08 Jul Planning A Last Will and Testament in South Africa

Leave a legacy to be proud of with will and estate planning. South Africans, use Credit Boost to help you protect your loved ones even after your passing. Creating a strong last will and testament gives you control over your assets and who inherits what, minimises the risk of legal conflicts and probate, and much more.

It also gives you the power to decide who is guardian of your children in the event of your death, minimise the amount of taxes your estate owes after you die, and address situations where you are incapacitated and can’t decide for yourself what you want– you can designate a person of your choice to handle healthcare and finance matters.

Keep reading and find out how to write a watertight will in South Africa and what should be in it.

What Should Be in A Last Will?

A will is a legal document outlining who should get what when you die, who should take care of you when you can’t take care of yourself, and what should become of your assets, debt, and tax obligations.

Beneficiaries

Beneficiaries receive your life insurance payout, or estate (like a house, farm, or any property you own). You should include their full names and contact information.

Distribution of Assets

This section details how you would like your assets (things of value) to be distributed among the people in your life. You can be specific about what goes to who, or you can designate people an amount of your wealth, like a percentage.

Executor

The executor of your will is who will carry it out. They’ll manage your will, pay your debts, look after your estate, and distribute assets to beneficiaries. You should choose someone you trust and who is organised.

Contingency Plans

Consider what will happen if a beneficiary dies before you or someone challenges the will. You should include substitute beneficiaries or instructions for handling disputes.

Guardianship of Minors

If you have children or dependents, decide who should take responsibility for caring for them.

Signature and Witnesses

Have people witness your will and sign it. Usually, they can’t be beneficiaries.

Charitable Donations

If you would like a certain amount of money or items of value to be donated to charity, you should include this in your will.

Digital Assets

Since we’re in the digital age, it’s important to include who will take over or delete social media and online accounts after you die. You should also choose someone to be provided with a password sheet and access to details about your online banking, remote banking, and online tax information.

Funeral Wishes

Though funeral wishes are not legally enforceable, you can still include requests for your funeral, such as having an open or closed casket and who should or should not be invited.

As you’ve learned, a will last and testament is crucial to leaving a legacy after you die.  If you would like expert help planning a last will and testament, contact Credit Boost. Our will and testament attorneys would be glad to be of service.