Top 10 Will FAQ's
1.
What is a Will?
Your “Last Will and Testament” is the legal document that says how, when and to whom your assets (kiddies included) get dished out and looked after when you die.
2.
What happens if I die without a will?
If you die without a Will, the term is dying “intestate”. In South Africa, your things will be divvied up according to a set formula defined by this act: Intestate Succession Act, 1987 (Act 81 of 1987). Your wishes about how, when and to whom your assets get given won’t come into the equation.
3.
Do I need a Will if I’m single?
You don’t need to be partnered to die with at least a handful of assets. Some of those assets will be worth a fair chunk of change. Some will have sentimental value. Whether you’re single or not, or whether your assets carry big financial value or not, a Will allows you to dictate who these things go to when you die.
4.
do i need a will if i have kids?
YES. Your Will is the legal document in which you name your child’s legal guardian. This is the person who is put forward to the State as the caregiver of your child if you and their other parent both die. Your Will is also where you’ll deal with how and when your children will have access to their inheritance. Your Will is also the place where you name the people who will manage this process on your behalf… ensuring that little Timmy doesn’t end up squandering his inheritance at Matric Rage.
5.
what if i don’t care who my sh*t goes to when I’M DEAD?
Fair enough. However, it’s important to think about the people you leave behind when you’re six feet under. If you don’t have a Will, the process of wrapping up your estate could be seriously delayed. If you’ve got dependants who need their inheritance to keep going, then you put them at risk of a long wait without access to your prized posessions.
6.
WHAT IS AN EXECUTOR?
An executor is the person who is authorised to act over an estate in terms of “letters of executorship” approved by the Master of the High Court. Basically, the person who will wrap up your affairs when you’re dead. In South Africa, if you don't appoint an executor in your Will, the Master will appoint one to wrap up your estate.
7.
how do i choose an executor?
You should appoint someone you trust to be your executor. This could be a loved one or an attorney, but doesn’t have to be. Your accountant, a distant relative or friend can also act as the executor. Whoever you appoint to be your executor needs to accept this nomination. Executorship is a big deal and your executor needs to actively take on the responsibility.
8.
Will my partner get my stuff if i die without a will?
If you’re in a long term partnership but haven’t got married, you can’t be guaranteed that the State will recognise your partner as a beneficiary. Remember, if you die intestate (i.e. without a Will), then the State dolls out your assets according to a set formula in which your relatives get your assets. The only way your partner is guaranteed to get your assets is if you say as much in your Will.
9.
WHERE SHOULD I KEEP MY WILL?
Somewhere safe. Preferably IN a safe. Some people keep their Wills housed at their lawyer’s offices. Some prefer to keep them at home. Where ever you keep your Will, make sure that it is in a secure place where things like water, fire and tampering people can’t destroy or “edit” it.
10.
how much does a will cost?
It depends which route you go. You can download a basic Will template straight off the internet for as little as nothing or as much as a few hundred ZAR. You can also get a lawyer to draw up a Will for you and sit with them in person to create a Will that is specific to your needs. The cost will depend on how complex your Will need to be and who you see. It’s safe to assume you’ll start from R1500 and upwards.
Don’t have a Will?