06 Aug Your Free Last Will Template

If you’ve ever wanted to plan a last will, you’ve probably wondered how you should structure this extremely important legal document– the document that holds your legacy and protects your family from harm after your death. Luckily, Credit Boost has compiled a handy template for how you can structure your will. Download it in PDF format or scroll down to read a fictional person’s last will with explanations.

Before we start, have a quick look at some of the terminology you’ll find in the sample will.

Key terms

These are some of the key terms you’ll spot in the document.

• Testator: the person for whom the will is for.
• Spouse: wife or husband.
• Beneficiary: someone who will be accepting all or part of the estate.
• Estate: property you own or items you possess.
• Executor: personal representative. Someone who stands in the shoes of the testator.
• Special bequests: special requests that certain items be given to individuals.
• Personal belongings: jewellery, clothes, etc.
• Heirs-at-law: family by blood.
• Minor: anyone below the age of 18.
• Trust: allows an age limit to be designated before a nephew or child receives their portion of the estate.
• Trustee: someone you choose to oversee the estate appointed to children.
• Trustee bond: a surety court bond that protects a trust from losses should the trustee perform their duties in an unethical or dishonest way.
• Guardian: children’s caretaker after your death.
• Predecease: to die before you do.
• Pet directive: a request placing your pets with a person.
• Digital representative: a person chosen to protect digital assets like phones, laptops, and passwords
• Dispositions: the distribution or transfer of property or money to someone.
• Codicil: an addition or supplement that explains, modifies, or revokes a will or part of one.
• Heir: someone who inherits an estate or assets.
• Bequeath: to give to someone.
• Duress: threats, violence, constraints, or other action used to coerce someone into doing something against their will or better judgment.
• Qualified terminable interest property trust: an irrevocable trust that enables a grantor to provide for a surviving spouse and other beneficiaries.
• Election: decision.
• Principal (tax law): amount of money initially saved.
• By Proxy: on someone’s behalf.
• Securities (stock): a tradable financial asset that represents ownership in a financial instrument.
• Financial instrument: real or virtual documents representing a legal agreement involving any kind of monetary value.
• Stockholder: someone who owns stock.
• Stock: money or goods.
• Shareholder: someone who owns shares in a stock
• Voting trust: a legal arrangement that allows shareholders to temporarily transfer their voting rights to a trustee for a set time.
• GST exemptions: non-taxable imports.
• Ad litem: appointed to act in a lawsuit on behalf of a child or other person who is not considered capable of representing themselves.
• Alienable: unable to be transferred to new ownership.
• Covenant (law): formal agreement or promise.

Now that you have a good idea of what the language in this will means, let’s add some context to the will.

Background

This will is created by a fictional person, who we’ll call Sam Jones.

The will includes the testator’s place of residence. Sam Jones lives at 123 Beach Road, Milnerton, Cape Town. He is married to Daisy Jones and has two children, a daughter and a son. The daughter is called Leah Jones and the son is called Luke Jones. Leah is 17 years old, and Luke is 21 years old. Leah will receive her portion of the estate when she comes of age.

Sam has chosen his friend, Wallace, as his trustee and Arthur Miller as his personal representative.

This will is fictional. Any resemblances to real life are purely incidental.

The sample legal document text is in italics and our annotations are in bold paragraph text.

Feel free to replace Sam’s information with your own.

Last Will and Testament
Of
Sam Jones

I, Sam Jones, with a place of residence at 123 Beach Road, Milnerton, Cape Town, being of sound mind and not acting under duress or undue influence while fully understanding the nature and extent of my property and of this disposition thereof, do hereby make, publish, and declare this document to be my Last Will and Testament, and hereby revoke all other wills and codicils heretofore made by me, Hereinafter known as the “Testator”.

1. FAMILY IDENTIFICATION

I am married to Daisy Jones.

Daisy Jones will be a beneficiary of the Residual Estate as described in Section 7.

I have two (2) children known as:

• Leah Jones
• Luke Jones

My child(ren) will be included as Heir(s) in this Last Will and Testament.

