Lots of people in South Africa have a funeral plan in place but do not have a legally valid last will when they pass away. In the eyes of the law, if your documents are not correct, you technically do not have a Last Will; this is known as “intestate”. On this page, we will look at the importance of having your Last Will & Testament documents up to date.
Firstly, the reason why a person needs a Last Will and Testament is to make sure those left behind know exactly what your wishes are when you pass away. This set of documents are a blueprint of what you want to happen after you are gone. If you do not have an up-to-date Will, affairs fall into the Intestate Succession Act. Basically, this could mean that things might not unfold the way you want them to.
What happens if you die without a Will?
Without one, the legal system in SA does have laws in place that allow a person’s estate to still be divided among remaining relatives. Unfortunately, your wishes might not be what you wanted. The law will look at immediate & extended family members and make decisions around this. This can possibly cause a lot of complications. In many cases, family members will fight amongst each other for a piece of your estate.
The last thing you want is for a person to get something you promised to somebody else. If you do not have your wishes set out in a legally correct document, this is very likely. A very important thing to consider is how long it takes to get the process done. If you have your last will & testament in place, everything can get done quicker.
Some of the complication you might face includes:
- Extra Fees
- Takes Longer to Finalize
- Confusion & Conflict Between Family
- Minors Cash will end up Going to the Guardian’s Fund
- Potential Issues with nominating a Guarding for your Children, etc.
A lot of South Africans underestimate the importance of having a valid Last Will and Testament. There is a misconception that you need to have a big estate before you need to have these documents in place. It does not matter how wealthy you are, the same issues are mostly still relevant.
What happens if you die without a Will?
Without one, the legal system in SA does have laws in place that allow a person’s estate to still be divided among remaining relatives. Unfortunately, your wishes might not be what you wanted. The law will look at immediate & extended family members and make decisions around this. This can possibly cause a lot of complications. In many cases, family members will fight amongst each other for a piece of your estate.
The last thing you want is for a person to get something you promised to somebody else. If you do not have your wishes set out in a legally correct document, this is very likely. A very important thing to consider is how long it takes to get the process done. If you have your last will & testament in place, everything can get done quicker.
Some of the complication you might face includes:
- Extra Fees
- Takes Longer to Finalize
- Confusion & Conflict Between Family
- Minors Cash will end up Going to the Guardian’s Fund
- Potential Issues with nominating a Guarding for your Children, etc.
A lot of South Africans underestimate the importance of having a valid Last Will and Testament. There is a misconception that you need to have a big estate before you need to have these documents in place. It does not matter how wealthy you are, the same issues are mostly still relevant.
What do you need to draft a valid Will?
To get started, you first need to think about what you want to happen when you pass away. Once you have drafted your Will, your wishes will become final. You can make changes to the document or make amendments later. If your thoughts are well thought out from the start, less changes will be required.
You need to consider who you want to be the Executor, who gets what, who will take care of your minor children, etc. You can choose more than one Executor, for example, you can choose your spouse and a lawyer. It’s important to make sure your documents are valid. This is why we always suggest that someone who deals with this every day assist you with this matter.
Requirements for a Will to be valid include:
- A Will must always be in writing, you can’t use audio and video statements
- Witnesses must not be mentioned as beneficiaries in any way in the Will
- Two witnesses must be present during the signing process
- All witnesses must be older than 14 years
- The witnesses must also initial each page and sign the final page of the Will
- Every page of the Will must be initialed, with the last page being signed in full.
- All signing must be done in the presence of your selected witnesses
You must make sure you choose the correct executor. Remember, this person will be in charge to manage the process. The Executor will also have the right to certain decisions regarding your estate. There could be important decisions that have to be made at the time. Having someone who is mentally capable will be an advantage.
What if I already have a Last Will & Testament?
Once you have a legally valid last will & testament, it’s important to keep it safe. You can keep a copy with all your life and other insurance policy details. Some people also give a copy to relevant members of their family, etc. The most important thing to consider is that the relevant beneficiaries must be aware of the document and have access to it when it comes time for your wishes to be executed.
How do I Make Sure I Have a Valid Will?
As part of our service, we help you draft your Last Will and Testament free of charge. We have a partner who specializes in this service. Although we do not draft any Will in-house, we make sure that everything goes smoothly for our customers. We track and arrange everything on your behalf. We have a lot of confidence that our partner in this regard will provide top-quality service. They can even store your documents for free.
To get started, you can complete a contact form and simply check the box “FREE Last Will & Testament” – We will do the rest.
Our team of professionals are waiting for you to take the first step. Complete a contact form today and we will assign a friendly agent to assist.