At LegalWills.co.za we get asked two main questions: Why are your Wills so cheap, and why are some so expensive? This article explains the cost of a legal will, the different methods, what each entails and our R499 pricing model.
Summary
A Last Will and Testament is a legal document that outlines how a person’s estate will be distributed after their death. It provides specific instructions about what to do with their possessions, including who will receive them and how they will be managed. This crucial document also addresses matters involving dependents, the management of financial accounts, and other financial interests. By clearly stating your wishes, a Last Will ensures that your estate is handled according to your preferences, providing peace of mind for you and your loved ones.
What’s in a Last Will
A Last Will and Testament typically includes several key components to ensure your estate is managed according to your wishes:
Specific Wishes: Any other particular instructions or wishes you may have.
List of Assets: This includes all your property, bank accounts, investments, and other valuables.
Distribution Instructions: Clear directions on how your assets should be distributed among your beneficiaries.
Appointment of an Executor: A trusted individual who will carry out the instructions in your Will.
Guardian for Minor Children: If you have minor children, you can appoint a guardian to take care of them.
Management of Financial Accounts and Life Insurance Policies: Instructions on how these should be handled.
Including these elements ensures that your Last Will is comprehensive and that your estate is managed smoothly, minimizing potential disputes and confusion.
Types of Wills in South Africa
There are several types of Wills that can be used in South Africa, each catering to different needs and complexities of estates.
Simple Will
A Simple Will is a basic document that lists your assets and specifies the beneficiaries who should receive them. It also designates an executor to manage your estate and a guardian for any minor children. This type of Will is suitable for individuals with straightforward estates and uncomplicated wishes. It can be easily created using online templates, making it a cost-effective and convenient option.
However, while a Simple Will is practical for many, it may not be suitable for everyone. Those with complex estates or specific wishes should seek legal counsel from an estate planning lawyer to ensure their Will is valid and effective. Legal professionals can provide personalized advice and handle intricate details, such as setting up trusts for minors or managing special needs.
In South Africa, using an online service to create a Will is also an option. These services offer a middle ground between expensive lawyer consultations and basic DIY kits. However, it is recommended to seek legal counsel to ensure the Will is legally sound and comprehensive.
It’s important to remember that a Last Will and Testament is just one part of estate planning. Other documents, such as a living will, power of attorney, and trusts, may also be necessary to fully protect your interests and ensure your wishes are carried out. Consulting with an estate planning lawyer can help determine which documents are needed and ensure they are properly drafted.
In conclusion, a Last Will and Testament is a vital component of estate planning. It ensures that your wishes are respected and your estate is managed according to your instructions. Regularly reviewing and updating your Will is essential to keep it relevant and effective. Seek legal counsel to navigate the complexities and ensure your estate planning documents are in order.
Summary
A Last Will and Testament is a 4-6 page document that allows you to appoint people and state who gets what – your bank accounts and property after you die.
There are three ways to make a Will:
- Estate Planning Lawyer: For complex situations.
- DIY Will Kits or Start from Scratch: For a simple and affordable option, but be aware of the limitations and risks associated with do-it-yourself legal will kits.
- Interactive Online Software: Easy and flexible.
The cost varies from free to over R20,000 depending on the method. Each option has pros and cons for different needs.
The LegalWills.co.za service is R499 which covers costs such as customer support, professional legal advice, software development and marketing initiatives. We do not sell your data or advertise.
What is a Last Will and Testament
A Last Will and Testament must be a written document. It can’t be audio, video or verbal unless in very rare circumstances. The document can be typed which requires signatures in the presence of two adult witnesses or handwritten (holographic) which doesn’t require witnesses.
Even unusual formats can be accepted. For example a farmer managed to write his Will on his tractor’s fender in an emergency and it was accepted by the court despite being an unusual format.
What’s in a Last Will
While instructional an unusual Will like the farmer’s lacked some important elements. A proper Will not only states who gets what (your “estate” – all your assets including property and valuables) but also appoints an Executor to manage the process. You can specify specific bequests or general division of the estate. Writing your own will ensures that your specific wishes and needs are reflected accurately.
A good Will should also consider what happens if your primary beneficiaries can’t receive their inheritance. Appointing guardians for minor children and setting up trusts ensures their assets are protected until they are of age.
