What to consider before drafting your will

Here are six key factors to keep in mind in the event of your death and how that will be handled.

Picture: iStock

Marital status: Your marital regime will determine any legislative implications when leaving your assets to anyone besides your spouse. Eg, if you’re married in community of property, you and your spouse’s assets form part of your deceased estate and your spouse is automatically entitled to 50% of the combined asset value. Minor children: Our law prescribes any benefit to a minor (under 18) derived from a deceased estate must be placed either in a Testamentary Trust (created in your will) or, if you die without a will, paid over to the Guardians Fund held by the Master of the High…

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Marital status:

Your marital regime will determine any legislative implications when leaving your assets to anyone besides your spouse.

Eg, if you’re married in community of property, you and your spouse’s assets form part of your deceased estate and your spouse is automatically entitled to 50% of the combined asset value.

Minor children:

Our law prescribes any benefit to a minor (under 18) derived from a deceased estate must be placed either in a Testamentary Trust (created in your will) or, if you die without a will, paid over to the Guardians Fund held by the Master of the High Court.

You can provide in your will that your minor child or children’s inheritance must be administered in trust until the age of 18 (or any later age you prefer).

Your nominated trustees manage assets in the children’s best interests (ie, paying school fees/ further education, etc).

Beneficiaries with special needs:

A testamentary trust can provide for dependants with special needs who require greater care. Your trustees address these needs.

Guardians for minor children:

Guardians are nominated in your will to look after minor children after the death of both natural parents. Where you’ve provided for a testamentary trust, the guardians can attend to their responsibility in taking care of your minor children’s needs.

Nominating an executor:

This is the person/company who will take over the administration and management of your estate upon death. To be an executor isn’t always easy as it requires certain expertise and adequate knowledge in the deceased estates’ field of business and related law.

Burial preferences:

You may indicate in your will whether you wish to be buried, cremated and even instructions about organ donation.

Note, this is only a wish in your will; you should discuss these preferences with your next-of-kin to ensure your wishes are respected. Ensure your will fits your present circumstances and provides for the future.

Christel Botha is fiduciary services manager at Alexander Forbes retail sales and service distribution

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