A will is one of those life-admin tasks that is easy to put off. For many people, it feels like something to worry about later — when they are older, wealthier or have accumulated more assets.
But National Wills Week is a useful reminder that having a valid will is not about how much you own. It is about making sure your wishes are known and helping the people you leave behind avoid unnecessary uncertainty.
Also see: Wills Week: FNB introduces Will Power series with Springbok Women
According to Ursula Ntuli, director of Ursula Ntuli Attorneys and an admitted attorney of the High Court of South Africa, “A will is not merely a document dealing with death; it is an act of responsibility and care for the people who may be left behind.”
What happens if you die without a will?
If you die without a valid will, you die intestate. Your estate will then be distributed according to South Africa’s Intestate Succession Act, which determines which qualifying relatives inherit and in what proportions.
That may not produce the outcome you would have chosen. A life partner, friend, stepchild or charity you hoped to provide for may not necessarily inherit.
And despite a common misconception, the State does not automatically take your estate when you die without a will. Generally, the State only inherits where there are no qualifying relatives. The bigger issue is that you have surrendered control over important decisions about your estate.
There can also be practical consequences for families, particularly where minor children are involved. Without appropriate planning, guardianship and access to funds needed for a child’s care can become more complicated.
You don’t have to be wealthy to need a will
Think beyond property. Your estate could include your car, bank accounts, investments, business interests, jewellery, furniture, personal possessions and other rights or claims.
Even a relatively modest estate can create disagreements if there are no clear instructions.
“A will is not only for wealthy people or people who own several properties,” says Ntuli. Young adults, parents, business owners and anyone with dependants or specific wishes for their belongings should consider making one.
Also see: How to manage an inheritance
Don’t assume a template is enough
With online templates and artificial intelligence making it easier than ever to produce documents, it can be tempting to write your own will.
But easy to create does not necessarily mean legally appropriate.
A will must comply with the formal requirements of the Wills Act. Problems involving signatures, witnesses, amendments or wording can have serious consequences, including disputes and potentially costly court proceedings.
An AI-generated will may also fail to consider important circumstances such as a marriage regime, minor beneficiaries, maintenance obligations, trusts, business interests, foreign assets or the costs involved in administering an estate.
Certain assets — including some retirement-fund benefits, insurance benefits, trust assets and jointly owned property — may also be subject to separate rules.
When should you update your will?
Making a will is not a once-and-done exercise. Ntuli recommends reviewing it every two to three years, even if nothing obvious has changed.
Certain life events should prompt an immediate review: getting married or divorced, separating from a partner, having or adopting a child, losing a beneficiary or executor, buying or selling significant property, starting or selling a business, entering a new life partnership or experiencing a major financial change.
“An outdated will can be almost as problematic as having no will at all,” Ntuli cautions.
Your National Wills Week checklist
If you have never made a will, start with the basics:
- Make a list of your assets and liabilities.
- Identify the people or organisations you want to benefit.
- Consider what should happen if a beneficiary dies before you.
- If you have minor children, consider guardianship and whether a testamentary trust may be appropriate.
- Think carefully about your choice of executor and discuss the nomination with them.
- Gather important documents, including identity and marriage documents, title deeds and policy information.
- Consult a participating attorney or suitably qualified legal professional.
- Make sure your will is correctly signed and witnessed.
- Keep the original document somewhere safe and accessible, and tell someone you trust where it is.
- Never make handwritten changes to a signed will; have amendments properly prepared and executed.
National Wills Week offers a timely opportunity to tackle a task many people would rather postpone.
You do not need to own a mansion or have a complicated investment portfolio to benefit from having a plan.
The most important step is simply to begin.
Also see: Wills Week: 3 things every South African needs to know about having a will
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