Will your family be prepared for your will?

The drafting of a will comes with many factors that have to be considered.

Attorney Mannie Jacobs conducted a talk on wills, recently, at the meeting of the University of the Third Age (U3A).

Who your witnesses will be, who your executor will be, who gets what and how?

This is according to attorney Mannie Jacobs, who spoke on wills at the University of the Third Age (U3A) meeting, at the Northmead Tennis Club, on August 12.

He said the following should be taken into consideration before drafting a will:

A person can draft a will at any age.
It is not restricted to a particular age.
There are different types of wills, such as joint wills (created for two people who may be married); living wills (which enable your family to make the decision to let you die instead of keeping you on life support).
Going to a lawyer to draft your will is the best option, although you can also go to a bank to have your will drafted.
There is no fixed amount that a lawyer will charge you, it will be dependent on the lawyer’s rates.
It is important to have a will to avoid conflict within the family after your death.
Witnesses and the lawyer all have to be in the same room at the same time in order for the will to be valid. Original copies of the will must be kept by you and not the lawyer.
An executor of your estate must be elected by you. He or she should be someone you trust to make sure that what you have stated in your will is fulfilled.
The person you have chosen to be an executor can decline the responsibility, which would mean the Master of the High Court would elect another executor approved by the family.
Executors can seek advice from a lawyer or an accountant to make sure your assets and estate are distributed accordingly.
It’s important to have the ID numbers of the heirs to your inheritance on your will.
Specific assets can be left to specific children, such as the house or cars, it doesn’t have to be percentages or halves.
It is wise to draw up your list of assets and investments and any other important documents that you should keep with your will in case your family will need them after your death.
If you die without a will, your assets and your estate will be given to your descendants and the master of the high court will act as your executor and distribute your assets accordingly.