Wills And Testaments
Wills And Testaments may be the most important documents you sign in your life. Send us your details and we will contact you to set up your complimentary will-drafting consultation.
Wills
A large percentage of South African citizens do not have a Will. A recent survey we conducted, revealed that most people believe drafting a Will is complicated and unnecessary or they do not think of drafting a Will at all! People often assume that you need assets of great of value, your own home or large investments before you draft a Will. Others simply do not want to face the reality of death or the death of their loved ones.
Think of what has stopped you from drafting a Will.
What information should you include in your Will?
– Your full name, identity number and your address of permanent residence
– Your marital status
– A revocation clause declaring that any previous Will or Codicil is null and void.
– Your choice of executor / executrix
– What your assets are and who you wish to give them to
– Clear information about who your heirs are; their full names, identity numbers and their relation to you.
– Clear details of any trusts, investment policies and cash held in bank accounts.
– Any last wishes and instructions for your loved ones.
Why You Need A Valid Will
Your assets will be distributed in terms of the Intestate Succession Act
Your wishes will not be considered and your minor children might be placed in the care of someone you do not trust.
If you are not married, your partner may be left with nothing
The money from your estate will be placed in the Guardian’s Fund.
Types Of Wills
Simple Wills
Simple Wills are best suited to those with estates that are small to medium in size, for those with no children or children who are over the age of 18 years old and who only have simple bequests to make.
Complex Wills
If you have a large estate, multiple investments, minor children, and wish to mass your estates with that of your spouse (a Joint Will), this is the Will for you. We want your legacy to be protected.
World-Wide and Off-Shore Wills
Do you have assets in other countries? These are the types of Wills applicable to your international assets.
Joint Wills
Joint Wills are drafted for any two or more people, who want to combine their Wills into one document. It is usually done by spouses or partners, but it may include any two or more persons who wish to combine their Wills.
Massed Wills
Massed Wills are used when two or more people want to mass their respective estates into one estate. It is normally used for those who are married in Community of Property and who consider their estates to be one estate.
Frequently Asked Questions About Wills
A Will is a legal document which states how an individual’s estate is to be distributed after their death.
The Executor, who is appointed by the Testator in his Will, oversees the deceased estate distribution process.
A will is useful for many reasons. Firstly, it adds certainty to what will happen with your estate, secondly, it avoids the unnecessary troubles caused by intestate succession, and finally it ensures that your last wishes are known and your family and/or friends receive what you have intended to leave for them.
This depends on your personal needs.
The most popular Wills are the Standard Last Will and Testament (Standard Will), The Joint Last Will and Testament (Joint Will) and The Trust Last Will and Testament (Trust Will).
A Standard Will has only one Testator or Testatrix and does not make provisions for a Testamentary Trust.
A Joint Will has more than one Testator or Testatrix and is thus most common amongst spouses married in community of property.
A Trust Will is one which makes provision for a Testamentary Trust to be created if any of the beneficiaries are below a certain age, this is common amongst people who have young children.
Anyone can draw up a Will but be advised that a Will is a strong legal document which exists and remains in effect even after the Testator or Testatrix have passed away, it is therefore necessary to get the correct advice and have it drawn up by someone who is experienced and up to date with Wills, as well as the laws that regulate them.
It is advised to revisit your will every 6 months, taking into account changes in your life. When revisiting your Will, look for those changes in your estate and life, and corroborate them with the type of Will you have, as well as the contents of that Will.