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LAST WISHES: DYING WITHOUT A WILL, OR INTESTATE, CAN HAVE FAR-REACHING EFFECTS
Don’t leave a significant gap between the last line of the will and your signature – or it may be declared invalid. Who can draft a will?
Anybody 16 years or older and of sound mind. A male who drafts a will is a testator; a female is a testatrix. If you die without a will, you die intestate. Your assets are then distributed among your heirs in accordance with the law of intestate succession.
A will must be in writing, signed by the testator/testatrix on every page, and it must be clearly dated and witnessed by two competent witnesses.
Can anyone witness a will?
Anyone 14 years or older, of sound mind and capable of understanding the consequences of their actions can witness a will.
Two people must witness, and the testator must sign in their presence.
It’s recommended each witness signs every page.
Note: someone who stands to inherit or who’s named as a beneficiary in the will shouldn’t be a witness.
Should I appoint a guardian?
Nominate a legal guardian for minor children in your will.
If you die, the appointed guardian takes custody of your children and is legally entitled to care for them until they reach adulthood, if there’s no other living legal guardian. If you die intestate the state appoints a legal guardian for your children.
What’s a testamentary trust?
It’s set up in terms of your will and is useful for housing assets bequeathed to minor children until they’re old enough to manage their financial affairs.
Assets are managed by appointed trustees.
Nominate an odd number of financially-astute trustees who you believe will act in your minor children’s best interests.
What’s the Guardian’s Fund?
It’s established to protect and manage money on behalf of children under 18, generally as a result of inheritance, until they’re 18.
The fund’s regulated by the Master of the High Court. If the parent of a minor child dies intestate or doesn’t make provision for a testamentary trust in their will, assets due to the minor child are transferred into an account opened in the beneficiary’s name and administered by the Guardian’s Fund.
What does the executor do?
The executor’s appointed in your will to carry out your directives. After the executor’s appointment is ratified by the Master of the High Court, he/she begins winding up your estate.
The maximum fee an executor can levy is 3.5% (excluding VAT) of the gross value of the deceased’s estate.The executor should be financially astute, with a solid understanding of accounting.
What’s a codicil?
An official alteration to an existing will. It’s a separate document that identifies which section of the will is being amended and sets out new provisions. Each codicil must be signed and witnessed. If you need to make a number of changes to your will, consider redrafting it.
When should I update my will?
A revision’s generally triggered by certain events like a child’s birth, marriage, divorce, a beneficiary/executor’s death, or gaining property. Review your will once a year.
Eric Jordaan is a director at Crue Invest