Replace the Jones’ childrens’ names with your child(rens)s’ names.

2. EXCLUSIONS

It is my intention to not specifically exclude any individual(s) from this Last Will and Testament.

3. EXPENSES & TAXES

I direct that my Personal Representative shall pay out of my estate any and all estate and inheritance taxes payable by reason of my death in respect of all items included in the computation of such taxes, whether passing under this Will or otherwise. Said taxes shall be paid by my Personal Representative as if such taxes were my debts without recovery of any part of such tax payments from anyone who receives any item included in such computation.

Choose a personal representative. Here, Sam has chosen Arthur Miller. He has written that Arthur will pay his taxes like they’re debts without taking money away from any beneficiary. 

4. SPECIAL REQUESTS

Aside from my Residual Estate, there shall be the following one (1) individual to receive a special bequest.

• Luke Jones to receive the 1989 (Taylor’s Version) CD by Taylor Swift.

Sam chooses to specially bequest Luke his Taylor Swift CD, 1989 (Taylor’s Version). Here, you can specify any special requests or bequests.

5. PERSONAL PROPERTY

I direct that all of my personal property that has not been directed as specific bequests or a part of my residual estate be distributed to my spouse and children only.

Sam chooses to give all personal property that hasn’t specifically been given to someone to his wife and children. You can choose to give property to whoever you’d like.

6. DIGITAL ASSETS

I shall not have my social media accounts left with a representative. Therefore, after I die, all social media accounts that I have shall be left ‘as-is’.

This section is where you should choose who to leave your digital assets to. Sam chooses not to leave his digital assets to anyone.

7. RESIDUAL ESTATE

I devise and bequeath my property, both real and personal wherever situated including any life insurance policies, share dividends, employment pensions, real estate, bank account balances, and any other valuable assets I may have to the following three (2) descendants and one (1) spouse:

• Leah Jones, who is my daughter and entitled to 25% of my residual estate.
• Luke Jones, who is my son and entitled to 25% of my residual estate.
• Daisy Jones, who is my wife and entitled to 50% of my residual estate.

Sam’s children get a quarter of his estate each, and his wife gets the rest. You can decide who gets what percentage of your assets and estate and list it here.

TRUST CREATION

I direct a Trust to be created for all the Beneficiaries of this Last Will and Testament who are under the age of 18 years old. The Beneficiaries of this Trust shall be treated and receive the same Residual Estate share value, in accordance with the percentage stated in Section 7, as the other Beneficiaries including but not limited to: life insurance policies, share dividends, employment pensions, real estate, bank account balances, and any other valuable assets left by the Testator.

Sam chooses to create a trust for Leah, so that when she comes of age she receives her portion of the estate.

Until each Beneficiary has reached the age of 18 years old, there shall be an individual known as Wallace Macintosh with a mailing address of 24 Cola Street, Bellville, Cape Town, and shall be serving without bond, hereinafter known as the “Trustee”, that will have powers to deduct funds from the Beneficiary’s Residual Estate for the benefit of their medical, educational, or other needs deemed necessary to the Beneficiary and in their best interest. Any payments made for a specific Beneficiary shall be reflected in their final balance when they reach the age allowed for disbursement(s). At the time the Beneficiary reaches the age of 18, the Trustee shall disburse all monies, assets, or any other personal/real property to the said Beneficiary.

Sam designates his friend Wallace Macintosh as his trustee. Wallace lives at 24 Cola Street in Bellville, Cape Town. Sam won’t compensate (with a bond) Wallace for being his trustee. He writes that Wallace you can take money from his estate to pay for essential expenses, like medical and educational expenses. These expenses will be reflected in the final amount Leah gets when she turns 18.

You can decide who your trustee is, whether you pay them for being your trustee, and how expenses should be deducted from your estate in this section.

A. Trustee’s Handling of Funds

If before a child reaches the age of 18 years old and the Trustee deems that the child is not qualified to handle monetary funds for medical, educational, or other needs deemed necessary to the Beneficiary and in their best interest, the Trustee may make payments, including but not limited to, individuals such as guardians, conservators, parents, or any other qualified person that is acting as the caretaker of the child.

