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Thorough estate planning could benefit anyone. However, if you have growing wealth or own your own business, you should definitely look into speaking to an expert in the field. FNB Trust Services can assist with this. We have a number of estate planning experts on our staff, suitably qualified in law, taxation and financial planning.
In brief, a will should contain the following:
You, being the Testator (male) or Testatrix (female), need to sign each page of the will, together with two witnesses. Any alteration also needs to be signed in this manner. The place and date of signing must be written in at the end of the document.
It is always wise to include alternate heirs in your will. If you do not nominate alternate heirs, your intestate heirs (nearest blood relatives) will inherit your estate.
Your will should be reviewed periodically, especially when there has been any change in your status or circumstances, or those of your beneficiaries, such as marriage, divorce, the birth of a child, etc. Another good time to review your will would be after any changes in legislation that could affect your estate.
In order to ensure that the wishes expressed in your will are put into effect at the time of your death, your family and friends should know the following:
You should always seek expert and professional advice when you want to draft or review your will. Attempting to draft the will yourself could result in the will being invalid, or could cause unintended consequences due to incorrect wording used.
Should you want to donate your organs, you will need to take out a Living will. This is different to the will discussed here.
Yes. If you get married in community of property, all assets are jointly owned by both husband and wife. This means that you cannot leave an asset in full to someone other than your spouse, since you only own half the asset. With cash this is not much of a problem, but the executor will have great difficulty in dealing with something like a house. Similarly, both spouses are liable for the debts of each other. Marriage out of community of property offers far better estate planning opportunities. An ante nuptial contract (ANC) may be used to secure certain assets for a spouse and also protect personal assets against debt - such as in the case where one of the spouses has a business.
There is little legal protection for a partner in the event of the relationship ending. There is a need for people involved in such relationships to carry out careful and thorough planning of their estates. The advice of an estate planner should be sought in this regard.
If you are liable of maintenance in terms of your Divorce Order, you should put in place a special plan to meet this obligation. Otherwise, your estate will probably face a major claim for a lump sum for this maintenance need. It is also crucial to have a new Will drafted as soon as you get divorced.
Namibian law no longer distinguishes between children born within marriage, those born outside of marriage, and those adopted. If you wish to treat such children differently in terms of inheritances, your will should be drafted accordingly.
Where children could inherit while under the age of 21, your will should make provision for a trust to be set up to house the inheritance. If the inheritance consists of a reasonably substantial amount, the opportunity for growth in the capital value of the inheritance, as well as for flexible use of the funds, is far greater if a trust holds the inheritance than if it is paid over to the Guardian's Fund.
This will depend on whether you are married or not. If you are married, your spouse is entitled to a minimum of N$50 000.00 of the estate. If the value of the estate is greater than this amount, whatever remains will be shared equally among the spouse and your children.
Many people don't realise that the law will uphold a will leaving assets to a former spouse, despite the fact that the couple may have got divorced. If you don't amend your will within three months of getting divorced, your former spouse will inherit from you.
Namibian law does not fully recognise your marriage. Unless you have a will that names your spouse as a beneficiary, they will not be entitled to any of your assets. The same applies to heterosexual couples living together and same-sex unions.
There are many reasons to draft or update a will, but estate planning is particularly important where one has been involved in more than one relationship or marriage, and also to help limit the tax impact on your estate.
A will is a written instrument containing directions on how the assets of the person making the will shall be divided on his/her death. The will must be executed in accordance with the laws of the country in which the person making the will resides.
Why is it important to have a will?
If a person dies without leaving a will, or if the will is not valid for any reason, the beneficiaries will be determined according to legislation - the Law of Intestate Succession. Essentially, the law determines who the closest blood relatives are and distributes the assets in terms of this.
Each situation will be different, but the important point to note is that a family member you may never have chosen to inherit from you could end up with all your assets. In addition, if you live with someone, but aren't married to the person, the law will not recognise your so-called 'common-law spouse' as the beneficiary of your estate if you haven't left a will naming them as beneficiary.
By drafting a will and planning for the future of your estate you ensure that
Keep the wording as plain as possible
When referring to a person, use their full name and a short description - for example, my nephew, John Adams
Avoid using vague terms, such as 'cash'
Ensure that you understand each clause in the drafted document and that will reflects your wishes
Make sure that your will reflects your current situation at all times
If the will is complicated, rather have a person with expertise revise it
16 years and older
