Estate planning FAQ
Find comprehensive answers to some of the most frequently asked questions on estate planning, drafting a Will and deceased estate administration.
If you have any questions regarding your specific situation, please get in touch with us directly.
Drafting a Will
What is a Will and Testament?
expand_moreA Last Will and Testament or Will is a legal document that specifies what must happen to your assets after you pass away. It provides guidance on how your belongings will be distributed which prevents costly family and legal disputes.
How do I draft a Will?
expand_more• The Will must be in writing (printed or hand-written).
• The testator (the person drafting the Will) must sign their Will among 2 or more witnesses.
• The testator must be of sound mind at the time the Will is drafted.
• A witness of a Will cannot be a beneficiary and vice versa.
To ensure your Will is valid, you can draft a free Will online or book a consultation to get a Will tailored to your personal circumstances. You can also get your Will witnessed, signed and delivered for safekeeping at Momentum Trust from your nearest PostNet store.
• The testator (the person drafting the Will) must sign their Will among 2 or more witnesses.
• The testator must be of sound mind at the time the Will is drafted.
• A witness of a Will cannot be a beneficiary and vice versa.
To ensure your Will is valid, you can draft a free Will online or book a consultation to get a Will tailored to your personal circumstances. You can also get your Will witnessed, signed and delivered for safekeeping at Momentum Trust from your nearest PostNet store.
Where can I make a Will in South Africa?
expand_moreMomentum Trust offers Will-drafting services which include drafting a legal Will, getting it witnessed, signed and couriered to Momentum for safekeeping at any PostNet store in South Africa. Contact us to get assistance from our Wills experts on how to draft a complex Will.
Can I make a Will without a lawyer?
expand_moreYes. You can draft your own valid Will online with Momentum Trust without a lawyer, at no cost to you.
How much does it cost to draft a Will in South Africa?
expand_moreAt Momentum Trust, you can draft an online Will for free. You can also consult with our Wills experts to assist you in drafting a Will, which may come at a cost.
Where can I make a Will for free?
expand_moreDraft a free and valid Will online on the secure Momentum platform.
Estate planning
When should I start estate planning?
expand_moreEstate planning is crucial for all income earners, no matter where you are in your
financial journey and should be started as soon as possible.
Do I need an estate plan if I have a Will?
expand_moreDrafting your Will is the first step in the estate planning process. Estate planning
is more comprehensive and aims to maximise your estate's liquidity to ensure
your loved ones are cared for.
Do I need to use a professional for estate planning?
expand_moreNo, but navigating the legal, financial, and administrative complexities of estate
planning alone can be daunting. At Momentum Trust, our team of estate
planning experts are here to help you every step of the way.
What is estate planning and why is it important?
expand_moreEstate planning is a process that ensures you secure the financial future of the people who depend on you after you pass away. It involves:
- Drafting a legal Will to specify how you want your assets to be distributed.
- Structuring your assets during your lifetime to ensure you have enough money to settle your liabilities and preserve your wealth and assets for your loved ones.
Deceased estate administration
What is deceased estate administration?
expand_moreDeceased estate administration is the process of settling a deceased’s estate after someone has passed away. Without the necessary legal and financial expertise, the process can get very lengthy and costly. Momentum Trust offers deceased estate administration services to help you correctly settle the deceased’s estate.
What is the estate administration process?
expand_moreThe estate administration process involves:
- Reporting a death.
- Gathering the deceased’s death certificate, Will and other documents.
- Getting an executor appointed to administer the deceased estate.
- Paying the deceased’s creditors and distributing their assets to beneficiaries.
How long does it take to settle a deceased estate in South Africa?
expand_moreDepending on the nature and complexity of the estate, it can take up to a few months to several years to settle an estate. Our estate administration services can assist in the smooth winding up of a deceased estate to avoid delays impacting your loved ones.
When is a deceased estate fully administered?
expand_moreThe deceased estate is fully administered when approval from the Master of the High Court has been granted to close the estate.
How do I appoint a deceased estate administrator?
expand_moreYou must nominate an executor in your Will to be considered as your preferred estate administrator after you pass away. Only the Master of the High Court can appoint your executor via a letter of executorship, which legally allows the executor to carry out estate administration duties. Nominating a professional executor like Momentum Trust gives you peace of mind, knowing that the interests of your beneficiaries and creditors have been safeguarded.
How do I administer an estate?
expand_moreYou must be nominated as an executor in a Will and officially appointed by the Master of the High Court via a letter of executorship. If you’ve been appointed as an executor, we can help you as the executor’s agent by carrying out the estate administration duties on your behalf. With Momentum Trust, you benefit from legal, financial and administrative expertise that ensures the estate is settled correctly.
How long does it take to settle a deceased estate in South Africa?
expand_moreDepending on the nature and complexity of the estate, it can take up to a few months to several years to settle an estate. Our estate administration services can assist in the smooth winding up of a deceased estate to avoid delays impacting your loved ones.
How does an estate work when someone dies?
expand_moreA deceased estate comes into effect when someone passes away. Distributing the assets and settling the liabilities that someone leaves behind after they die is a legal requirement. Deceased estates are settled according to a Will, Trust or Interstate Succession. At Momentum Trust, we offer estate administration services, ensuring that deceased estates are settled correctly.
How do I become a deceased estate administrator?
expand_moreYou must be appointed by the Master of the High Court via a letter of executorship.
Momentum Estate Provider Benefit
How can Momentum's Estate Provider Benefit help me with my estate planning?
expand_moreMomentum’s Estate Provider Benefit is a solution that ensures that your loved ones
are taken care of after you die by providing services and covering costs related to a
deceased estate.
How can I calculate if I will have any cash shortfalls in my estate?
expand_moreYou can use Momentum’s free Estate Provider Benefit calculator to calculate if you
will have any cash shortfalls in your estate.
What benefits are included in Momentum's Estate Provider Benefit?
expand_moreMomentum’s Estate Provider Benefit doubles up an all-inclusive estate plan that offers
Will Drafting Services, a professional fee benefit, an instant cash amount paid to your
nominee after a death claim, and a death benefit worth R300 000 or more. To find out
more about these benefits, you can request a call back or contact an estate planning
financial adviser at [email protected].
Trust administration
What is trust administration services?
expand_moreTrust administration is the process of managing and distributing assets held in a Trust you set up to preserve your wealth and legacy for your beneficiaries. A Trust that doesn’t comply with specific legal requirements can have costly implications. With our Trust administration services, you benefit from legal and financial expertise to ensure your Trust is set up and managed correctly, according to your wishes.
How do trust funds work?
expand_moreWhen you set up a trust fund to preserve your wealth and legacy for your beneficiaries:
- You as the Owner of the trust, must designate a third-party Trustee to carry out fiduciary duties on behalf of your beneficiaries.
- A Trustee can only be appointed by the Master of the High Court via Letter of Authority, which legally allows them to carry out trust administration duties according to the South African legal framework and your requirements.
Who can administer a trust fund?
expand_moreA Trustee must be appointed by the Master of the High Court via Letter of Authority which legally allows them to carry out trust administration duties.
Momentum Trust
contact details
All our services are under one roof, from Will drafting, trust administration to deceased estate administration.
Email us: [email protected]
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