Draw up your own will, 5 easy steps
In a time of great sorrow, a will can put things into perspective for loved ones.
YOUR will is likely to be the most important document you will ever sign. According to the Master of the High Court, more than 70 per cent of working South Africans do not have this vital document.
National Wills Week ran from 11 to 15 September.
Also read: 10 strange last wishes mentioned in wills
Should you die without a will, the law will decide who gets your assets, without any regard to your wishes or your family’s needs.
“Thinking about your death is unpleasant, it is not like saving for a new car or putting money away for retirement,” said Jenny Gordon, senior legal adviser at Alexander Forbes.
Also read: The importance of having a Will
Here are five essential steps when composing your will:
1.You don’t need a lawyer to draw up a will. Visit your bank, trust company or financial adviser to assist at a small fee or none at all if they are appointed as executor. The way a will is signed is important. It should be signed in the presence of two witnesses and you must sign on each page and at the end of the will.
2. A family member or friend can be appointed as executor of your estate however, the Master of the High Court will usually require that an executor, who does not have the necessary qualification, must be assisted by a professional agent such as an attorney, auditor, advocate or a trust company during the administration process.
3. Should you die without a will, the law will decide who gets your assets, without any regard to your wishes or your family’s needs therefor it is important to include name, surname and if possible ID number of the persons you leaving your assets to and be very specific.
4. If you have minor children, you can appoint another person who has your minor children’s interests at heart to be the guardian to take care of them.
5. The most important thing is to keep the original will stored in a safe place, making it accessible to your loved ones and advising them of it’s whereabouts. You can also share scanned copies with those you trust.
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