our Will
Why Your Will Is the Most Important Document You’ll Ever Sign
Most of us spend years building something: a home, a career, a family, a life. Yet fewer than a third of South Africans have a document that says what happens to all of it when they are gone.
According to Legal Aid SA, citing estimates from the Master of the High Court, more than 70% of working South Africans do not have a Will in place, and the figure has been hovering there for some time. That is not a small oversight. It is a gap that leaves families vulnerable, opens the door to legal battles, and hands control of your life’s work over to a formula written by parliament, not by you.
This article is for the 70%. But it is also a useful reminder for the 30% who have a Will they have not looked at in years.
Securitas® Financial Group
What a Will actually is and what it is not
A Will, or Last Will and Testament, is a legal document in which you set out how your assets should be distributed after you die. It gives you the opportunity to name your beneficiaries, appoint an executor you trust to administer your estate, and nominate guardians for any minor children.
A Will is not a morbid document. It is a practical one. Think of it as the instruction manual for everything you own, written by you, for the people you love.
What a Will is not, however, is the entire picture.
Estate planning is much broader as it considers the liquidity of your estate, how taxes and debts will be settled, whether a trust is appropriate for minor children, and how life insurance integrates with what you leave behind. A Will is the foundation, but a comprehensive estate plan builds on it.
A Valid Will
What happens without one
If you pass away without a valid Will, known legally as dying intestate, your estate is distributed according to the Intestate Succession Act 81 of 1987. The Act follows a strict hierarchy of relatives, which means that your wishes play no part in your legacy.
If a spouse and children survive the deceased, the spouse will receive the child’s share or a minimum amount determined by law, whichever is greater, and the children will receive equal shares of the balance of the deceased estate. That may sound reasonable at first glance. But consider what the Act cannot do.
It cannot provide for people who are not blood relatives or legal spouses. So if you are in a long-term relationship but not legally married, your partner may not automatically inherit. While a recent legal development has opened a limited door for permanent life partners who can prove a reciprocal duty of support, having a Will remains far safer.
It cannot exclude people you have grown apart from. The Act distributes to relatives in a fixed order, whether you wanted them to benefit or not.
It cannot protect minor children from the Guardian’s Fund. If you die intestate, no trust can be set up for minor beneficiaries and their inheritance will be converted to cash and deposited into the Guardian’s Fund, a process that can be slow and inflexible.
It cannot allow your estate to go to the causes or people you care about outside of your family. Charities, close friends, a colleague who mattered: none of these are recognised by the Act.
It can even let your estate revert to the state. If no relatives can be found to inherit, the estate is placed in the Guardian’s Fund. If no heirs come forward within 30 years, the money is forfeited to the state.
Securitas® Financial Group
The hidden concerns of an outdated Will
Having a Will that you signed ten years ago is not the same as having a Will that works for you today.
Having an outdated Will is almost just as concerning as not having a Will at all. If a person fails to update their Will, people with whom they no longer have relationships may unintentionally inherit from the estate.
Consider this scenario: if a testator passes away more than three months after a divorce without changing their Will, the law assumes the testator wanted to include their ex-spouse. This means the ex-spouse will inherit in terms of the Will.
Marriage, divorce, the birth of a child, the passing of a beneficiary, buying property, starting a business, receiving an inheritance: all of these are moments that should prompt a review. You should review your Will at least once a year and update it after any major life change. Do not forget to check your beneficiary nominations on retirement and life insurance policies too.
Aa Will valid in South Africa
What makes a Will valid in South Africa
A Will that does not comply with the legal formalities is no better than no Will at all. South Africa’s legal history includes numerous cases where Wills were declared invalid and thus unenforceable, leaving estates subject to intestate succession.
The requirements under the Wills Act 7 of 1953 are straightforward, but they must be followed precisely. The Will must be in writing, whether typed or handwritten. It must be signed by the testator at the end of the document and on each page. It must be signed in the presence of two competent witnesses, who must also sign the Will at the same time, but who cannot be beneficiaries or have any interest in the estate.
The original signed Will must be kept safe by a trustworthy person or institution. A copy of a Will is not deemed a valid Will. This is an important and often overlooked step, and it is precisely why professional safekeeping is a service worth taking seriously.
Securitas® Financial Group
Estate planning goes beyond the Will
While a Will captures your wishes, a comprehensive estate plan ensures those wishes can actually be executed without unnecessary cost or delay.
A well-structured estate considers whether there is enough liquidity, meaning cash available to settle debts, taxes, and costs, without forcing heirs to sell assets. Many estates are asset-rich but cash-poor, which creates hardship for beneficiaries and can force the sale of property or a family business at an unfavourable time.
For those with minor children, a testamentary trust set out in the Will allows you to specify how and when funds are distributed, who manages them, and under what conditions. This is far more flexible than the Guardian’s Fund.
For business owners, estate planning should address what happens to the business itself. Business continuity is impossible until an executor is appointed, which may result in a loss of income. A buy-and-sell agreement or a clear succession instruction in the Will can prevent this.
Families often rely on inheritances to cover significant expenses such as education, housing, and healthcare. Having a valid Will is more than just a legal formality. It is a roadmap that can significantly impact your loved ones’ future well-being.
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Speak to a financial advisor
Whether you are drafting your first Will or reviewing one you have had for years, professional guidance makes a meaningful difference. A qualified financial advisor can help ensure that your Will is valid, your estate is structured appropriately, and that the people who depend on you are properly provided for.
Securitas® Financial Group offers free drafting and safekeeping of your Will, assists with reviews and amendments as your life changes, and provides full support for your family through the estate administration process when the time comes. If you are unsure whether your current Will still reflects your wishes, or if you have not yet put one in place, it is worth speaking to one of our specialists today.
Did you find this article insightful? You may want to read How Tax-Free Savings Accounts and Retirement Annuities Fit Into the Picture and Why You Need a Financial Advisor as well.