“WILLS AND WISHES: THE BLUEPRINT FOR YOUR ENDURING LEGACY”
A last will and testament, commonly known as a “will”, is a legal document that outlines an individual’s wishes and instructions regarding the division and distribution of their assets and the management of their affairs after their death. A will is extremely important for the distribution of assets, guardianship of children, the settlement of debts, funeral instructions, and charitable donations. You should have a will regardless of your age and social status. It is important that you create a will while you are of sound mind, not under duress, or undue influence.
A will ensures that your loved ones are taken care of according to your personal wishes, and it also defines how any inheritance will be divided amongst your heirs. This is even more important if you have children or dependants that rely on you. Without you, your children or dependants would not know what to do…so what if you died suddenly? Having a will means that you can provide for your loved ones and dependants after your death. A will guarantees that YOUR wishes for YOUR assets and property are carried out.
ADVANTAGES OF HAVING A WILL
1. YOU have total control over YOUR estate and who receives what from your estate;
2. You can create a trust to create a lasting legacy and ensure that your heirs and dependants are looked after;
3. You can choose the executors of your estate;
4. You can state conditions for people to inherit from your estate; and
5. Winding up your estate and the division of assets is completed relatively quickly.
REQUIREMENTS OF A WILL
1. Your will must be compliant with the Wills Act of South Africa;
2. Your will must be signed at the bottom of every page;
3. Your will must be signed in the presence of at least two witnesses;
4. The witnesses to your will must be older than 16 years old and the witnesses must sign every page of the will.
5. The witnesses to your will may not be executors or beneficiaries.
WHAT IF YOU DO NOT HAVE A WILL?
If you die without a valid will, you will have died intestate. This means that the property and assets in your estate will be distributed according to the Intestate Succession Act (ISA). In terms of the ISA, your wishes may not be carried out. Your estate will simply be divided amongst your surviving spouse, children, parents, or siblings according to a set formula. Any specific wishes you have will not be carried out.
Written by: Garion Malherbe
We trust that you found this article informative, please email info@hjwattorneys.co.za for assistance with all of your legal queries.
This article is provided for informational purposes only and should not be substituted for legal advice on any specific matter. Any opinions expressed herein are subject to the law as at the time of writing and will change in accordance with any change in the law. We recommend that you contact HJW Attorneys at info@hjwattorneys.co.za directly for advice applicable to your specific matter.