As the month of wills is upon us, it may sound like an easier option to draft your own will instead of using the services of a professional. However, be cautious, mistakes in your will could cost your family and loved ones dearly.
Take note of the following when drafting your will and always consult a professional to ensure its validity.
- Ambiguity: Vague or unclear language could leave room for contestation or misinterpretation of your last wishes.
- Appoint an executor: An executor is one or more people you can appoint to oversee the administration of your estate. By not appointing an executor, the Master of the High Court appoints one on your behalf after you pass away. If you appoint a relative as your executor, your relative can negotiate the executor’s fee with an agent.
- Beneficiary as a witness: Beneficiaries should not sign as a witness and/or write out the will on behalf of the testator, as this will disqualify them.
- The absence of a trust: Parents often nominate (minor) children as beneficiaries of assets. If the parent hasn’t created a trust to hold the assets on behalf of the minor, it will be held and administered by the Master of the High Court in the Guardian Fund, which may be to the detriment of the children.
- No residue clause: The residue clause stipulates what should happen with the residue of your estate after providing for legacies. The lack of this clause can result in legacies being abated, meaning the beneficiaries may receive a lot less, or more, than what you intended them to receive. It can also have the effect that specific estate assets meant for specific beneficiaries, will now be inherited by all the beneficiaries, in equal shares.
- Account for every situation: This ensures peace of mind whether the husband or wife passes away first for example. Furthermore, amend a will within three months of a divorce or your former spouse will retain the rights set out in the will.
- Foreign assets: Ensure you have a separate will for your foreign assets that is written in English.
At Integrum we have a real invested interest in all our clients. We know that everything they do is for their loved ones or family, and their future generations.
If you are unsure or need help with your financial future and future planning, contact one of our experienced advisors.
This article is a general information sheet and 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 your adviser for specific and detailed advice. Errors and omissions excepted (E&OE).
