Advertise Here
Icon

Directory

IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconBenefit Administrators & Investment Managers
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconEmployee Benefits Consultants
IconFinancial Planners
IconIndependent Principal Officer
IconIndependent Trustees
IconOmbud
IconPension Fund Trustee Liability Insurance
IconPension Fund Trustee Training
IconPension Funds Adjudicator
IconPublications
IconRegulatory Authorities
IconRetirement Advice
IconRetirement Funds registered by the FSB
IconRetirement Products
IconSocial Grants (Government)
IconTrust Establishment & Management
IconWellness Programs
Advertise Here
  Subscribe To »

The importance of having a Will

Published

2020

Thu

29

Oct

Drawing up a Will can be a very sensitive and uncomfortable subject but as death is inevitable, it is always better to be prepared. As a legal document expressing your last wishes, a Will may well be the most important document that you will ever sign. And while it is recommended that you use the services of a professional to draft a Will, the reality is that you may choose to do it yourself or elect someone you know to do it for you.

 

Your assets, your decision

The importance of having a valid, and executable, Will cannot be over-emphasised as this will be your legacy to your family. A badly drafted Will can create unintended consequences if the wording used is unclear or ambiguous on matters which include the executor of your estate, legal guardian to minor children and outlining your wishes on how your estate should be distributed.

 

Once your Will is signed and witnessed it is important to avoid becoming complacent. Your Will should be reviewed regularly as circumstances change, especially in the case of life events, such as marriage, childbirth, or a divorce.

 

But what happens if I die without a Will?

If you die without a valid Will, you will have no say as to who will benefit from your estate as your estate will then devolve according to the Intestate Succession Act 81 of 1987. This may result in one or more unintended persons benefitting from your estate and/or leaving those that you would have wished to benefit with less than you would have liked.  

 

Some final top tips

For a Will to be valid, the testator must be over the age of 16 years, the Will must be in writing (typed or handwritten) and each page, including the last page, must be signed by the testator and two competent witnesses who is 14 years of age or older. It is also important to note that any person who signs a Will as a witness, or is a spouse of a witness, will be disqualified from receiving any benefit under that Will.

 

The death of a family member is in itself a traumatic experience, so save your family the burden of litigation and family disputes. A badly drafted Will, or not having a Will in place, can have dire consequences that could easily have been avoided. Make an appointment with a recognised and accredited fiduciary practitioner to draft or review your Will in order to give you peace of mind, knowing that the wealth you created in your lifetime will be transferred to your beneficiaries with no unintended consequences.

 

 

 
Source: Gerhard Meyer, CFP® and Head of Technical Support at PSG Wealth
 
« Back to previous page Print this page » |
 

Breaking News »

How the T-Day retirement reforms could affect you

A number of retirement fund rule reforms will come into effect on 1 March 2021, also known as T-Day. These new rules will not only standardise the way in which benefits can be accessed across different funds at ...
Read More »

  

ADJUDICATOR SLAMS PRIVATE SECURITY SECTOR PROVIDENT FUND FOR NOT TAKING ACTION AGAINST DEFAULTING EMPLOYERS

Regulatory compliance in the private security industry remains a sore point as more complaints land on the desk of the Pensions Funds Adjudicator. The majority of the complaints prevalent in this sector ...
Read More »

  

ADJUDICATOR RULES EMPLOYER IS ENTITLED TO PENSION DEDUCTION AFTER DOUBLE SALARY PAYMENTS

The Deputy Pension Funds Adjudicator, Advocate Matome Thulare, has ruled that an employer was entitled to claim a deduction for double salary payments made to the complainant for over two years. Advocate ...
Read More »

  

Introducing our new eNews App

Insurance Gateway is thrilled to introduce our brand new electronic newspaper. The final product is available as both a mobile and desktop application. Our aim with the app was to develop an electronic newspaper ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Short-term »

Advertise Here
Advertise Here

From The Glossary »

Icon

Third Party Cover:

Provides cover for legal liability for damaging third party (under motor vehicle insurance) property from the use of a motor vehicle.
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 - 2021. All Rights Reserved.