Ademption occurs when the bequest of an asset mentioned in a will is revoked due to the asset being sold, destroyed or given away by the deceased before they die. If the bequest is not revoked voluntarily, for example the asset was subject to judicial attachment, then ademption is not inferred and the onus of proving ademption lies with the person who claims the legacy must fail.
HOW DID THE BHE DECISION CHANGE THE WAY ESTATES WILL BE DISTRIBUTED AND ADMINISTERED?
All deceased estates will be distributed in terms of the Intestate Succession Act. This means that the beneficiaries in order of preference are:
As a working parent, nothing makes it worth braving those early mornings more than knowing your children will always be taken care of – and this Youth Month is the ideal time for parents to take a fresh look at their children’s continued well-being.
When a loved one passes away, it’s a difficult and stressful time for those left behind, and administration of the deceased estate can add to the burden – particularly when clients are unaware of how long it may take to finalise the process.
A legal guardian is an adult appointed to look after your child should you and his/her other parent die before the child has reached the age of 18.
To choose the appropriate person is not an easy task. First make a list of the possible candidates and then you and your spouse/partner can discuss the advantages and disadvantages of each candidate. Consider the following:
Who’s parenting style, values and religious beliefs are the closest to yours?
Who is in the best position to accept the responsibility for caring for a child – emotionally, financially (ample provision should be made by either investment or life cover) physically etc
With whom does the child feel comfortable already?
Would your child have to move and would that cause problems?
Does the person you are considering have other children? If so, would your child fit in or be left on his/her own?
If you haven’t made your will yet, get it done now. Why is that so important and how should you go about it?
To answer that let’s debunk a few of the more pervasive myths and misconceptions around those questions