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Poll: Do you have a will?
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Part 1: Wills and Testaments 101 - Gather information
#1
Welcome to Wills and Testaments 101

Why is a will important?
A will instruct how you estate must be dealt with as per you last wishes. Clear instructions will make it easy for your relatives and you will avoid unnessary family disputes.

What will happen if I do not have a will? Will all my assets go to the government?
No, there are certain rules that must be followed for a intestate succession. You can read more about it here.

Most South Africans do not have a will....

We want to create an interactive series showing members what the process is of drawing up a will and testament, consider the following scenario below which will act as the basis of this series.

Joe wants to draw up a will for himself but are not sure where to start and how the process will work.

We want to gather information about Joe from the forum. So it will be random information that will make up his estate.

We will then work through the process on the forum with lots of time for questions and suggestions.

The result will be a final will, but we will even go further and do an estate planning also. With the estate planning we will be able to see how the estate play out in rand value, what costs there will be, who will inherit what, etc.

The process will be as follow:

Part 1: Gather information - This post. Please post any facts of Joe here that you want to be added.
Part 2: Facts of estate - All facts will be added here.
Part 3: Gather questions - Any questions about the facts can be posted here. - WE ARE HERE NOW!
Part 4: Prepare will - Published will can be seen here.
Part 5: Questions on will - Any questions about the will can be posted here.
Part 6: Prepare estate planning - Published estate planning can be seen here.
Part 7: Wills and Testaments 101 - Questions on the estate planning

Any questions/information can also be emailed to [email protected] or posted in this thread.


#2
Joe has a home in which he and his famili lives, the market value of it is R1,700,000. He also have a bond on it of R1,200,000.

He has an additional house which he let out, he inherited it from his mom for R500,000 in 1999. The market value of it is now R1,500,000.


#3
Joe has a EasyEquities account with an TFSA that he maxed out each year since he was 25. His username is NotAnAverageJoe and his password is 'secret'

Joe also owns a 2011 GTI which is paid off.

---Elaboration on the TFSA and EasyEquities account

Joe has invested R100 000 in his investment account it is now worth R230 000

Joe has invested 30 000 each year in his TFSA assuming Joe is now 40. His TFSA invested is R450 000 and that total is worth R780 000 today.

(I hope we can use those figures?)

Edit: I made Joe 40 old.

#4
Joe is 40 years of age he is divorced and remarried.

His previous wife was less than perfect and the relationship was toxic so they separated, but have 1 kid together Mary (female).

His new wife is very nice and they have 2 children together (mark and scott) they love their older sister.

(I wanted to make his age 40, but oulook's sum is based on 30.)
Edit: I also updated Joe's age, thanks Outlook.
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#5
(01-10-2017, 04:29 PM)Spreadsheet Ranger Wrote: Joe is 30 years of age he is divorced and remarried.

His previous wife was less than perfect and the relationship was toxic so they separated, but have 1 kid together Mary (female).

His new wife is very nice and they have 2 children together (mark and scott) they love their older sister.

(I wanted to make his age 40, but oulook's sum is based on 30.)

How old are the kids?


#6
Joe is a good looking man and takes care of his appearance for business and his wife. He plays tennis every other weekend socially, but mostly because his daughter Mary plays.

To most Joe looks like he is in optimal shape, however, diabetes type two is lurking under the surface

#7
Joe owns a small bakery which he is the sole proprietor off but his brother in law has a 5% ownership in the business since the bakery is on his premises in a up market retail area.

Joe also has a BitX account with 3 bitcoins in, his username is "AverageJoeImNot" and his password is "gogojoe". Joe's bitcoins are worth R12 000 each.

#8
Thanks everyone, we are finished with PART 1 now.

All the facts are shown in PART 2.

We are moving to PART 3 now, where a lot of questions will be asked. Smile


#9
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