THE BASICS OF A WILL

The following information is based on South African Law and rules applicable to wills. It is basic in nature and aims to help in understanding the basics of a will.

We hear about wills all the time. Some of our family members have a will, some don’t. We hear about people who died and had a will, and we hear about those who died and left no will. When a person dies without a will this sometimes leads to family feud over who gets what and who must not get anything. The rules of intestate succession (The Intestate Succession Act 81 of 1987) regulate how the estate should be distributed when a person dies without leaving a will.  

When a person dies without leaving a valid will then he will  have died intestate.

When a person dies leaving a valid will then he will die testate.

Who can make a will?

So the big question is who can make a will for when they pass away.

According to the Wills Act No. 7 of 1953 - every person of the age of sixteen years or more may make a will unless at the time of making the will he is mentally incapable of appreciating the nature and effect of his act, and the burden of proof that he was mentally incapable at the time shall rest on the person alleging the same.

So what is a Will?

A will is document in which a person called the testator prescribes how his property must be disposed of at death. This simply means that a person will use a will to legally declare who he wants to transfer his assets to at death. 

Some Advantages of a will

You get to choose who you want to give your assets to at death.

People with children can nominate a guardian in their will to look after the children until they become adults. A testamentary trust to manage the children’s inheritance can also be set up.

You can create a trust and appoint trustees.

Leaving a valid will

A will must be in writing, it cannot be made verbally.

Also note that a witness to a will may never benefit from a will. For example if Tamia wants Tyra to have her car when she dies, Tyra cannot sign as a witness to the will.

The will must comply with the formal requirements of the Wills Act. Therefore always consult with a Financial Planner or Financial Adviser or Attorney or qualified expert that can assist you when drafting your will. By doing this you can ensure that you will leave a valid will when you pass away. This is not a document that you want to take chances with, because if you do then when you pass away the chance of your will being declared invalid either partially or wholly are higher if you did not consult with a financial Planner or Financial Adviser or Attorney or expert when drafting your will.