[SPONSORED] Beware the pitfalls of using vague language in your will ... FISA_org Moneyweb estate draftingawill
AMANDA VISSER: A lot has been said and written about the importance of a valid will. However, it’s quite surprising that many people still underestimate the sophistication required to draft a proper will. Simple mistakes can lead to litigation when a will is contested in court after the passing of the testator.
Another example that I can use is where I would say: ‘I bequeath the content of my garage at the time of my death to my son.’ Although the intention was [to bequeath] only the tools in the garage, [the son] eventually also inherited the Rolls Royce that was in the garage at the time of death. So this is one of those bizarre examples as to what can happen because of the use of vague and unclear language.
One is ‘usufruct’ which, in short, is the use of [something and the enjoyment of its profits, income or fruits], as opposed to ‘usus’, which is just the use of something [without enjoying its profits, income or fruits]. IAN BRINK: It’s very important to look at your will and revise it to suit your changing lifestyle, the changes that have an impact on your life, like children being born or getting a divorce – that sort of thing. Maybe when we talk about divorce, I can just mention that the Wills Act actually allows for a period of three months after the divorce for the divorcees to change their wills.
AMANDA VISSER: Ian, finally, people talk a lot about the ‘residue’ of your estate; what does it mean?
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