Is now the time to get a Will?

Is it time to get a will?

As we find ourselves in unprecedented times, the Covid-19 pandemic has many people worried about their health- and their death. As the pandemic starts to reach its peak, the demand for wills has increased as citizens are being compelled to start getting their affairs in order.

Most of us spend our lives working hard to build up our estate and want to enjoy the benefits of our labour. It therefore seems foolish to undo all that hard work by not having a unique and personalised will in place, which will give protection and welfare to our family and dependents when we die. So we ask, when is the right time to get a will?

In South Africa, we enjoy freedom of testation which allows us to choose how and to whom we wish to bestow our estate after we die. A will is important to have, as it allows one to communicate your wishes with clarity and precision.

A will is regulated by the Wills Act and is defined as a formal, signed, written document, in which a testator voluntarily sets out his/her instructions in clear terms as to how their assets are to devolve following their death.

There are many advantages as a testator to having our own will, some of which are:

1. You are free to select the beneficiaries of your will, it need not be limited to family but can include people and causes of your choosing;
2. You are free to decide on the assets you wish to leave to the various beneficiaries;
3. You can choose to place conditions on a beneficiary before they qualify to enjoy the benefit, and how they may or may not use the benefits of their inheritance;
4. You are able to choose who will be the executor of your estate and you can determine the powers the executor will have;
5. You can nominate a guardian to care for your children in the unfortunate event that you should die while they are still minors.
6. You can ensure that your estate is structure in the most tax efficient way and in the way most beneficial to those benefiting from it.

Just as there are many advantages to having a will, there are also many requirements that need to be met in order for one’s will to be legally valid.  Section 2(1) of the Wills Act prescribes that in order for a will to be valid when it is executed (signed and witnessed) the following requirements need to be met:

1. The will must be signed at the end thereof by the testator or by another person in his or her presence and by his or her direction;
2. If the will consists of more than one page, each page is also so signed by the testator or by such other person and by such witnesses;
3. The testator must sign the will in the presence of two witnesses, or acknowledge his/her signature in the presence of the two witnesses;
4. The witnesses must sign the will in the presence of the testator and of each other;
5. The witnesses must be 14 years or older and must be able to testify in court; and
6. If the will is signed my making of a mark or by some other person at the direction of the testator, certain further steps are required.

There are also important requirements for making changes to a will and a professional is always to be consulted to ensure that the will and any changes thereto are valid.

A will is one of the most important legal documents there is, not only does a well written will help speed up the administration process and limit potential disputes and conflict, it ensures that one’s final wishes are carried out and fulfilled.  In short, yes – it is time to get a will.

The pandemic has created the opportunity to allow us to reflect and ensure that our affairs are in order. So why not set up or amend your will today? A will is vital, there is never a bad time to get a will in place.

Our attorneys encourage social distancing and are open to working with clients virtually, over the phone and via email. Your instructions will be taken and your questions answered. For more information contact us today or complete our will form and we will contact you.

This article is for general information should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact an attorney for specific and detailed advice. Errors and omissions excepted (E&OE)