Another aspect to consider is who has been nominated as the executor of your will, the guardian of your children or the trustees of a trust to be established on your death for the benefit of for example your spouse and children. Usually testators/testatrix tend to nominate friends or family for these positions, not knowing that such a role may disqualify them from inheriting if they too witness the signing of the will. Often, when making a will before there are children, testators/testatrix will also not address issues relating to the legal guardianship or care of the children in the unfortunate event of the death of the parents. This could be an oversight particularly where minor children are involved. When it comes to a bequest to your minor children, you may think that just bequeathing your estate to your children is the right thing to do, not knowing that minor children are unable to inherit cash or property and that should you pass away, their bequests will fall to and be administered by the Master of the High Court’s Guardians Fund. One may ask – is it not dangerous that a young adult come into possession of his or her inheritance and potentially squander such recklessly? By stipulating a different inheritance age in your will or even providing for a testamentary trust to administer your assets on behalf of your children, you may help ensure that they are looked after in the future.
