When most people think about drafting a will, they picture the usual suspects: the house, the cars, maybe an investment portfolio. But for many people (and businesses), the real complexity – and the biggest risks – lie in the assets that don’t neatly fit into a single line item. These “legacy assets” can create legal and financial headaches if not properly planned for.

“Every estate is unique,” says PJ Veldhuizen, Managing Director at Gillan & Veldhuizen Inc.

“It’s often not the obvious assets that cause disputes – it’s the ones you forgot to think about, or the ones bound by legislation, shareholder agreements or offshore rules.”

Here are four areas that demand a closer look when structuring or reviewing your estate plan:

Private Company Shares: Silent restrictions

If you own shares in a private company, be it a family business, start-up or established venture, you may assume your heirs can simply step into your shoes. Not so fast.

  • Shareholder agreements and MOIs often restrict who can inherit or require other shareholders to approve the transfer.
  • Buy-and-sell agreements may trigger obligations that limit who ultimately benefits from your stake.
  • Valuation disputes can stall estates for years if there’s no clear formula in place.

“It is important to ensure that your estate plan speaks directly to these agreements otherwise, your heirs may be in for a surprise,” notes Veldhuizen.

Digital and Intellectual Property Assets: Who has the keys?

From cryptocurrency wallets to domain names, online businesses or royalties from creative works, digital and intellectual property assets are notoriously overlooked.

  • Without proper instructions, heirs may never access the necessary passwords or private keys.
  • In the case of IP, questions of ownership (personal vs. business) can complicate succession.
  • The law has not caught up with many of these asset classes, so it’s important to be clear upfront.

“Too many estates lose value simply because executors don’t even know certain assets exist,” notes Veldhuizen.

Farms, Wine Estates and Sectional Title Portfolios: The Legislative Maze

Agricultural assets carry their own minefield of laws. Under the Sub-Division of Agricultural Land Act, for example, farmland cannot simply be split among children without ministerial consent – a restriction that has broken many an estate plan.

  • Farms with multiple components (orchards, pack sheds, rental cottages) need holistic planning.
  • Sectional title properties require compliance with body corporate rules, which can limit transfers.
  • Wine estates and game farms often combine business, land and heritage elements that require special structures, such as trusts or companies for seamless succession.

Offshore Assets: A multi-jurisdictional puzzle

Many clients today hold property or are involved in trusts outside of South Africa – an attractive diversification, but one that can complicate succession planning.

  • Offshore property is subject to the probate laws of that country, not South Africa.
  • Taxation risks.
  • Parallel wills (one in SA, one in the foreign jurisdiction) may be necessary to avoid conflicting laws.

It’s not enough to simply list “property” or “shares” in a will. High-value estates demand a forensic approach where every asset must be identified, even those easily overlooked, and the legal framework around each one from shareholder agreements to legislation and jurisdictional rules  must be carefully checked.

From there, proactive planning is essential, whether through trusts, succession agreements or offshore wills.

“Think of your estate plan as a blueprint for the next generation,” says Veldhuizen. “The more clarity and foresight you build in now, the less uncertainty and conflict there will be later.”

Your will should be a living document – revisited as your assets and circumstances evolve. Beyond the obvious, legacy assets demand special attention. By dealing with them today, you protect not only the value of your estate but also the peace of mind of those you leave behind.