Do you need a will or a family trust? The answer depends on individual circumstances, financial goals, and the commitment to compliance with SARS regulations. While family trusts can offer significant benefits in terms of wealth protection and distribution, they also come with associated costs and complexities.
A will serves other essential purposes beyond asset distribution. In South Africa, it can include vital instructions on handling one's remains and burial preferences. This is particularly crucial for those who wish to express their desires regarding funeral arrangements, memorial services, or even the choice of burial location.
The surviving spouse may approach Home Affairs for late registration of customary marriage, apply for appointment as executor. The spouse is entitled to 50% of the joint estate and R250 000 in child’s portion.