National Wills Week highlights document’s importance

HAVE you thought about what will happen to your estate when you die? Do you have a will yet?

National Wills Week is exactly for that, to raise awareness and lets one have the final say about what they leave behind to their loved one in the event of their death.

In light of the recent National Wills Week, between September 13 to 17, Bluff-based AMS Attorneys’ attorney, conveyancer and director, Allison Schoeman gave insight.

She said the downside to not having a will in place will result in a person’s estate being wound in terms of the laws of succession.

She said it may be that the people who inherit in terms of the laws of succession may not be the beneficiaries which the deceased intended to benefit upon their death.

“To avoid the wrong people benefiting, a will must be executed. If a person dies leaving no heirs to inherit in terms of the laws of succession, the estate will be placed in the guardian’s fund for a period of time and thereafter become the property of the state,” she said.

National Wills Week is an initiative by the Law Society South Africa that invites law firms countrywide to offer this service for free. The local-based attorneys part took in this project.

Schoeman said their partaking formed part of educating the public on the importance of taking care of this part of their life.

“Often this matter is overlooked and when the comes time to deal with this, it is often too late. The consequence of not having dealt with it sooner is a burden that is felt by the remaining family members.”

“Often it is a financial burden which the remaining family members are unable to meet resulting in a family home being lost to cover the estate’s liabilities.”

If the public is encouraged to deal with this very important aspect of their lives earlier in life, we can provide them with the vital estate planning information and guidance needed to adequately plan for this unavoidable event.”

“The duration of one’s life is uncertain but death is a certainty, therefore planning for one’s death is very important and should not be left for tomorrow,” she said.

Head of Operations at FNB Fiduciary, Matlhodi Leteane, highlighted important points to consider when drafting a will:

– Keep it simple: Name your beneficiaries and what they will receive.

– Your marital status: The status of your marriage will affect how you draft your will.

– Your dependents: A Will serves to protect your minor children or dependents. It also allows you to choose a guardian.

– Choose an executor: It is important to nominate a skilled and qualified executor in your will.

– Sign it: A will is only valid if it is signed correctly.

– Date it: Your will should be dated to ensure that the last valid will can easily be identified

– Annual review: Relook your will regularly and especially when there is a major change in your life or legislation.

Will drafting explained by Allison Schoeman:

We consult with the testator or testatrix. This is to identify a brief financial overview of the estate and what they would like to achieve upon death. The testator or testatrix’s wishes are then reduced to paper and executed in terms of the prescribed formalities.

As part of our procedure, we create a file for each client. We keep their records and as their financial position change, we invite them to keep their records updated so that upon death family members would not be burdened with trying to locate the paperwork.

Often we find that family members are left trying to understand the deceased’s estate while they are grieving and this becomes an overwhelming task. We try and make this process less daunting on both the testator during their lifetime and the family members once the testator passes.