Estate Planning: What is it?

Estate Planning

Estate planning is the process of managing your assets during your lifetime and after your death. It can help you to protect your assets in a number of ways, including:

• Diminishing the risk of your assets being taken by creditors. If you have debts, a well-drafted will can help to ensure that your assets are not used to pay off those debts. You can also use trusts and other legal structures to protect your assets from creditors.
• Avoiding the intestacy laws. If you die without a will, your assets will be distributed according to the intestacy laws. This may not be what you want, as the intestacy laws may not give your assets to the people you want to receive them.
• Providing for your loved ones. A well-drafted will can ensure that your assets are distributed to your loved ones in the way that you want. You can also use trusts and other legal structures to provide for your loved ones' financial needs, such as their education and healthcare.
• Achieving your financial goals. Estate planning can help you to achieve your financial goals, such as providing for your retirement or passing on your business to your children.

If you are concerned about protecting your assets, it is important to speak to an estate planning attorney. They can help you to develop an estate plan that meets your specific needs and goals.

Here are some additional things to keep in mind about estate planning in South African law:

• The minimum age to make a will in South Africa is 16 years old.
• A will must be in writing and signed by the testator (the person making the will) and two witnesses.
• A will can be revoked at any time by the testator, either by destroying the will or by making a new will.
• If you die without a will, your assets will be distributed according to the intestacy laws.

Estate planning is a complex matter, and it is important to get professional advice if you are considering it. An estate planning attorney can help you to understand your options and develop a plan that meets your needs.