The aim of National Wills Week is to encourage people to get their wills drafted.
Here are seven steps you need follow to draft a will:
Step 1: Keep it simple
Name your beneficiaries and what they will receive. Remember that one of your beneficiaries may die before you, perhaps name substitute beneficiaries or use a general substitution clause.
Possibly consider leaving your assets to a beneficiary instead of asking the executor to sell them on your behalf, otherwise the executor will have to sell your assets even if your heirs wish to keep them.
Step 2: Your marital status
The status of your marriage will affect how you draft your Will. In South Africa, you have a range of marriage contracts, such as in community of property, out of community of property, a customary marriage or a civil union.
If your Will was prepared before you got married, you need to review it to ensure alignment with your marriage contract.
Step 3: Your dependents
A will serves to protect your minor children or dependents. It also allows you to choose a guardian, hence it is viewed as an optimal way to protect the interests of your loved ones.
Step 4: Choose an executor
It is important to choose a skilled and qualified executor for your Will. It is the executor’s responsibility to look after your estate according to current legislation and to ensure that the interests of the beneficiaries are protected.
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Step 5: Sign it
A Will is only valid if it is signed correctly.
It should be signed in full on every page in the presence of two witnesses. The witnesses should not be people who are included as beneficiaries, trustees, executors or guardians in the will, or their spouses.
The witnesses should also sign in full on the last page of the Will.
Step 6: Date it
Your will should be dated to ensure that the last valid will can easily be identified.
This becomes very important especially where people may previous version of their will. An unsigned will can cause serious challenges for your loved ones in the unfortunate event that you pass on.
Step 7: Annual review
Relook your Will regularly and especially when there is a major change in your life or legislation.
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