduciary Institute of southern Africa) is often better
placed to assist due to their understanding of the process. As
wills must be carefully worded to avoid misinterpretation, well-
informed executors play a large role, and can ultimately save

Waterfall Issue 4 2020 17