JJR is proud to announce that we are participating in the National Wills Week, organised by the Law Society of South Africa and is dedicated to encourage our people to draft their Wills.
The best news is that it is free!
FREQUENTLY ASKED QUESTIONS:
When the term “Will & Testament” comes up, many may think it’s something for the rich or that your family will sort it out, but a Will is for everyone – whether you only have a motor vehicle, some savings or even just sentimental belongings – a Will is your chance to say “This is what I want.”
- WHY IS IT SO IMPORTANT TO HAVE A VALID WILL:
A Will is your voice after you are gone. It allows you to choose who you want to inherit and what – the right people and the right assets and provides you the opportunity to –
- Determine how your properties and assets are distributed / divided
- Determine who will take care of your dependents
- Dictates how your estate is handled and by who – meaning who will be appointed to handle your affairs and ensure the administration is done correctly (the “Executor”).
- Establish a Testamentary Trust where minor children are involved.
Think of it like leaving instructions behind so your family does not have to guess.
- WHAT DOES IT MEAN TO HAVE A “VALID” WILL:
A Will is a legal document that must meet certain requirements to be valid and enforceable.
It must –
- Be in writing – either typed or handwritten (handwritten Wills have additional requirements)
- Signed by you (the “Testator / Testatrix”) on each page
- And signed by two witnesses who are present when you sign
- These witnesses cannot be one of the heirs or their spouses and must be competent to give evidence in court (i.e. mentally capable and 14 years of age or older)
- Certain clauses are important to ensure your Will is valid and can be carried out
It’s simple, but it makes all the difference.
- EXECUTORS, TRUSTEES AND GAURDIANS:
Executors, trustees and guardians are nominated in your Will, ensuring that your estate is not delayed due to disputes over –
- Who should be appointed as Executor of your estate
- Who will take of your minor children
The important thing is to choose people you trust – those who will make sure your wishes are carried out.
- WHAT HAPPENS IF YOU DON’T HAVE A VALID WILL:
If you pass away without a valid Will, the law still steps in. This is called “intestate succession.”
Intestate Succession means that there is legislation in place (The Intestate Succession Act) that determine who gets what, based on a fixed formula.
- WHY HAVE YOUR WILL DRAWN UP BY PROFESSIONALS:
Attorneys (lawyers) are educated professionals and have experience in drafting of Wills and estate planning. They can draft a Will for you that is –
- Clear and valid
- Contains certain important clauses
- Caters to your needs
- ensures that contingencies are in place for changing circumstances
- OTHER COMMON QUESTIONS:
Do I need to update my Will?
Yes, families grow, children and grandchildren are born, marriages or circumstances change.
Can a digital Will be valid?
No, a Will must be in writing – the “wet ink on paper” rule applies.
Is a Living Will the same as a Will & Testament?
No, a Living Will deals with medical decisions if you’re incapacitated, while a Last Will and Testament deal with property after death
Can a Will be contested?
Yes, in instances where fraud, undue influence and a lack of mental capacity were present.
Where should I keep my Will?
In a safe, but accessible place – such as a fireproof safe, attorney’s Office
Must I share the contents of my Will?
Your Will is private and confidential and there is no requirement to share the contents of your Will. However, it is a good idea to tell your family (or heirs) where your Will is kept so that they know here to go when you pass away
Who can execute a Will & Testament?
Any person over the age of 16 years who mentally capable of appreciating the nature and effect of executing a Will can do so.
Take advantage of the Wills Week and speak to our professionals – contact us today to make your appointment.
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