Whilst the first and most important step in your estate planning is always to have in place a professionally drawn and regularly updated will (“Last Will and Testament”), there is another aspect which demands your urgent attention, particularly now… It is essential that you provide for your family’s ongoing financial needs during the process of winding up your estate, because all your bank accounts will be frozen.
An antenuptial contract (also known as a marriage contract) is a legal document signed prior to entering a marriage and regulates the financial relationship between a couple. This might be especially important for someone who already has assets like a business, or family obligations like children from a previous marriage..
A deceased estate comes into existence when a person dies and leaves a will. The estate must be administered and distributed in terms of the deceased’s will. If a person dies without leaving a valid will, the estate must be administered and distributed in terms of the Intestate Succession Act.
Without a will, your estate will be wound up in accordance with our laws of “intestate succession”. You have forfeited your right (and duty) to ensure that your loved ones each receive what they need…