When you draft your Will it’s important to consider whether part of your estate may be inherited by minors- such as your children or grandchildren.
According to South African law, minors may not inherit directly. To ensure you protect their inheritance you can give instruction in your Will that a trust be set up for them when you pass away. This is known as a testamentary trust be set up for them when you pass away.
This is known as a testamentary trust. You can nominate the trustees who will be responsible for administering the assets within the trust.
This is for the sole benefit of your beneficiaries – your minor heirs and anyone whom you have stipulated should benefit from the trust.
Our partner recommends that your trustees should comprise of both professional trustees as well as a personal trustee who knows and understands what you would have wanted for your beneficiaries. Planning for the unexpected in the best way to ensure you protect your family and your legacy.
Life can be unexpected. Is your Will up to date?