Page 20 - Nexia SAB&T Estate Planning Guide 2024

n There are statutory limitations on the length of time a fideicommissum can be
used with immovable property, as it is limited to two successive generations,
despite the provisions of the Will [in terms of Section 6 of the Immovable
Property (Removal or Modification of Restrictions) Act (no.94 of 1965)].
Assurance policies and the Will
n If there are beneficiary arrangements stipulated in life policies, retirement
annuities, pension or provident funds, the proceeds will be paid outside of
the estate.
n The estate planner cannot change a policy beneficiary nomination in his Last
Will and Testament.
n Although not included in the Will, each of these instruments (RA policies, life
assurance policies, and trust deeds), although operating independently of
each other, should be reviewed by the estate planner – to ensure that they all
tie up with each other, and to ensure that the policy and fund nominations
are intact and tie in with his intentions and estate planning goals.
Requirements for the valid execution of the Will
n The Wills Act (no.7 of 1953), sets out the formal requirements to execute a
valid Last Will and Testament.
n A person can validly execute a Will from the age of 16 years, as long as he
is not mentally incapable of appreciating the nature of his acts at the time of
signing the Will.
n The Testator must sign the Will at the end thereof in the presence of two or
more competent witnesses who are the persons who must confirm that it was
the testator who signed the Will. They must be present at the same time that
the testator signs the Will.
n A person can sign as a witness from the age of 14 years, provided that at
the time of signing as witness, he was not incompetent to give evidence
in a court of law. The witness does not attest the contents of the Will, but
acknowledges the signature of the testator. A blind person therefore cannot
qualify as a witness, for example.
n If the Will consists of more than one page, each page other than the page on
which it ends, must also be signed by the testator anywhere on that page.
The witnesses need only sign the last page, however it is best practice that
they also sign every page.

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