Advertise Here
Icon

Directory

IconAlternative Investments
IconAsset Managers
IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconFinancial Planners
IconInvestment Consulting
IconLinked Investment Service Providers
IconListed Equities
IconOmbud
IconOnline Share Trading
IconParticipation Bond Managers
IconProperty Unit Trusts
IconPublications
IconRegulatory Authorities
IconStock Exchange
IconUnit Trust Fund Managers
IconWellness Programs
Advertise Here
  Subscribe To »

DRAFTING A WILL DURING THE COVID-19 LOCKDOWN

Published

2020

Wed

01

Jul

By Christel Botha, Alexander Forbes Fiduciary Services Manager

 

Life in lockdown during the Covid-19 pandemic has given people time to reflect on their personal affairs, leading to an increase in numbers of people making and updating their Last Will and Testament in a bid to regain control over their lives.

 

With social distancing protocols however, having a will witnessed by two persons who will not be benefitting from it, and who are together at the same time, as prescribed by the Wills Act, could be difficult. A will cannot be signed electronically but a competent person, who is older than 14 and who does not benefit from it, may sign as a witness.

 

Print the will in duplicate, and then try and find two witnesses who are easily accessible, such as neighbours, or colleagues if you are back at work. Wash your hands, sign your will and put it in the agreed place shortly before the agreed time and ask them to use their own pens. Once signed and dated, store the original wills in a safe place until you are able to arrange for delivery of one copy to your nominated executor for safekeeping.  Keep a copy for yourself in a safe place and let friends and family know where to find it.

 

The Wills Act requires the following for the document to be legally binding:

 

  • Each page of the will must be signed
  • The same witnesses must sign throughout
  • People who may not sign as witness includes the following: 
    • Any beneficiary in the will and/or their spouses
    • The executors, trustees and guardians and/or their spouses
  • With each written/manual amendment to the will, the testator and two competent witnesses must also sign at each amendment on the will

 

Should a person die without having a will, or a will which is invalid because there are no or incorrect witnesses, the estate is to be administered in terms of the Intestate Succession Act, Act 81 of 1987. This can cause additional liability to the deceased estate amounting to R30 000 or more and the finalisation of the estate could be delayed due to fact that the matter has to be placed on the motion roll of the High Court which can take months.  Alternatively, where a previous valid will exists, the estate may be administered in terms of that will which may not be the true reflection of your last wishes.  To have the newest incorrect signed will be accepted as the last Will, an application to the High Court will have to be made in an attempt to declare the existing will valid. Finalising the estate could be delayed due to fact that the matter has to be placed on the motion roll of the High Court which can take months. 

 

There is nothing like a crisis to make you start thinking about getting your affairs in order, and preparing legal documents to ensure your personal wishes are carried out in the event of your death is the responsible thing to do, especially if minor children are involved.

 
Source: ALEXANDER FORBES
 
« Back to previous page Print this page » |
 

Breaking News »

Coface reports a positive net income of €11.3m for the second quarter 2020 and continues to implement its strategic plan

Turnover for the first semester: €725m, down 0. 6% at constant FX and perimeter Client retention and new business achieve record levels, with a positive net production of €33m First effects of ...
Read More »

  

Liberty Drives Hope - and places the needs of ordinary South Africans at the core

                                    It was a desperate cry ...
Read More »

  

Is the Covid-19 e-commerce boom here to stay?

The Covid-19 pandemic has accelerated the adoption of e-commerce in a way no company could have imagined. In fact, in many instances, it has brought 3-5-year sales projections forward in just a matter of months ...
Read More »

  

SOUTH AFRICA FACES WEALTH DETERIORATION CRISIS

How understanding the real value of good financial advice can help   27 July 2020: The Centre for Applied Research (CAR) reported that the global financial services industry is facing a ‘crisis ...
Read More »

 

More News »

Image

Healthcare »

Image

Life »

Image

Retirement »

Image

Short-term »

Advertise Here
Advertise Here

From The Glossary »

Icon

Usury laws:

Laws limiting the amount of interest that can be charged on loans.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2020. All Rights Reserved.