Wills and Estates

The Wills Act No 7 of 1953 prescribes certain formalities and requirements for a valid will. Non-compliance with these formalities and requirements will necessitate the intervention of the Court, which must then be convinced that the document was indeed intended to be the deceased’s will. It is therefore crucial to obtain legal advice before finalising a will if there are uncertainties about the requirements for a valid will.

There are a number of important factors to keep in mind when the will is being prepared which will also have an influence on the administration of the diseased estate. It is firstly important to appoint an executor who will be willing and able to administer the estate promptly and professionally and who is familiar with the procedures of administration of estates. The will is also the document in terms of which the testator/testatrix can stipulate the rights and obligations of heirs relating to their respective inheritance. The executor will ensure that these rights and obligations are met when the estate is finalised. Another important factor to keep in mind is the tax dispensation at the relevant time. The estate will be administered in accordance with the tax dispensation at the time of administration of the estate. This is one of the reasons why it is of the utmost importance to update a will on a regular basis.

The testator/testatrix must always keep in mind that the executor is entitled to a  prescribed fee. An executor is entitled to 3.5% (plus VAT) of the value of the estate as at date of death and on 6% (plus VAT) on the growth of the estate from date of death until finalisation.  

The administration of estates is mainly regulated by the Administration of Estates Act, No 66 of 1965 and the Estate Duty Act, No 45 of 1955 and the Master of the High Court supervises the process of administration.