National Wills Week runs from September 14 to 18, providing a timely reminder for South Africans to get their affairs in order. Writing a will can cut unnecessary uncertainty for loved ones at a time when they are already dealing with loss, according to Jeffrey Wiseman, head of Momentum Trust at Momentum Metropolitan.

“A will is a legal document that specifies what must happen to your assets after you pass away. It provides guidance on how your belongings will be distributed, which prevents costly family and legal disputes.”

Wiseman says a will is not only for people with significant wealth or large estates. “It provides your loved ones with guidance on what your wishes were, irrespective of whether you were wealthy or not. In this sense, it provides them with a degree of comfort during a period of mourning that they are fulfilling your wishes.”

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A will can also address the care of minor children. “Important aspects such as guardianship of minor children are also addressed in the will.”

However, there are specific requirements when preparing a will. The testator must be at least 16 years old, while the two witnesses must be at least 14. The witnesses should also not be people who are due to inherit under the will.

Wiseman says the will “must be reduced to paper and signed in wet ink”. He advises people to clearly identify their heirs, using full names rather than initials. ID numbers are also useful, particularly when more than one member of a family has the same name.

But having a legally valid will is only part of the process. “A legally valid will is only half the journey and ideally should not be done in isolation.”

He recommends seeking assistance from a financial adviser to ensure there is sufficient liquidity to settle estate costs, taxes and liabilities. “A will that is backed by a financial plan ensuring sufficient liquidity in order for the wishes contained therein to be actionable is known as an executable will.”

Another issue people need to consider is their marital regime. Wiseman says wishes in a will do not override the applicable marital regime.

For example, someone married in community of property cannot simply bequeath 100% of the joint estate to their parents, as their spouse is entitled to 50% of the joint estate.

Wiseman also warns people against treating a will as a once-off exercise. “Review your will regularly, after life-changing events such as marriage, divorce, birth of a child.”

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He gives the example of a divorced woman who failed to update her will and died six months later. Her former husband remained a beneficiary under the will. Wiseman says another common mistake is “not updating the will when life happens and also not placing the will in safe custody. A copy of a lost will is meaningless.”

While awareness around wills is growing, Wiseman says many South Africans still postpone putting their affairs in order. He notes that there is significant awareness created via social media in particular.

But he cautions people about relying on non-professional “finfluencers” on platforms such as TikTok and Instagram for financial advice.

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