To set up a will contact Peter Baker, a Cape Town lawyer: 13th Floor, Constitution House |
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Setting up a Will in South Africa
South African Law follows the principle of “Freedom of Testation”, and a person can leave his/her assets to whomever he/she pleases. In Roman-Dutch Law debts were also inherited, but not in South African Law.
Wills become particularly relevant when two parties get married. The option is open to a married couple to sign a joint Will, or two individual wills. If a person dies “intestate”, i.e. without a will, and is married with children, the surviving spouse will receive a child’s share of the inheritance or R125 000.00, whichever is the greater amount. This amount may be changed to a higher amount fairly soon.
When having a will set up one should make a list of all assets as well as get the full names of all potential heirs. One should include a clause when leaving something to your surviving spouse to provide for a possible situation where you and the surviving spouse may die simultaneously or within a short period of each other e.g. If the two of you are involved in a motor vehicle accident.
Estate Duty must be paid when somebody dies, and is up to 20% of the gross value of the estate. If you bequeath everything to your surviving spouse your estate will be exempt from estate duty.
The will must be signed by two witnesses above the age of fourteen, who are compis mentis (of sound mind), in the presence of each other and of the testator/testatrix.