What is needed for your Will to be valid?
There are certain ‘rules’ that need to be followed to make a will valid.
- You must be over 16 years old
- Your Will must be in writing (typed or handwritten but if it is handwritten it can’t be written by a beneficiary (someone receiving something from the Will).
- Each page must be signed by you as well as two competent witnesses (they must be over 14 and they can’t benefit from the will). Everyone must witness each other signing the Will.
Can I just write my wishes out?
Movies often have a moment where a character does a video recording or scrawls out a total change of their Will in the heat of the moment. People may look at your written or recorded wishes, however, it may not hold up in court.
There is a possibility that the High Court will disregard these last wishes if you haven’t followed the requirements listed above. It is always safer to use an Estate Executor to draft and store your Will.
A document with your wishes can help guide your family and executor in making decisions but your will is the formal instruction.
Where do I get help to put a Will together?
You could DIY your will with templates online this is not the best way to draft your will but it is definitely better to use a generic template than not having a will at all.
The best way to go about drafting your will is to speak to a fiduciary specialist or lawyer who would do this for you.
If you have children or own a business, it is always better to get a professional to help you to draft it. There are many ways of setting up your Estate (what you leave behind) which can help to protect people and minimise the amount of tax due.
Our suggestion is always to work with a financial planner and an executor to draft a will. Including both a planner and executor in your planning gives you the best chance at reducing tax, the fees you need to pay and also making sure your dependents are cared for.
What do I do with my Will once it's signed?
A beneficiary is a person that is receiving something from your estate.
An executor is a person who is responsible for the administration of a person’s estate. An executor will wind up and transfer all your assets according to the instructions you include in your will.
Estate Duty is the final tax levied on your estate. In RSA this is currently 20% on the value of your estate above R3.5 million.
With certain things being deductible or exempt from estate duty you can see why proper estate planning can save a lot of money for your dependents.
As a financial planner, our goal is to listen and understand your goals and then provide the best objective advice. At Growmatter, we want the best for our clients and we are committed to working together.
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