Life is for living and we don’t all want to waste time worrying about the formalities upon our death. It’s never comfortable talking about it, but it is essential to ensure that your estate is distributed according to your wishes.
We need to be responsible and provide proper care for the loved ones we leave behind, and one should not underestimate the importance of having a valid and up-to-date will.
A will or testament is a legal document by which a person (the testator), expresses their wishes as to how their property is to be distributed after their death.
The will nominates one or more people to be the beneficiaries of the testator’s property, upon death of the testator.
Who your property is passed on to depends on whether you have a valid will or not. When we die without a will, our estate is divided between our spouses, children and families, according to the laws of intestate succession (Act 81 of 1987).
However, if you have a valid will, your property is divided according to your wishes in terms of the laws of testate succession. It’s imperative to protect one’s family by having a valid will in place and this can be done by taking the following requirements (as required by the Wills Act 7 of 1953) into consideration:
• The will must be in writing. This means that a will can be typed or handwritten. If the will is handwritten, the person who writes the will is not allowed to be mentioned as a beneficiary in that specific will.
• A person drafting the will must be over the age of 16 and be mentally competent.
• The will must be signed by the testator and witnessed by two competent witnesses who are older than 14 years.
• The two competent witnesses must not be beneficiaries of the will.
• Every page of the will should be initialed and signed in the presence of the testator and the aforementioned witnesses.
In your will, you can appoint an executor who will be responsible for the division of your property. The executor will ensure that your property and assets are divided according to the preferences set out in your will. The executor also evaluates the estate and its debt.
Should you die without a valid will it could result in conflict among family members because there are no clear instructions on how your assets are to be distributed and this could lead to extra and unnecessary legal costs.
It is important to ensure your affairs are in order to assist your family in dealing with the loss of a loved one without the added pressure of the distribution of your estate.
Article by Charmaine Tshakuma, candidate attorney at Malherbe Rigg and Ranwell Inc (MRR).
Contact MRR on 011 918 4116 for more information.
