Last Will and Testament

A last will and testament is an important part of planning for your family in the event of your passing. In this article, we give you all the information you need to know to help you make the right decisions in planning for that outcome.

What is a last will and testament?

A will and testament is a legal document that outlines how a person’s assets and property will be distributed after they die. It typically includes instructions for the management and distribution of the estate, names an executor to carry out the instructions, and can also include provisions for the care of minor children or pets. It is important to note that a will only goes into effect after the person has died and the will has been legally validated.

Types of wills

There are several types of wills, each with its own specific purpose and characteristics. Some of the most common types of wills include:

1. Standard or Simple Will: This type of will is the most basic and commonly used. It outlines how the testator (person making the will) wants their assets and property to be distributed after they die. It also names an executor and a guardian for any minor children.
2. Living Will: This type of will is also known as an advance directive. It lays out the testator’s wishes for medical treatment in the event that they become incapacitated and unable to make decisions for themselves.
3. Testamentary Trust Will: This type of will allows the testator to set up a trust for the benefit of specific beneficiaries. This trust can be used to manage assets for the beneficiary’s benefit, provide for their care and support, and protect assets from creditors or divorce.
4. Pour-over Will: This type of will is often used in conjunction with a living trust. It “pours” any assets that were not transferred to the trust during the testator’s lifetime into the trust upon their death.
5. Holographic Will: This type of will is written entirely in the testator’s handwriting and it does not need to be witnessed. It is not valid in all countries and often requires additional legal process to validate it.

 

How much does a will cost in South Africa

The cost of creating a will in South Africa can vary depending on a number of factors, including the complexity of your estate and the attorney’s fees.

On average, an attorney in South Africa may charge a flat fee for drafting a will, which can range from a few hundred to a few thousand rand. A standard will from an online will provider costs R399.

However, if your estate is complex and requires additional legal work, such as setting up a trust, the cost may be higher.

It’s important to note that the cost of creating a will is a one-time expense, and it can save your loved ones from additional expenses, delays and uncertainty in the long run.

It’s always a good idea to shop around and get quotes from several attorneys before making a decision. Additionally, you can also check with financial advisors, or online will providers for more affordable options.

It’s also worth noting that, in South Africa, there are also non-profit organizations that provide will drafting services to low income individuals at reduced or no cost.

 

Do I need a last will and testament?

Whether or not you need a will depends on your personal circumstances and goals. However, in general, a will can be beneficial if you:

• Want to ensure that your assets and property are distributed according to your wishes after you die
• Have minor children and want to name a guardian for them
• Have specific end-of-life instructions or wishes
• Want to name an executor to manage your estate and ensure that your instructions are carried out

If you pass away without a will, your assets will be distributed according to the laws of the country in which you reside, which may not align with your wishes. Additionally, not having a will can result in additional legal expenses, delays, and court involvement.

Reasons to get a will

A will is a legal document that allows you to specify how you would like your assets and property to be distributed after you die. This can include things like real estate, personal property, financial accounts, and investments.

• By having a will, you can make sure that your assets go to the people or organizations that you choose, rather than having them distributed according to the laws, which may not align with your wishes.
• A will can also be used to name a guardian for your minor children, which ensures that they will be taken care of by someone you trust in the event of your death. This can provide peace of mind knowing that your children will be raised by someone you know and love, and that they will be provided for financially.
• You can also use a will to appoint an executor. This is a person you trust to manage your estate, carry out your instructions, and ensure that your wishes are carried out. The executor is responsible for settling any debts you may have and distributing your assets according to your will.
• A will can also be used to make specific bequests. This means you can leave specific items or amounts of money to specific people or organizations. This can be a great way to take care of loved ones, or to give back to a cause that is important to you.
• A will can also be used to establish trusts. This can be a useful tool for providing for loved ones, such as children or a spouse with special needs. Trusts can be used to manage assets for the benefit of the beneficiary, provide for their care and support, and protect assets from creditors or divorce.
• A will can also be used to make funeral and burial arrangements. This can be a helpful way to ensure that your funeral and burial arrangements align with your wishes and beliefs.
• Lastly, having a will in place can help to reduce the legal and administrative expenses associated with the distribution of your assets after you die. This can make the process of settling your estate less complicated and less costly for your loved ones.

It’s important to note that you may need to update your will as your life changes, such as a marriage, divorce, the birth of a child, or the acquisition of significant assets. It’s always good idea to consult with attorney or financial advisor to help you make the decision that is best for you.

Can I make a will myself without a lawyer?

Yes, you can create a will yourself, but it is not recommended. While it may be possible to create a will without the assistance of a lawyer, there are a number of legal requirements and formalities that must be followed in order for a will to be considered valid.

Creating a will yourself, without the assistance of an attorney, may lead to mistakes and oversights that could cause the will to be challenged in court or even invalidated. This can lead to additional expenses, delays, and uncertainty for your loved ones.

An attorney can help you navigate the legal requirements and ensure that your will is valid and enforceable. They can also help you understand the various options available to you and help you make informed decisions about the distribution of your assets and property. Additionally, they can help you with the process of updating your will as your life changes.

It’s always a good idea to consult with an attorney or financial advisor when creating a will, to ensure that your wishes are carried out and your loved ones are taken care of as you intended.