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Zip Zap Circus is participating in National Wills Week as part of our newly launched Legacy Programme. During this week from 26th to 30th October, the Law Society of South Africa encourages Attorneys nationwide to provide a will drafting service for free.
Here are a few pointers to ensure that you are future-proofing your family and leaving a lasting legacy that will live on long after you!
Why do I need a Will?
When you pass on, chances are that your estate won’t matter much to you, but do you want your life’s work to be distributed amongst unworthy heirs?
Everything that remains of your assets after all debts and administrative costs have been subtracted, will be inherited through the laws of succession by your qualified beneficiaries. If you fail to draft a valid will, the assets in your deceased estate will be distributed in accordance with the Intestate Succession Act 81 of 1987. This could result in an estranged spouse receiving a portion of your assets which you may have preferred to donate to the SPCA.
So, if you want to ensure that your preferred people (or animals) benefit from the delicious fruits of your creation when you finally pass on, make sure to draft a valid Last Will and Testament.
What happens if you don’t have a Will?
If you die intestate the Intestate Succession Act No. 81 of 1987 will apply (“the Intestate Succession Act”). The Intestate Succession Act determines who will inherit your estate.
There are various possibilities based on which relatives remain after you have passed on:
1. You are survived by a spouse, but no children: Your spouse will inherit your entire estate.
2. You are survived by one or more children, but no spouse: Your child will inherit your entire estate. If you have more than one child, your estate will be split equally between them.
3. You are survived by one or more children and a spouse: Your spouse will inherit either a child’s share or R250 000.00, whichever is the greater amount (this is the amount currently prescribed by the Minister of Justice, but it may change in the future). Your child or children will then inherit the rest of your estate equally. A child’s share is calculated by dividing the value of your estate by the number of your surviving children or deceased children who have left their own children, plus the number of your surviving spouse/s.
4. You are not survived by a spouse or children, but are survived by one or both of your parents: If both of your parents are alive, your estate will be split equally between them. If only one of your parents is alive, he or she will inherit half of your estate and any children of your deceased parent will inherit the other half in equal shares. If your deceased parent has no children, your surviving parent will inherit your entire estate.
5. You are not survived by a spouse, children, or parents: If you are survived by half-siblings from both your mother’s side and your father’s side, the half-siblings from your mother’s side will inherit half of your estate in equal shares. The half-siblings from your father’s side will then inherit the other half of your estate in equal shares. If you are only survived by half-siblings from one side of the family, those half-siblings will inherit your entire estate in equal shares.
6. You are not survived by a spouse, children, parents, or half-siblings: Your blood relatives who are related to you in the nearest degree will inherit your entire estate in equal shares.
7. You are not survived by any blood relatives: Your estate will be forfeited to the State.
It is important to note that it is not sufficient to merely write up a will, you also need to ensure that your will complies with all the validity requirements provided for in the Wills Act. Should you fail to do so, the provisions of the Intestate Succession Act will apply and any wishes that you may have had with regards to the distribution of your estate will not be carried out.
What can you include in a will?
A pecuniary gift: Leaving a gift of a specific amount of money to Zip Zap?
• A residuary gift: Giving a share (or residue) of your estate to Zip Zap, after taking care of your loved ones and any other bequests
• A reversionary gift: Taking care of your loved ones during their lifetime, after which your estate or part thereof will revert to Zip Zap.
• A gift in kind: Giving a particular item such as property, other assets, art, and jewellery. Zip Zap welcomes gifts of any kind.
What does it cost?
Outside of Wills Week the average cost is R1 000 plus VAT. You should consult your financial advisor or attorney for an accurate quote. A new Will is free during National Wills Week.
What are the benefits of leaving a legacy – to a charity?
Bequests to charitable institutions are exempt from tax and may lead to savings in the amount of estate duty payable if your estate amounts to more than R3.5 million. We recommend you consult an attorney to have your will drafted or updated.
How do you choose a good charity – checklist
1) Good governance
3) Years in the game – longevity and credibility
4) Does their work resonate with you?
What can you include in a will to your chosen charity?
1) Leaving a gift of a specific amount of money to Zip Zap.
2) Gifting a share (or residue) of your estate to Zip Zap, after taking care of your loved ones and any other bequests.
3) Leaving a gift that takes care of your loved ones during their lifetime, after which your estate or part thereof will revert to Zip Zap.
4) Gifting a particular item such as property, other assets, art, and jewellery. Zip Zap welcomes gifts of any kind.
Our promise to you
o You will become part of our vibrant and uniquely South African circus family.
o Your legacy will help Zip Zap continue to Inspire and Empower Kids for Life long after you are gone.
o Your privacy is priceless, and your Will is treated with the utmost confidentiality. But, if you prefer, we would like to acknowledge the generosity of your donation.
o We value and respect the way and time in which you would like to make your bequest.
o Your bequest to Zip Zap can be anonymous but if you do inform us, we will share useful insights into our programmes that would interest you.
o We will keep you informed and inspired through our news and at our exhilarating shows and events.
For more information please download our PDF or contact: email@example.com or call Virginia Styer on 084 941 3015