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A crucial responsibility of the appointed executor is to diligently account for the debts and obligations within the deceased individual's estate. It is important to note that the heirs and beneficiaries can only receive their respective inheritances once all the estate's liabilities have been settled.
We all get caught up with the high demands of family life and work, so it is easy to forget about taking care of your estate and will.
However, this is arguably the most important thing to take care of while you are still alive.
Letters of wishes (sometimes referred to as a Memorandum of Wishes) are non-binding documents that provide guidance of the estate planning documents.
In South Africa, it is a well-known fact that more than 70% of the people do not have a will, or their will is out of date or no longer relevant.
Many people spend their lives building up assets, only to have the whole process undermined by neglecting to have a will, or having one that does not reflect their wishes when they are no longer around.
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