Important Considerations for Your Last Will and Testament: A Practical Overview

A Will is a crucial legal document that dictates how your estate will be managed and distributed after your death. It ensures your deceased estate is handled according to your wishes and can help prevent potential disputes amongst your loved ones. This article highlights the key elements that should and should not be included in your Will and explains why seeking professional assistance is recommended when drafting this critical document.

The Importance of Having a Will

Without a Will, your assets will be distributed according to the Intestate Succession Act 81 of 1987, which may not align with your personal preferences. A properly drafted Will ensures that your wishes are clearly communicated and followed, reducing the likelihood of disputes among heir(s).

Key Elements to Include in Your Will

1. Personal Information: Clearly identify the document by including your full name and identification number.
2. Executor Appointment: Nominate a trustworthy, capable and experienced person or entity to administer your estate. This individual or organisation will execute your Will and distribute your assets per your instructions.
3. Asset Distribution: Any specifically bequeathed items must be specified and nominate the heir(s) of the residue of your estate after payment of liabilities and administration costs.
4. Guardianship of Minor Children: If you have children under 18, nominate a guardian who will care for them in your absence.
5. Funeral Instructions: Include any wishes you have regarding funeral or burial arrangements.
6. Trusts: If you want to create trusts for minors or individuals needing financial management include clear instructions for these arrangements.

What to Exclude from Your Will

1. Assets with Separate Beneficiary Nominations: Assets like retirement funds and life insurance policies usually have their own beneficiary nominations and should be managed separately.
2. Informal Instructions: Avoid including non-legal or personal wishes that cannot be enforced.
3. Complex Financial Structures: For complicated financial matters or business interests, consult a specialist separately to handle these issues appropriately.
4. Ambiguous Provisions: Refrain from using vague or unclear language, which could lead to misinterpretation or disputes.

The Role of Professional Assistance

Drafting a Will might seem simple, but it requires adherence to specific legal standards and careful consideration of various factors. Engaging a specialist ensures that your Will complies with all legal requirements and accurately represents your wishes. Here’s why professional help is beneficial:

1. Ensuring Legal Compliance: A specialist will verify that your Will meets the requirements set by the Wills Act 7 of 1953 as amended, avoiding potential legal challenges.
2. Managing Complex Estates: If your estate includes complicated financial details or business interests, a specialist can provide the necessary expertise to manage these complexities.
3. Minimising Disputes: Professional drafting can help prevent family conflicts by providing clear and precise instructions.
4. Regular Revision: Specialists can offer advice on how to update your Will as your circumstances change, keeping it relevant and accurate, i.e. death of heirs, etc.

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 assistance in drafting your Will or for more information on estate planning, contact Securitas™ Financial Group. Our team can help you create a legally sound document that meets your needs and protects 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.