Last Will and Testament
What Should and Should Not Be in Your Last Will and Testament: A Practical Guide
A Will is an important legal document that dictates how your estate will be managed and distributed after your death. It can assist in ensuring that your assets are handled according to your wishes and can prevent potential conflicts amongst your loved ones. This guide outlines the key components that should and should not be included in your Will, along with why professional assistance is advisable when preparing this important document.
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Understanding the Importance of a Will
A Last Will and Testament, specifies how your deceased estate should be distributed upon your passing. Without a Will, your estate will be divided according to the Intestate Succession Act 81 of 1987, which might not reflect your personal wishes. Having a clear and legally valid Will ensures that your estate is managed as per your instructions and can help avoid unnecessary disputes among your heirs.
Writing a Will
What Should Be Included in Your Will
Personal Information:
Include your full name and identity number to clearly identify the document as yours.
Executor Appointment:
Name a trustworthy, capable, and experienced person or entity to handle your estate. This person will be responsible for ensuring that your Will is executed legally and that your assets are distributed according to your wishes.
Asset Distribution:
Any specifically bequeathed items must be specified and you must nominate the heir(s) of the residue of your estate after payment of liabilities and administration costs.
Guardianship of Minor Children:
If you have children under the age of 18, nominate a guardian who will take care of them if you are no longer able to do so.
Funeral Instructions:
Specify any particular wishes you have regarding your funeral or burial.
Trusts:
If you wish to establish trusts for minors or individuals who may need financial management, include instructions for these trusts.
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What Should Not Be Included in Your Will
Assets with Separate Beneficiary Nominations:
Retirement Funds and Life Insurance often have their own beneficiary nominations and should be updated separately.
Informal Instructions:
Avoid including informal or personal wishes that are not legally enforceable.
Complex Financial Structures:
If your estate includes complicated financial matters or business interests, address these separately with a specialist in the field.
Ambiguous Provisions:
Steer clear of vague or ambiguous language that might lead to confusion or disputes.
Drafting a Will
The Importance of Professional Assistance
Although drafting a Will may seem straightforward, it involves adhering to specific legal requirements and addressing various complex issues. Specialist assistance ensures that your Will meets all legal standards and accurately reflects your intentions. Here’s why consulting a specialist in the field is recommended:
Legal Compliance:
A legal professional will ensure that your Will is properly executed according to the Wills Act 7 of 1953 as amended, preventing potential challenges to its validity.
Handling Complex Estates:
If your estate involves intricate financial matters or business interests, a specialist can provide guidance to manage these effectively.
Dispute Prevention:
Clear and professional drafting can help minimise disputes amongst heir(s).
Regular Revision:
Specialists can also advise on when and how to review your Will in accordance with your changing circumstances, i.e. death of heirs, etc.
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Conclusion
It is important to do proper estate planning before drafting a Will to ensure that there is sufficient provision made for legacies, liabilities and administration costs in the estate.
For expert guidance on drafting your Will or for more information on estate planning, please contact Securitas™ Financial Group. Our team can assist you in creating a legally sound document that meets your needs and help safeguard your estate.
If you found this article insightful, we recommend that you also read our blog post on The Significance Of Having A Valid Will.