Drafting a Will

Composing a legally binding will

Drafting your will is a crucial process. If it’s not binding and enforceable, it will be considered invalid. A valid will is necessary to ensure that your wishes are carried out after your death.

It’s important to make sure that the beneficiaries in your will is aligned with your requests. To do this, you need to revise your will every year. Your original will, and testament should be stored in a safe place with your lawyer, who will follow up with you annually to find out if the document needs to be updated.

If you don’t have a valid will when you die, all of your assetts will be transferred to your beneficiaries under the law of intestate succession. All of your wealth and belongings will be dispersed according to the Intestate Succession Act 81 of 1987.

When you draft a will, there are formalities and requirements in place to prevent anyone from committing fraud and stealing your estate. If your will does not adhere to these guidelines, it will be invalid.

Wills Act South Africa

Importance of Wills and Estates

The Wills Act South Africa gives us the right to determine who will receive our belongings after we die. We call this the privilege of freedom of testation. It is critical to consult an expert attorney to draft your will while you are still of sound mind.

Thinking about our mortality and planning accordingly may sound morbid and pessimistic, but it’s important to plan accordingly to ensure that your wishes are respected. If you don’t plan ahead, the chances of family arguments when you pass away will be much higher.

There are several factors to take into account when drawing up a will, namely, creating a trust for minors, Donations Tax, Estate Duty, Power of Attorney in cases of deteriorating mental health and more.

That’s a brief explanation on the Wills Act South Africa, we hope this gave you a solid understanding of this important South African legislation.