Newsletter - August 2019
- Featured article by LAWYERS-ONLINE.CO.ZA
In the instance of the death. Know how to deal with your lawyer.
What You Need to Know about Estate Lawyers, a Quick Look. There is nothing more perplexing than worrying about the future of your loved ones, your finances and what happens once you are no longer in control of everything. These fears can cause endless sleepless nights, but luckily through thorough planning and the assistance of an Estate Lawyer, your affairs can be left in good hands, leaving you free to enjoy your life without pernickety worries.
So what is an estate lawyer?
These legal professionals purposefully specialize in helping their clients with planning their estates, drawing up wills and setting up trusts.
As a part of the family law branch, this field of law often requires a delicate approach, because money and inheritances are concerned, often human emotion can get in the way.
So, what does an Estate Lawyer do?
Although anyone is able to draw up a will, understanding what clauses are legal or not legal, requires the eagle eyes of an Estate Lawyer. This includes helping you nominate a competent and trustworthy executor for your will and advising on how to divide your assets after death.
It may not be a pleasant topic to think about, but without a proper will and testament in place that has been signed, witnessed and notarized, your estate may fall into the hands of the government according to the Administration of Estates Act, 1965.
When it comes to safeguarding the financial future your family, a trust may be one of the smartest decisions you can make. This makes it easier to manage taxes on large estates and complicated financial matters can be handled by the trustees as set out in Trust Property Control Act 1988.
It should be noted that there two types of Trusts, and it is best to discuss the options with your estate lawyer. These options include:
- Inter vivos trusts: Also known as a Trust between living persons and include family trusts and situations where it is easier than sharing ownership between two persons.
- Testamentary trusts: These are trusts that can be set up as dictated by the terms of a Will.
Administration of deceased estates.
In some cases, the deceased may not have left a will behind and may not have planned their estate in time, and in these cases, often the estate will fall into the hands of the state and it will be up to The Master of The Court and the courts themselves to determine what happens to the estate. In these cases an Estate Lawyer may prove invaluable in helping family member navigate the tricky legal red tape surrounding these delicate matters.
This process is not ideal, and often extends the time to resolve the unpleasant experience so it is something you should try to avoid.
There are other services Estate Lawyers offer. For the sake of your loved ones and to avoid your estate falling into the wrong hands, please contact us.