Law firm discusses importance of estate planning
"We never know when our time will come to an end and let us be prepared for anything.”
When you have an asset that would need documentation if you were not around, it would be a good idea to have a will.
This is according to Lara Calteaux, associate HOD for deceased estates at the Edenvale law firm Calteaux and Partners Attorneys, Notaries and Conveyancers.
Calteaux was addressing members of the U3A at their monthly meeting on March 14 at Northfield Methodist Church.
When asked when the right age is for one to draft a will, she said it wasn’t age-related but based on whether you have assets or children.
“The minute you have assets in your name, you should consider getting a will. This includes a bank account,” she said.
According to Calteaux, it’s imperative to have an estate plan when you have children. She said this makes provisions for your children to have legal guardians should you or your spouse pass away.
“It is important, as it is not an automatic appointment. If you don’t have a will, a family member would have to make a court application to gain costly guardianship.”
She advised young people that it is never too early to have an estate plan.
“A will helps us to be prepared for anything. Having a will and not needing it is far better than not having it, and then something unforseen happens. It’s not scary or daunting, but an easy process which covers all eventualities.
We never know when our time will end so let us be prepared for anything.”
Calteaux also discussed the advantages of having a will which she said should include, among others, the control and choice over who gets your assets, the nomination of an executor, protection of the children and preventing unnecessary delays.
No will means the law deciding on the distribution of your assets as per the Interstate Succession Act and the nomination of an executor by the master of the high court or family members, and the appointment of legal guardians for your children by the courts, which is costly.
The next U3A meeting is on April 11 at 10:00 at Northfield Methodist Church.
Also Read: Former chief justice shares life lessons
Also Read: Judge Edwin Cameron first U3A guest of 2023