Sam decides that if Leah isn’t qualified to handle her trust before she turns 18, Wallace can give money to her guardian to make payments on her behalf.

B. Trustee’s Right to Resign

The Trustee of this Trust has the right to resign from their position at any time by providing at least 60 days written notice to all current Beneficiaries, children, guardians, parents, conservators, or interested parties of the Trust.

Sam gives Wallace 2 months to resign and says he has to write to all interested parties in the trust to tell them.

C. Appointment of Replacement Trustee

If the Trustee or Secondary Trustee are unable to conduct their duties, by either their resignation, incapacitation, or any other reason that impairs their ability to perform at their position, then a new Trustee may be appointed by the current or previous Trustee, or appointed by the court in the jurisdiction of the child(ren)’s primary residence if the current or previous Trustee is not able to appoint a new Trustee.

Sam decides that if the trustee resigns or can’t perform his duties, Wallace can choose a new, or secondary trustee. The court can also choose a trustee if Wallace can’t appoint one. 

D. Death of Child(ren)

If a child dies before reaching the age of 18 years old their entitled distribution shall be equally distributed to my other children under the circumstance that the child that died does not have any children of their own, in such case, their entitled distribution should be given equally.

Sam says that if Leah dies, Luke gets her portion of the estate and vice versa. If one of them has children and Luke or Leah dies, the children get the estate portion distributed equally between them and their parents. 

If all children die before they age of 18 years old then their entitled distribution shall be disbursed to the remaining Beneficiaries in accordance with their percentage in Section 7. If there are no Beneficiaries besides the children, then the Residual Estate shall be given to my Heirs-at-Law.

If both of Sam’s children die, their estate will be given to his blood relatives– heirs-at-law.

i. If a child of mine dies before the age of 18 years old, the Trustee shall be obligated to use the remaining portion of their entitled Residual Estate for all costs related to the funeral or last medical care the child received before their death.

If one of his children dies, Wallace has to use their estate money to pay for medical expenses and funeral costs. 

E. Protection From Creditors

A child that is under the age of 18 years old that is entitled to any portion of my Residual Estate shall not be subject to creditors, legal liability, assignment, anticipation, or seizure by any private, public or government entity. If in the Trustee’s best judgment believes the child’s portion of the Residual Estate is susceptible to any outside party the Trustee is required to act in the best manner possible to protect the interests of the child. If and when the Trustee determines that the child’s portion of the Residual Estate is no longer threatened by any outside pressures may the process of distribution continue in accordance with this Trust.

Leah won’t have to owe Sam’s creditors money from her trust to pay Sam’s debts while she is a minor. If Wallace believes someone else should use Leah’s money, he should act in her best interests. When her assets aren’t under threat, the distribution of assets and estate should continue as usual. 

F. Accounting

The Trustee will be required to provide an accounting, at least once per annum, showing all assets, account balances, and any other statements that belong to the Beneficiaries of the Trust.

Wallace has to compile a report showing all assets, account balances, and anything else that must be given to the beneficiaries once a year.

G. 2nd Trustee

In addition to the Trustee named above, if he or she is not able to perform their respective duties then a court in the municipality of where the Decedent died or was a resident, whichever is decided upon by the Beneficiaries in this Trust, shall appoint a Trustee to act in the best interests of the Beneficiaries in the Trust.

If Wallace can’t do his trustee duties, a court in the municipality where Sam died will appoint a trustee to act in Leah, Luke, and Daisy’s best interests. 

GUARDIANSHIP FOR MINORS

There shall not be a Guardian selected by the Testator to be the caretaker of any Minors in this Last Will and Testament. A Guardian may be nominated by the court.

The court will choose a guardian to take care of Leah because Sam has not appointed anyone.

8. OTHER PROPERTY

If there is any other property not part of the Residual Estate of Personal Property of this Last Will and Testament all other property should be transferred to my Heirs-at-Law.

If there’s property not included in the will that belongs to Sam, his blood relatives will get it. 

9. PREDECEASE

If any child of mine should predecease me then any property that was intended for them should be distributed to that child’s children.

