We all want to ensure that those we care about are taken care of once we pass on, and not create unnecessary complications. Why then do so many South Africans either have no will or have wills that are invalid?
It is critical that a valid will is drafted and executed during your lifetime to ensure that on your death, effect is given to your wishes. In South Africa wills must comply with certain formalities, or they may be declared invalid by the Master of the High Court.
The following are some basic requirements to ensure the validity of a will:
- The testator must be at least 16 years of age and mentally capable of making a will
- The will must be in writing and signed by both the testator and 2 witnesses, who must be at least 14 years of age and mentally capable. They must sign in each other’s presence
- In order to be fully entitled to inherit a beneficiary should not be a witness to the will
- If the will is more than 1 page long, each page other than the final page must also be signed by the testator, and preferably but not essentially by the witnesses
- The signatures at the end of the will must be close to the final words of the will. If the gap is too large, the will may be invalid
Some reasons why a valid will is so important:
- to ensure that your assets go to the beneficiaries you desire
- to ensure that bequests to minor children or persons not capable of managing their own affairs are not deposited in the Guardian’s Fund
- to speed up the estate process considerably
- to reduce the chance of family disputes over assets
- to include provisions for heirs with special needs
- to specify how you want beneficiaries to use the assets inherited
Should you die without a valid will, the Master of the High Court will have to apply the rules drawn up for intestate estates.
Please ensure that this does not occur to you or your family, but rather contact us on 021 713 8700 to assist you with the preparation of your will and planning your estate.