By Christel Botha
Let’s be honest: nobody relishes the prospect of dealing with paperwork, but there’s one document that stands out as among the most crucial in your lifetime: your last will and testament.
This legal document encapsulates your final wishes, not just for the distribution of your hard-earned assets but also for the welfare of your loved ones once you’ve departed this world. Having a valid will in place can safeguard your interests and those of your family.
It's swift to draft or revise a simple will
Drafting or revising a simple will often takes less than an hour.
All it takes is completing an application form with the following essential details:
– personal information
– marital history
– burial preferences
– children’s names and birthdates
– a comprehensive list of local and offshore assets and liabilities
– particulars of insurance policies
– your preferences for estate distribution
For more complicated estates with large assets locally and offshore and blended families, it is well worth it to spend the time to get it right so that there are no unintended consequences.
The inventory of your assets and liabilities—everything you own and owe—serves as a reference for the executor at the time of drafting the will. The executor is the person responsible for your estate when you pass away.
Additionally, sharing this information with your financial adviser can help identify any potential liquidity (cashflow) issues within your estate, facilitating effective estate planning.
Children and guardians
Botha notes that even unborn children can be provided for in your will. You have the flexibility to add their names later if you wish. Furthermore, your will can specify who you’d like to appoint as the guardian of your minor children in the event of your passing.
It’s important to note, though, that this is merely a wish, and the designated guardian would still need to undergo a legal process for guardianship if it is not the surviving parent.
Signing your will
You must sign your will in the presence of two impartial witnesses, both over the age of 14. These witnesses confirm your signature, not the content of the will. It’s vital that witnesses remain unbiased, meaning they cannot be heirs, legatees, beneficiaries, spouses, executors, trustees, guardians, or their spouses.
In cases where a blind person signs the will or uses a cross or fingerprint, two competent witnesses and a commissioner of oaths must be present to certify the document.
Reviewing your will
It is prudent to review your will after a divorce and any life-altering events, such as the birth of children, marriage, the passing of a partner or beneficiary, or changes in the assets mentioned in your will. You should review your will on a yearly basis to ensure its relevance.
Making changes to a will
While codicils, or additions, can be used to modify or revoke specific parts of a will later, they can become complex and confusing when multiple codicils exist.
Careful consideration is advised, and it’s often better to create a new will when significant changes are needed. Importantly, every new will you sign should explicitly revoke any prior wills.
Keep you will in safe custody
We recommend that you sign two originals. Once your will has been finalised to your satisfaction and signed by two witnesses, you have an original signed copy for your safekeeping, with another original signed copy entrusted to the nominated executor.
In this way, you ensure that your most important document is securely stored for the future.
Christel Botha, fiduciary service manager at Alexforbes.
*The views expressed here are not necessarily those of IOL or of title sites.
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