If my Spouse should predecease me then any property that has been entitled to my Spouse should be distributed to my Heirs-at-Law.

If any of my property cannot be readily sold and distributed, then it may be donated to any charitable organization or organisations of my Personal Representative’s choice. If any property cannot be readily sold or donated, my Personal Representative may, without liability, dispose of such property as my Personal Representative may deem appropriate. I authorise my Personal Representative to pay as an administration expense of my estate the expense of selling, advertising for sale, packing, shipping, insuring and delivering such property.

If Daisy dies before Sam, the property bequeathed to her will be given to Sam’s blood relatives. If any of Sam’s property can’t be sold, it can be given to charities or organisations of his personal representative’s choice. Lastly, if one of Sam’s children dies, that child’s children will receive their portion of the estate. 

10. OMISSION

Except to the extent that I have included them in this Will, I have intentionally, and not as a result of any mistake or inadvertence, omitted in this Will to provide for any family members and/or issue of mine, if any, however defined by law, presently living or hereafter born or adopted.

Sam chooses not to provide for any other family member, except for the ones included in this will. 

11. PERSONAL REPRESENTATIVE

I nominate and appoint Arthur Miller, of 12 Sunflower Road, Durbanville, Cape Town, as Personal Representative of my estate and I request that he/she be appointed temporary Personal Representative if he/she applies.

Sam chooses his friend, Arthur Miller, as his personal representative. 

There shall not be a Secondary Personal Representative. If the above-named individual cannot serve, then I shall desire a court-appointed Personal Representative to act on behalf of my intentions written in this last will and testament.

12. DISCRETIONARY POWERS OF PERSONAL REPRESENTATIVE

My Personal Representative shall have and may exercise the following discretionary powers in addition to any common law or statutory powers without the necessity of court license or approval:

Arthur doesn’t have to have a license or approval to do the following:

A. To retain for whatever period my Personal Representative deems advisable any property, including property owned by me at my death, and to invest and reinvest in any property, both real and personal, regardless of whether any particular investment would be proper for a Personal Representative and regardless of the extent of diversification of the assets held hereunder.

Keep and reinvest in Sam’s assets, estate, and property, regardless of whether people think it’s okay and the extent to which he diversifies Sam’s investment portfolio.

B. To sell and to grant options to purchase all or any part of my estate, both real and personal, at any time, at public or private sale, for consideration, whether or not the highest possible consideration, and upon terms, including credit, as my Personal Representative deems advisable, and to execute, acknowledge, and deliver deeds or other instruments in connection therewith.

Sell Sam’s estate and credit publically and privately.

C. To lease any real estate for terms and conditions as my Personal Representative deems advisable, including the granting of options to renew, options to extend the term or terms, and options to purchase.

Rent out or sell real estate. 

D. To pay, compromise, settle or otherwise adjust any claims, including taxes, asserted in favour of or against me, my estate or my Personal Representative.

Settle taxes or claims against Sam, his estate, or Arthur following tax laws.

E. To make any separation into shares in whole or in part in kind and at values determined by my Personal Representative, with or without regard to tax basis, and to allocate different kinds and disproportionate amounts of property and undivided interests in property among the shares.

Separate Sam’s estates and assets into shares that don’t have to be equal. Arthur gets to decide what groups of people get what shares, how many shares go to each person, and how much of each share goes to who.

F. To make such elections under the tax laws as my Personal Representative shall deem appropriate, including elections with respect to qualified terminable interest property, exemptions and the use of deductions as income tax or estate tax deductions, and to determine whether to make any adjustments between income and principal on account of any election so made.

To make decisions on Sam’s behalf respecting the need to provide for beneficiaries about what should be deducted to meet Sam’s income, savings, and estate taxes. 

G. To make any elections permitted under any pension, profit sharing, employee stock ownership or other benefit plans.

Arthur can make decisions about pensions, profit sharing, stock Sam’s employees own, and any other benefit plans under Sam. 

H. To employ others in connection with the administration of my estate, including legal counsel, investment advisors, brokers, accountants and agents and to pay reasonable compensation.

