Page 13 - Nexia SAB&T Estate Planning Guide 2024

of his property as he sees fit in his Will.
n This section is aimed at providing the estate planner with a broad overview
of the requirements for executing a valid Last Will and Testament. There are
many pitfalls to watch out for, and it is advisable to consult a specialist when
drafting a Last Will and Testament.
Preventing intestate succession
n Should an estate planner die without executing a valid Last Will and
Testament, his estate will be dealt with as an intestate estate, in accordance
with the Intestate Succession Act (no. 81 of 1987). This means that his estate
will be divided amongst his surviving spouse, descendants, parents or siblings
according to a set formula.
n According to the Intestate Succession Act, where a deceased is survived by
his spouse (or spouses) and has no living descendants, the spouse(s) will
inherit the estate. Where the deceased is survived by only a descendant(s)
and not by a spouse, the descendant(s) will inherit the estate. Where a
spouse and descendants survive the deceased, the estate must be divided
between them, whereby the surviving spouse inherits the greater of R250 000
or a child’s share, and the children inherit the balance of the estate. A child’s
share is determined by dividing the total value of the estate by the number of
the surviving children of the deceased and deceased children who have left
issue (where applicable), and the surviving spouse.
n If the spouses were married in community of property, one half of the estate
goes to the surviving spouse as a consequence of the marriage, and the other
half devolves according to the rules of intestate succession.
n If there is no surviving spouse or dependants, the estate is divided between
the parents (including adoptive parents) of the deceased in equal shares.
Where there is, for example, only one living parent, and siblings of the
deceased (i.e. the descendants of the predeceased parent), then the surviving
parent will inherit half of the intestate estate, and the other half will devolve
upon the descendants of the deceased parent (i.e the deceased’s siblings). In
the absence of parents or siblings, the estate is divided between the nearest
blood relatives.
n Note that if the deceased had no living relatives and his assets have not been
claimed by a legitimate heir upon his death after 30 years, his estate may be
forfeited to the government.

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