By Zuko Komisa
Important things to know if your final will and testament is with a bank.
Your final will and testament is one of the most important documents you should have, especially if you are amassing assets, and have a family that relies on you.
A will ensures that your property and belongings are distributed to the people you wish to receive them.
The execution of your preferences regarding who should inherit what depends on having a current and valid will.
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The big question that many need to answer is whether or not it makes sense to keep your will with a bank.
Kaya Biz with Dumisang Ndlovu standing in for Gugulethu Mfuphi spoke to Mojalefa Motalane – Founder of Motalane Attorney about some of the things South Africans need to be aware of when it comes to keeping their final will and testaments with a bank.
LISTEN TO THE FULL CONVERSATION HERE:
What options exist when it comes to your will?
“You have to nominate the bank as an executor of your estate in order for them to administer your estate, as to where else you can keep your will, the options are countless. It can be in a safe, it can be with a bank, it can be with your attorney, your auditor, or your spouse. It really depends on who you trust and believe has the ability to make your will be accessible.” said Motalane.
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How do you legitimise your will?
Motalane shared the importance of having a will and how it will be managed should you pass.
“All wills are the same, and fall under what is called an estate succession, and if you didn’t have a will, your estate then falls into inter-estate succession… “
“Your will does a number of things, firstly it appoints an executor, this is a person who will act on your behalf, in the event you pass on, manage your affairs, pay off your creditors, and all things to wound up your estate.” said Motalane.
How does the process work when you have a will with a bank?
“When it comes to banks, in order for you to leave a will with them, you need to nominate them as an executor, you then have an administrator in the bank, which is where a lot of people have difficulties, because an administrator could be given your file today and the person could not be around for a month or two.”
“Estates, depending on how complex they are, can actually take some time to be wound up. That’s why it is better to have someone you can rely on.” said Motalane.
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