How to make a Will in South Africa
South Africans have three options when making a Will:
Some firms provide will-drafting free of charge if users also utilize their other services, offering a bundled approach for comprehensive estate planning solutions.
Estate Planning Lawyer
- Process: Find an estate planning lawyer. Research thoroughly to find a good one. Prepare with questions and decisions in mind.
- Pros and Cons: More expensive but provides expertise especially for complex estates or complicated legal matters. But time consuming and inconvenient especially when updates are needed. Using a lawyer can also help navigate the probate process, which involves legal procedures and potential delays in settling an estate.
- Cost: Costs start from R7,500 for a simple Will. More complex Wills can cost much more depending on the complexity.
- Who Benefits?: For those with complex estates requiring detailed legal advice or those who want to plan their estates.
- Considerations: While simple dispositions may not need a lawyer, those who want to plan their estates or reduce tax may benefit greatly from expert advice. Lawyers can handle things like trusts for minors or those with special needs requiring lifelong care.
DIY Will Kits
- Process: Available at local retailers, these kits have templates and guidance. Fill in, sign and witness your Will to finalize it.
- Pros and Cons: Cost effective but prone to errors due to generic nature and lack of personalized legal advice.
- Cost: From free to R800. Be careful of low quality kits.
- Who Benefits?: Those who can’t afford legal fees or don’t like online options.
- Risks: Generic templates may not comply with South African laws and may lead to inaccuracies and legal problems. It’s important to understand your state’s legal requirements for creating valid will forms to avoid inaccuracies and legal problems.
The above page is from a DIY Will kit, and is an extremely difficult page to complete.
Trying to write your own Will starting with a blank piece of paper is worse. It is an assignment that belongs in a final year law degree exam. It’s not something that can be done by a layperson.
Online Interactive Software for Living Will
- Process: Choose a good online service, follow the steps, and create your legal will according to your answers. Print and have it witnessed to make it a legal document.
- Pros and Cons: Online options are affordable, flexible and have additional planning tools. But lack of personalized legal advice.
- Cost: Generally R500 to R2000 depending on the provider.
- Who Benefits?: Those who are comfortable with online tools, want a middle ground between expensive lawyer consultations and basic DIY kits will find this suitable.
- Advantages: Convenient, fast and you can update your Will whenever needed.
Legal Context in South Africa
When making legal documents like a Will in South Africa, you need to follow certain legal requirements to make it valid:
- Witness Requirements: Your Will must be signed in the presence of two adult witnesses who are not beneficiaries or spouses of beneficiaries. This will validate the document.
- Executor and Guardian: Make sure to appoint an Executor to manage your estate and Guardians for minor children so they are taken care of and your Will can be administered smoothly.
- Trusts and Specific Bequests: You can create trusts for minors or special needs beneficiaries to manage their inheritance until they reach a certain age. Clearly outline specific bequests to avoid disputes and ensure your wishes are followed.
- Legal Capacity: Make sure you have the mental capacity to make informed decisions about your Will, this is required for the document to be legal.
- DIY Kits and Legal Advice: While DIY kits are affordable, they don’t provide personalized legal advice which is important for complex estates. If you have specific legal concerns, consult a professional.
Why LegalWills.co.za?
Our service at R499 bridges affordability with features often missing from traditional law firms. You can update your Will as many times as you want without the recurrent legal consultation fees. Our consistent positive reviews prove our service is reliable. We also offer other services such as a digital vault and executor handbook to complement our will-drafting service.
- Third-Party Reviews: We have many positive reviews which shows our service works and users are satisfied.
- Longevity: 25 years in operation and our Wills have proven to be reliable and robust.
- Innovation: We continuously update our services with features like digital vault and executor handbook, exclusive to us.
Conclusion
We hope this guide has helped you understand making a Will, the costs and why LegalWills.co.za is a good service. To try our service visit LegalWills.co.za and create your Will now. Our simplicity, affordability and comprehensive service makes us the top choice for estate planning in South Africa.
He has over 20 years of experience helping people to write their Will and other estate planning documents. He has been interviewed by many of the major news media outlets and has contributed to articles in most leading publications. He has also contributed to a number of financial planning books.
Throughout his career, Tim has written extensively on the subject of Will writing and estate planning.
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