Introduction
The goal is always to investigate how inheritance law affects the allocation of property after death in regard to intestate succession. Two solutions in this matter will help achieve this. An owner can prepare a will specifying how his property will be divided after his death while he is still alive. The beneficiaries and their respective shares of the owner’s estate, as specified in the will, are defined in this document. The property will be transferred under the statutory inheritance law if the owner passes away without leaving a will; otherwise, the testamentary inheritance law would govern. Given the information above, it is crucial to understand how intestate succession affects minor children.
The Impact on Minor Children
All natural beings, born or unborn, regardless of their legal competence, age, mental state, or legal status, are generally competent to inherit either testate or intestate. Whether or not the beneficiary is able to use the inheritance, the ability to inherit is the acquisition of a vested right. The distinction between a vested right and the ability to enjoy an inheritance becomes significant when considering the circumstances of, for example, a minor beneficiary. A minor, defined as an individual under the age of eighteen, is eligible to inherit, although there are limitations on how they can use their inheritance.
The minor’s guardian will manage the inherited property on their behalf, with the Master of the High Court’s office serving as a supervisor. In the event that no guardian is available, a curator or guardian appointed by the court will control how the property is enjoyed. The management of a minor’s moveable and immovable property is handled differently. When a minor inherits movable property, like a car, they will become the heir apparent upon the death of the donated individual. Unless the deceased person left a will specifying otherwise, if the minor passes away before the deceased, the property will become part of the minor’s estate and be refundable to the minor’s heirs.
The movable property in question will not be given to the minor because of the minor’s limited capacity to exercise all ownership rights over the property; instead, it will be given to the minor’s guardian, who will be responsible for making sure the property is used for the minor’s benefit or is stored securely for the minor’s future use.
In the situation where money is left to a minor, the minor acquires a vested right to the money, meaning they have a legal entitlement to it. However, to ensure that the money is used responsibly, it is not directly given to the minor or deposited with the minor’s guardian. Instead, the Administration of Estates Act mandates that the money be placed into the Guardian’s Fund. The office of the Master of the High Court manages this fund. The guardian of the minor is allowed to withdraw money from the fund as needed to cover the minor’s maintenance and other necessary expenses, ensuring the minor’s needs are met without the risk of irresponsible spending.
When a minor inherits immovable property (such as real estate), it is not transferred to the minor’s guardian. Instead, it is immediately registered in the minor’s name in the deeds registry; this ensures the minor has legal ownership of the property. However, the minor does not have the authority to alienate (sell), cede (transfer rights), or mortgage the property. According to the Act, the minor’s guardian, tutor, or curator is responsible for administering the property until the minor reaches the age of majority. This arrangement protects the property while ensuring it is managed in the minor’s best interests.
A will is to safeguard the interests of our loved ones, particularly minor children.
The Importance of a Valid Will
Contemplating your death, and even more so planning for its aftermath can be both unsettling and daunting. Thus, it is essential to have a proper and professionally valid will prepared. Establishing a valid will ensures peace of mind by guaranteeing that one’s wishes will be honoured and that loved ones will be provided for in accordance with those directives.
The advantages of possessing a valid will include the appointment of a trustworthy and reliable Executor, the avoidance of unnecessary delays and expenses in the administration process, the prevention of confusion and family disputes, and the protection of the interests of minor children.
A will is a one-sided legal document, and generally, anyone who can perform legal acts should be able to make a will. According to the Wills Act, a person must be at least 16 years old to create a valid will. Additionally, the testator must have testamentary capacity at the time of signing, as mandated by section 4 of the Wills Act; this requires the testator to be of sound mind when both the testator and the witnesses sign the will.
A part of your planning is to have a concluded valid will; if not, it would lead to numerous consequences and complicate the administration process.
Conclusion
In conclusion, understanding the implications of intestate succession is vital, particularly when it comes to the protection and management of property inherited by minor children. The law ensures that minors, despite their limited capacity to manage inherited assets, are safeguarded through the oversight of guardians, curators, or the Master of the High Court. This framework is designed to protect minors’ interests until they reach the age of majority.
The importance of a valid will cannot be overstated. It allows individuals to define the distribution of their estate, appoint trustworthy executors, and ensure the protection of minor children, thereby avoiding the complications and potential conflicts that arise from intestate succession. By creating a legally sound will, one not only ensures that their wishes are honoured but also provides peace of mind, knowing that their loved ones will be cared for according to their specific directives. Therefore, preparing a valid will is not just a legal formality but a critical step in responsible estate planning.
For further assistance, consult an attorney at SchoemanLaw.
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