”For tomorrow belongs to the people who prepare for it today” – African Proverb
The Importance of a will
A will represents the voluntary division of your assets whereby freedom of testation gives the testator the right to bequeath these assets to his/her heirs. In accordance to the Intestate Succession Act, where a person dies without a will, the assets will be divided as per the terms stipulated in the above mentioned Act. Having a will prevents unnecessary delays in the administration of your estate and ensures that your wishes are attended to.
Requirements of a valid will
A valid will complies with the formalities as set out in the Wills Act. Tick off the requirements below to ensure that your will is valid:
- The will must be in writing
- Signed by the Testator on the last page of the will or alternatively by a duly authorised person
- Each page of the will must be initialed by the Testator or by the duly authorised person
- The will must be signed in the presence of two or more witnesses
- All witnesses must sign the will in the presence of the Testator and one another
- Where a mark is made to replace a signature by the Testator or duly authorised person a Commissioner of Oaths together with the two witnesses must be present. A certificate will be issued by the Commissioner that must be attached to the will in order for the document to be valid.
Amendments to a will
In the event where you require changes to be made to your will contact your adviser. Remember that when replacing or amending whole sections of your will you must insert a clause that states that all previous wills be recalled and this be the only valid will.
Appointing an executor
The executor appointed must be aware that that they are the executor of the estate and they should have the necessary access to your information upon your passing. An executor can be your spouse, family member or friend, an attorney, accountant, or Firm who deals with wills and estates, a bank, etc. The will must always be kept in a safe place and a copy can be made available to the executor for safekeeping.
Thinking of setting up a new will or reviewing your will?
During September 2019 our firm will help you set up your will for FREE. Book a consultation with us by contacting our offices on 012 346 6969 or email info@grutlom.co.za
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