Making a Will in South Africa has become so much simpler thanks to online Will writing services. In the past, making a Will was a long and expensive process, involving multiple lawyer visits and fees of over R10,000. Today the barriers of cost and convenience have been largely removed and you can make a Will from your own home for as little as R499.
This will increase the percentage of South African adults with a Will, which is a critical need in estate planning. Many who have used these services are surprised at how easy it is and wonder why they waited.
We now expect more people to be writing their Will, simply because the process is so much more convenient and affordable. Most people who use our service wonder why they left it so long
Key Parts of a Will
A Last Will and Testament is a legal document that outlines your wishes for the distribution of your estate after you pass away. It’s important to ensure your wishes are carried out and reduce potential conflict among loved ones. Here are the basics to consider:
Appointing an Executor
In South Africa, appointing an executor is a major part of the Will writing process. The executor will administer your estate and distribute your assets according to your wishes. This can be a professional like a lawyer or financial institution but it’s also common to appoint a family member or friend.
Choosing a family member or friend can be good as they will be familiar with your estate. However this role carries big responsibilities including settling debts, distributing assets and managing taxes. Executors may need to deal with the Master of the High Court and can hire professional help if needed.
Distribution of Your Estate
A Will should outline how your estate will be distributed among beneficiaries. It’s not recommended to list every asset in the Will as this will require constant updates with changing circumstances. Instead describe the distribution in general terms and any specific bequests in specific detail for clarity.
For example if most of your estate is left to your spouse but a specific piece of jewelry is for a niece, include this bequest in the Will. This clarity will prevent misunderstandings and ensure your wishes are carried out.
South African Estate Law
According to the Wills Act of 1953 a Will must be in writing and signed by the testator in the presence of two competent witnesses who must also sign the document. Witnesses should not be beneficiaries of the Will. Meeting these requirements is essential to make your Will legal.
Gathering Your Assets for Your Executor
To make administration of your estate easier, compile a list of all your assets. This information is crucial for your executor who will need to identify and manage all aspects of your estate. Consider these categories when listing your assets:
- Financial Accounts: Bank accounts, investment portfolios and retirement funds like pension schemes and provident funds.
- Property and Real Estate: List real estate holdings including homes, holiday homes and rental units.
- Personal Assets: High value assets like jewelry, vehicles, artworks and collectibles.
- Digital Assets: List online accounts and digital assets like social media profiles, digital currencies and online income streams.
- Liabilities: List any outstanding debts or obligations as these need to be settled from the estate.
Gathering this information will help your executor and reduce the risk of valuable assets going missing.
Tools for Your Executor
LegalWills.co.za has various tools to make estate management easier for your executor:
MyLifeLocker
MyLifeLocker is an online platform that helps compile personal and financial information. It’s a comprehensive guide for your executor with bank details, insurance policies and a registry of important passwords.
MyLifeLocker is an online service that allows you to keep track of your accounts and personal details. At any point you can login to your account and make updates to it. It is the ultimate Executor Handbook.
The service guides you through the process of thinking about and collating information about your estate.
This image is a subset of the sections within the LifeLocker service
But the key feature of MyLifeLocker is not from the service itself, but from the Keyholder™ service that makes it work.
Keyholder™ Service
Choose trusted individuals, known as Keyholders™, to access specific parts of your account when instructed. This is private and secure as sensitive information is only accessed when needed.
It works like this:
You enter information into each service. For example, MyFuneral, MyMessages, MyLifeLocker. You then name a series of Keyholders who each have access to different services (you can have more than one Keyholder with access to the same service as well).
You can then set up the grace period for each service between the Keyholder requesting access and the information being made available to them.
This means that any information that you have entered into the MyLifeLocker service can be made available to your Executor when they need it. And not before.
You notify your Keyholder by email that they have been assigned the responsibility.
MyVault
For storing important documents and files MyVault is a must have. Here you can leave messages, important documents or cherished photos and ensure they get passed on to your loved ones.
Ensuring Asset Discovery
One of the biggest risks of not documenting your assets properly is that they may not be discovered. In South Africa unclaimed assets will be transferred to the Guardian’s Fund until claimed by the rightful owner. Proper documentation prevents this by ensuring your executor knows of all your assets.
What Happens if Your Estate is Not Managed Properly
Poor estate planning can lead to:
- Family Feuds: Without clear instructions family conflicts will arise over asset distribution and result in long and costly legal battles.
- Unclaimed Assets: Valuable assets will go unclaimed and will be absorbed by the state, depriving beneficiaries.
- Increased Tax: Proper estate planning can minimize taxes and preserve more of your estate for your beneficiaries.
Write Your Will Today
If you haven’t written your Will yet, do it today. Having your Will in place gives you peace of mind knowing your affairs are in order and your loved ones are taken care of. By using a reputable online Will service like LegalWills.co.za you get access to tools like MyLifeLocker, MyKeyholders, MySecurity and MyVault to make the executor’s job easier.
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.
- The Ultimate Guide to Preparing a Will – 2024 - 19 November 2024
- Intestate Succession in South Africa | What Happens If I Die Without a Will? How LegalWills Offers an Affordable Solution - 15 February 2024
- A Guide to Writing a Will for Young Adults in South Africa - 23 September 2022