Arthur can employ people like attorneys and investment advisors to help him properly invest Sam’s money. 

I. To vote any shares of stock or other securities in person or by proxy; to assert or waive any stockholder’s rights or privilege to subscribe for or otherwise acquire additional stock; to deposit securities in any voting trust or with any committee.

He can vote that any of Sam’s stockholder’s rights to acquire more stock be taken away. He can also give Sam’s financial assets to voting trusts or committees.

J. To borrow and to pledge or mortgage any property as collateral, and to make secured or unsecured loans. My Personal Representative is specifically authorised to make loans without interest to any beneficiary hereunder. No individual or entity loaning property to my Personal Representative or trustee shall be held to see to the application of such property.

Arthur can use Sam’s property as collateral (something the bank can repossess) to apply for loans without paying interest to beneficiaries. 

K. To work in absolute discretion and determine the allocation of any GST exemption available to me at my death to property passing under this Will or otherwise. The determination of my Personal Representative with respect to any elections or allocation, if made or taken in good faith, shall be binding upon all affected.

He can determine what non-taxable imports (GST) are allocated to Sam’s property.

L. To make decisions and settle any and all claims against the Estate including any Beneficiaries that may contest their Residual Estate or this Last Will and Testament.

M. The Personal Representative shall not be compensated for their time and effort involved with this Last Will and Testament.

Arthur won’t be paid for being Sam’s representative. 

13. CONTESTING BENEFICIARY

If any beneficiary under this Will, or any trust herein mentioned, contests or attacks this Will or any of its provisions, any share or interest in my estate given to that contesting beneficiary under this Will is revoked and shall be disposed of in the same manner provided herein as if that contesting beneficiary had predeceased me.

If any beneficiary tries to undermine Sam’s will, their share of his estate will be treated as if they had predeceased him. 

A. I direct that the representation by a guardian ad litem of the interests of persons unborn, unascertained or legally incompetent to act in proceedings for the allowance of accounts hereunder be dispensed with to the extent permitted by law.

Sam wants unborn or unconfirmed children and people who are legally incompetent (e.g. legally insane) to be represented by a guardian in a lawsuit and that their share of the trust is dealt with as per local law. 

14. GENDER

Whenever the context permits, the singular or the plural shall be interchangeable.  All references to estate taxes shall include inheritance and other death taxes.

15. ASSIGNMENT

The interest of any beneficiary in this Will, shall not be alienable, assignable, attachable, transferable nor paid by way of anticipation, nor in compliance with any order, assignment or covenant and shall not be applied to, or held liable for, any of their debts or obligations either in law or equity and shall not in any event pass to his, her, or their assignee under any instrument or under any insolvency or bankruptcy law, and shall not be subject to the interference or control of creditors, spouses or others.

Assets given to beneficiaries are not transferable are not transferable, under any legal agreement(s). 

16. PET HEALTHCARE DIRECTIVE

I do not wish to create a Pet Directive. Any and all pets that may be my companion(s) at the time of my death shall be placed under the care of my Personal Representative.

Sam doesn’t want his pet to be bequeathed. Arthur will take care of his pet. 

17. GOVERNING LAW

This document shall be governed by South African law.

18. SPECIAL WISHES AND DIRECTIVES

I declare that I have no Special Wishes or Directives other than what is written in this Last Will and Testament.

19. BINDING ARRANGEMENT

Any decision by my Personal Representative with respect to any discretionary power hereunder shall be final and binding on all persons interested. Unless due to my Executor’s own willful default or gross negligence, no Executor shall be liable for said Executor’s acts or omissions or those of any co-Executor or prior Executor.

Any decision by Arthur is binding unless an executor disappears or does something incredibly irresponsible. No executor is liable for a previous or co-executor’s actions. 

Signing Page

Then, Sam gets two witnesses and a notary to sign his will. They have to sign an affidavit swearing that everything in his will is true and fair.

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 the 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.

If you would like help planning a last will, get in touch with Credit Boost. We would love to help you plan a watertight will that will support your wishes for years to come.