Is there a will or a way?
Securing your family's future, especially if you have minor children, begins with a willful decision to prepare a will. Did you know that if both parents of a minor child pass away without a valid will, both estates will end up in the guardian-fund, and someone will have to apply for maintenance for the child? This from a fund that is mismanaged by a dysfunctional Master's (one none) office! So yes, a will is the way to go, and yes, it should be drafted by a skilled attorney - not by some stranger you've never met and likely never will.

Do assets need planning?
Estate planning cannot start from beyond the grave. It's crucial to strategise where each asset goes, and this includes deciding on the right legal structures, such as companies and trusts. Diversify your assets across different baskets and generally avoid common law partnerships.  And yes, attorneys do under understand legal structures. 

Property or poverty?
Let's focus on residential property. Whether you are buying or selling, ask an attorney to review your agreement. This document is pivotal in the property supply chain, not the transfer documents you sign later at the attorney's office - these only give effect to what has already been agreed upon.  And yes, insist on your own attorney, and yes, an accepted offer to purchase is a final agreement. Oh, and yes, the estate agent is a salesperson and not necessarily a contract expert.

Sign or sigh?
Property encompasses more than just a house; it can include other asset classes, such as shares, businesses, trademarks, and more.  Never sign a contract without your attorney's expertise in drafting or reviewing it. And yes, while legal advice isn't free, it's a bargain compared to the price of a court case.  The peanut does seem to attract the monkey - so pick yours wisely if you want to avoid sighing.

Taxed or wise?
Every transaction, including the inevitable event of death, has potential tax implications.  While your financial or accounting advisor can calculate taxes payable, strategic advice on structuring delas needs and expert.  And yes, it should be a legal expert, and yes, you should choose wisely.

The horse or the course?
Life is complicated, as is the law, including the laws dealing with wills, contracts, and tax.  Choose the right jockey for your horse and your course. Build a relationship with an attorney at a law firm, and yes, no one is an expert at everything, but a real professional will always refer you to someone else to keep you on the right track if the matter falls outside his/her expertise. 

Business or pleasure?
The insights above apply not just to individuals, but to business as well.  Sure, only individuals draft wills, but what about shareholders' or commercial agreements, for instance?  These are just as important as a will.  It serves little purpose if your personal affairs are in order, but your business affairs are in disarray.  So yes, choose the right legal expert for yourself and your business; it is ultimately for your own benefit and pleasure. 

Contact PSN at lswart@psn.co.za or http://www.psn.co.za/ for:

- Drafting of wills.
- Smart asset structuring.
-Guiding property transactions
-Drafting and reviewing contracts.
-Managing tax implications.
-Top-tier legal advice and referrals.
-Business and personal legal affairs.

For a legally sound and prosperous 2024, contact PSN.