F.A.Q - Estate Planning and Preventative Measures
Estate planning ensures your assets are distributed as you wish, minimizes estate duty, and protects your dependents’ future. It includes drafting a will, setting up trusts, and planning for taxes, reducing stress for your loved ones.
Ready to plan your estate? Contact Louwrens Koen Attorneys for expert guidance.
How Can a Trust Benefit My Estate Plan?
A trust protects assets, reduces estate duty, and ensures funds are managed for beneficiaries (e.g., minors). It can also avoid probate delays and provide for specific needs, like education or disability care.
Considering a trust? Contact Louwrens Koen Attorneys for tailored solutions.
What Should Be Included in a Last Will and Testament?
A will should specify asset distribution, name an Executor, appoint guardians for minor children, and outline any special bequests. It must comply with the Wills Act to be valid, ensuring your wishes are legally enforceable.
Need a will? Louwrens Koen Attorneys can draft a comprehensive document.
What Are the Risks of Not Having an Estate Plan?
Without an estate plan, your estate may be distributed under the Intestate Succession Act, leading to unintended beneficiaries, higher taxes, or disputes. Your dependents may face financial or legal challenges.
Unplanned estate? Louwrens Koen Attorneys can help you prepare.
Can I Plan for Digital Assets in My Will?
Yes, you can include digital assets (e.g., online accounts, cryptocurrencies) in your will, specifying how they should be accessed or distributed. Clear instructions help your Executor manage these assets effectively.
Have digital assets? Louwrens Koen Attorneys can include them in your plan.
Should I Appoint a Professional Executor in My Will?
Naming a professional Executor (e.g., an attorney) ensures efficient estate administration, especially for complex estates. They handle legal compliance, taxes, and disputes, reducing risks for lay Executors.
Need an Executor? Louwrens Koen Attorneys offers expert Executor services.
How Can I Protect My Children’s Inheritance in My Estate Plan?
Protect children’s inheritance by setting up a trust to manage funds until they’re adults, appointing a guardian in your will, or using the Guardian’s Fund for minors. This ensures their financial security.
Planning for your children? Contact Louwrens Koen Attorneys for customized plans.
What Is a Living Will, and Should I Have One?
A living will outlines your medical wishes (e.g., refusing life-sustaining treatment) if you’re incapacitated. It’s not legally binding in South Africa but guides family and doctors. It complements your estate plan.
Interested in a living will? Louwrens Koen Attorneys can assist.