Why do you need a Will?

Here’s a list of need-to-knows when it comes to filling out your Will…

A Will enables you to:

  • Nominate an Executor of your choice
  • Nominate heirs of your choice, avoiding the strict rules on intestacy & ensuring that your wishes are carried out
  • Protect the interests of your heirs, e.g. by appointing a guardian for minor children and/or a professional trustee to administer their inheritance.
  • Protects the inheritance of children under 18 by making provision for a trust to be created on your death
  • If you own a business, protects your family against debt liability
  • You can update your Will at any time
  • A Will is a document recognized by law as the expression of your wishes
  • Minimize estate duty with proper planning
  • Exemption of having to furnish security

What happens when there is no Will?

  • The court could appoint someone you would not have approved of to be your executor
  • Your estate will be dealt with according to rigid and inflexible law – you can’t leave a specific item to someone who would really have benefited from it or decide the proportions your beneficiaries will get
  • Your minor children’s inheritance might suffer since anything they are entitled to receive will have to be transferred in a monetary form to the Guardian’s Fund until they turn 18. This means that the family home would have to be sold (to convert it into a monetary form), which is quite possibly something you would never have chosen to happen
  • If you have no Will, relatives – whether close or distant – will inherit rather than close friends or a life partner

When should a Will be reviewed?

Change in your status or circumstances, e.g. Marriage, divorce, remarriage, birth or adoption of a child, a death in the family or substantial change in your assets

In the event of divorce if you do not want your ex-spouse to inherit

If no amendment then the ex-spouse will inherit as it is seen that the intention after this period was not to disinherit the ex-spouse.

What you should provide when having a Will drawn?

  • Full names & ID numbers. ID/date of birth for children
  • Full names & relationship of beneficiaries
  • Full names & relationship for alternate beneficiaries
  • Testamentary Trusts for minor beneficiaries (children under 18)
  • Guardians for minor children
  • Details of assets & liabilities

Wills in Safe Custody – we offer:

  • Physical security
  • Confidentiality of contents
  • Ongoing reviews and redraws at no additional cost
  • No unnecessary delays in the administration of your estate
  • Communication of any changes in legislation and practice which impacts Wills, trusts, estate duty, etc.