23 Jan How To Write A Watertight Will
How do you go about writing a legally sound will? What should be in it? How do you choose who the beneficiaries and legal guardians should be? And most importantly, who gets your Instagram password?
How Do Last Wills and Testaments Work?
A will outlines who gets what in the event of your death. It distributes property and assets, assigns guardianship, and specifies the handling of your affairs in the case of your death. It also designates real estate, bank accounts, investments, personal property, and other possessions. In your will, you appoint an executor, someone who carries out said distribution of assets.
How Do I Write A Will?
Although it’s possible to write a will without legal advice, we strongly recommend you enlist a professional. This is because lawyers know what lexicon to employ to guarantee the probate period runs smoothly.
This is a rough guide to writing a will, so be sure to consult a professional when outlining the distribution of your prized possessions.
1. Understand South African Will And Estate Planning Legislation
It’s integral that you understand the laws governing how wills should be written, as a violation of these can lead to the voiding of terms.
Quick Summary of Will Planning Legislation
- You must be 16 years old and of sound mind.
- The will must be in writing and signed by 2 witnesses.
(See: The Law of Wills Act. )
Be sure to read the Intestate Succession Act as well, as this outlines the hierarchy of beneficiaries, starting with your spouse and children, followed by parents, siblings, and other relatives. Lastly, check out the Administration of Estates Act, which provides information about the process of identifying assets, paying debts, the rights and responsibilities of the executor, and distributing inheritance to beneficiaries.
2. List Your Assets and Debts
Include real estate, bank accounts, investments, personal property, and any debts you owe to help you decide how you want to distribute your estate (anything of value you own.)
3. Choose An Executor
Choose someone you trust to carry out your will.
4. Choose Beneficiaries
Make a list of all the people or organisations you would like to inherit your estate and become guardians of your dependents.
5. Specify Bequests
A bequest is how you want assets to be distributed. Don’t forget to include important digital information, like passwords or important documents, as well as who will look after pets.
A Legal Team You Can Trust
Our team of legal professionals have years of experience in assisting with the writing of last wills and testaments. Contact a Credit Boost professional today for expert help in will creation.