THE NEW AGE OF MAJORITY - TIME TO LOOK AT YOUR WILLS, TRUSTS AND MAINTENANCE AGREEMENTS (Jacques Viljoen Attorneys)

Now that your children attain majority at age 18, you need to check your wills, trusts, etc. to make sure that they are still worded correctly to give effect to your wishes.

If, for example, your will specifies that your heirs will only gain control over their inheritances when they reach "the age of majority", be sure that you are happy for them to do so at 18.

Maintenance agreements need to be worded carefully to take into account the fact that 18 to 21 year olds are often still dependant on their parents for support and educational costs.

There are also tax implications - particularly when planning to make distributions from any family trusts.

Most importantly, make sure that your teenagers fully understand the dangers of entering into any form of contract or agreement (written or verbal) until they fully understand all the implications.