14 September 2021
13 – 17 September 2021 is Wills week. UASA observes Wills week by encouraging our members and fellow South Africans to be legal wise and get their Wills drafted. During such difficult times, UASA as a trusted labour union partnered with Capital Legacy through UASA Financial Services (UFS) in order to help our members to get assistance with drafting their final Will and Testament.
In today’s blog UASA has a few tips and advice for our members on the importance of getting a last Will and Testament drafted on their behalf. UASA advices our members to contact Capital Legacy to get assistance with getting their Wills drafted. Anyone can also get their Will drafted at a law firm, bank or by a financial planner.
What is a Will?
A will is a legal document in which you indicate what should happen to your money, property and valuable belongings when you die. A will gives you a say even after your death, as to how your estate should be distributed, or who should benefit from it. It is also known as a testament. Your estate is everything you own; it consists of all your assets (both movable and unmovable property) and will even include your outstanding liabilities or debts.
Why must I have a Will?
Having a Will gives you the opportunity to decide who your beneficiaries should be; to appoint a person or an institution of your choice as the executor of your estate; and it will place you in a position to appoint a guardian of your choice to take care of your minor children, if you have any.
Is it necessary to revise or update my Will?
Yes. Wills need to be revised from time to time, especially if notable events such as the birth of a child; marriage, divorce; death of a beneficiary; buying or receiving property that is not already part of your will.
Who can draft a Will?
You are never too young to have a Will. Whether you are 25 or 95 years of old, there are many benefits to be organized. Many people think they are too young to think about death but that’s not the case, having a Will drafted is always a good idea.
What makes your Will valid?
For your will to be valid it needs to be drawn up correctly and you must be 16 years or older and make sure that:
- You are mentally competent and that you understand the consequences of creating a will.
- The will must be in writing.
- Two people older than 14 years of age can witness the making of the will (these witnesses can’t be beneficiaries of the will).
- Your will must be initialed on every page and signed in the presence of the witnesses.
- The witnesses must initial and sign the will.
Dying without a valid Will?
A few problems may arise if you die without leaving a valid will, these can include:
- Your assets not being left to the person of your choice.
- It can take longer to have an executor appointed.
- The executor who’s appointed may be somebody you may not have chosen.
- There could be extra and unnecessary costs.
- There could be unhappiness and conflict among members of your family because there are no clear instructions on how to distribute your assets.