LAST WEEK was National Wills Week, which was aimed at reminding you about one of life’s most important documents.
Christel Botha, Alexander Forbes fiduciary services manager, said a will provides clear instructions and directions as to how your assets, that you accumulated over your lifetime, must be distributed.
“It is in your own and your family’s best interests to make sure that you have a valid will in place.”
Writing a will or changing one takes less than an hour.
- You need personal details including marriage and divorce information, burial preferences, names and dates of birth of any children, your assurance policies, and how your estate must be distributed.
- Details of your local and offshore assets and liabilities should be included as well as guidelines to the executor in carrying out your instructions in your will.
- You need to sign your will in the presence of two competent witnesses, who must be over 14 years. Witnesses must be unbiased, so heirs, legatees or beneficiaries in the will or spouses, executors, trustees and guardians and or spouses may NOT be witnesses.
- Review your will immediately after getting divorced. If you pass away within three months after the divorce, it will be presumed that you didn’t have the time to delete your spouse from your will.
If you pass away after the three-month period following the divorce without amending your will, your former spouse may still benefit from whatever is indicated in your will in spite of the dissolution of the marriage.
- It is not only after divorce that your will should be updated, but after every life-changing event, such as birth of children, marriage, death of partner or beneficiary, or after the disposal of assets specified in your will. Botha suggests reviewing the document annually.
- A codicil – an addition or change made at a later date – that explains, modifies, or revokes parts or all of a will. Be careful when writing a codicil for your will. The suggestion is rather write a new will.
