What is Wills Week?
Wills week was introduced by the Law Society of South Africa to bring awareness to the importance of having a valid Will. Many South Africans are unaware of the importance of having a Will, such as ensuring that your assets are disposed of as per your last wish after your death.The LLSA launched Wills Week in 2008 to empower South Africans to have their Will drafted for free by professional Attorneys.
Engelize Hitchcock, a fiduciary practitioner, says that while many clients prefer to follow the DIY approach with Wills as it seems appealing from a convenience and cost perspective, she often sees how the estates flowing from such Wills are burdened by endless problems.
10 benefits to having an attorney draft your will:
- An experienced attorney or fiduciary specialist will ask the right questions.
- Provide guidance on the legal process for drafting a Will.
- Keep estate plan up to date and in line with client’s current asset composition and
personal circumstances. - Navigate family dynamics.
- Avoid costly mistakes – what seems like a simple bequest may have costly legal and tax implications.
- Appoint the right guardians.
- Appoint the right trustees and executors in line with the requirements of the Master of the High Court.
- Make provision for situations where the mental capacity of the Testator is questionable.
- Ensure that document is correctly executed as prescribed in terms of the Wills Act.
- Use the correct wording that leaves no room for misinterpretation.
Below is a link to the list of participating Attorneys in the Western Cape:
Investments/Assets that are excluded from your Will: The purpose of a Will is to dispose of your assets according to your last wishes but there are certain products that gets excluded from your estate. These products go directly to the beneficiary noted on the policy/investment.
- Life Cover
- Retirement Annuity/ Retirement Funds
- Pension/ Provident Funds
- Preservation Funds (Pension/Provident)
- Living Annuities/Life Annuities
It is important to note that pre-retirement funds such as a Retirement Annuities, Pension/Provident Funds and Pension/Provident Preservation Funds are subject to regulation 37C of The Pensions Fund Act. This means that in the event of your death, a board of trustees is elected by the fund to distribute to your dependents/ nominees your benefit amount. According to Section 1 of the Act, a dependent can be your spouse(s); children or anyone proven to have been financially dependent on you at the time of your death.
Estate Planning file
Keep an estate planning file with all your information. It will allow for your loved ones to take control of your affairs and is not only valuable in the event of death, but also very useful in the event of a medical emergency.
To get you started, download Southwood Financial Planning’s Estate Planning File template here.