Wills Week: Free Will Consultations, Executor's Roles and Transparent Executor's Fees
As we navigate the complexities of life, it's easy to postpone important decisions, particularly when they pertain to topics like mortality and the distribution of assets. However, ensuring that your loved ones are taken care of after your passing is a responsibility that shouldn't be delayed. This is where initiatives like the LSSA National Wills Week come into play, reminding us of the significance of having a well-drafted will. Taking place from September 11th to 15th, 2023, this event encourages individuals across South Africa to consider their estate planning and take proactive steps to secure their legacies, have a valid will drafted for FREE by participating law firms across South Africa.
The Importance of Having a Will
A will is a legal document that outlines how your assets and estate should be distributed after your death. It ensures that your wishes are respected and that your loved ones are provided for according to your intentions. Without a will, the distribution of your assets may be subject to intestacy laws, potentially leading to disputes and unintended consequences.
Choosing an Executor: A Crucial Decision
An executor is an individual appointed in your will to manage and administer your estate according to your wishes. This role comes with significant responsibilities, such as collecting assets, paying debts and taxes, and distributing the remaining assets to beneficiaries. While you have the freedom to select anyone as an executor, it is highly recommended to choose someone who is reliable, knowledgeable, and capable of handling the intricate details involved in estate administration. Interestingly, it is not uncommon for individuals to select the attorney who drafted their will as the executor. This choice can provide various benefits, as the attorney is already familiar with the contents of the will and has a deep understanding of the legal and procedural aspects of estate administration.
Legal Requirements for Estate Administration
It's essential to note that the administration of estates comes with legal regulations in South Africa. Estates with a value exceeding R250,000 must be administered by an attorney. Therefore, appointing an attorney as an executor not only aligns with legal requirements but also ensures that the estate is managed in accordance with the law.
Executor Fees and Charges
When an attorney acts as the executor of an estate, they are entitled to charge fees for their services. The fees are regulated to ensure fairness and transparency. Executors are permitted to charge an administration fee, which is typically calculated as a percentage of the assets reflected in the liquidation and distribution account. This percentage is usually around 3.5%. Additionally, executors can charge 6% of any income earned by the deceased estate. In cases where beneficiaries are concerned about the fees being charged, they have the option to seek assistance from the Legal Practice Council in their area to ensure that the fees are reasonable and in line with legal standards.
Virtual Consultations for Wills Week
As technology continues to reshape how we interact, MJM Attorneys is at the forefront of innovation during Wills Week. In response to the changing landscape, MJM Attorneys is offering virtual consultations for individuals seeking to draft or update their wills. This virtual approach enables people to access expert legal advice conveniently, regardless of their location. To book a virtual consultation with MJM Attorneys, individuals can send an email to info@mjmattorneys.co.za. In conclusion, the LSSA National Wills Week serves as a reminder of the importance of having a well-structured will. It's an opportunity for individuals to consider their legacy and ensure that their loved ones are taken care of in their absence. Choosing an executor wisely, understanding the legal requirements, and being aware of the fees associated with estate administration are all crucial steps in this process. With MJM Attorneys offering virtual consultations, the path to secure estate planning has never been more accessible.