Making a Last Will and Testament is a major life decision but it’s not a one and done kind of task. As life changes, so should your Will. You should draft your Will as soon as you become an adult and update it as you go through life’s milestones.
Why You Should Update Your Will
There are many reasons why you may need to update your Will. These updates are important so that your current wishes are reflected. If ignored, outdated instructions can lead to disputes and leave your loved ones in a mess. Let’s look at some common scenarios that require a review of your Will.
1. Changes in Financial Situation: An increase or decrease in wealth can change your thinking on asset distribution. New investments, new property or big purchases may require updates to your Will.
2. Changes in Personal Circumstances: Life events such as marriage, divorce, having a child or the passing of a loved one are big triggers for reviewing your Will. Each event can change your responsibilities and how you want to distribute your estate.
3. Changes involving Executors and Beneficiaries: Executors are key to executing your Will. If your appointed executor can no longer serve due to illness, relocation or personal choice you’ll need to make changes. Similarly, beneficiaries’ circumstances may change and they may no longer need or be able to inherit as planned.
4. Philanthropic Interests: If a charity has become part of your life you may want to include this in your Will by bequeathing a portion of your estate to a charity.
5. Changing Relationships: Relationships aren’t fixed. As your relationships with beneficiaries change so may your desire to include or exclude certain people from your Will.
How to Change Your Will
When you want to update your Will you need to know the correct legal process. South African law provides three main ways to change a Will.
1. Handwritten Annotations: You can annotate your Will by making changes directly but this is not recommended. Such changes unless done with formalities like signatures and witnesses can lead to disputes and misinterpretations. This method is best used for minor updates like addresses.
2. Codicil: A codicil is a document that adds to your Will, detailing the changes or additions. It’s an addendum and must be signed with the same legal formalities as the original Will – usually two witnesses. Codicils are valid and useful in South African law for minor changes.
3. Create a New Will: This is the most thorough way to ensure your estate is managed as you want. By creating a new document you can update all the necessary information and revoke previous versions, so it’s clear. This is easy and cost effective with online services like LegalWills.co.za where you can make changes conveniently and securely.
What If Your Will Was Drafted by a Lawyer?
Many people have a Will initially drafted by a lawyer. When going back to the same lawyer to make changes the costs can be high, sometimes as much as creating a new Will altogether. Online services give you the opportunity to update your Will economically and efficiently.
In South Africa once a new Will has been drafted and signed it clearly revokes all previous Wills. This action cancels out any old versions and prevents legal disputes from arising from multiple documents.
To avoid confusion you should destroy all previous versions of your Will so only the latest one is in effect.
Resolving Conflicts and Peace of Mind
Clarity and organization in your estate planning documents is key to avoiding conflict among beneficiaries and executors. When updating your Will make sure all old versions are destroyed and inform trusted family or friends where your latest Will is stored.
South African Law
1. Signing and Witnessing: Your Will must be signed by you in the presence of two competent witnesses. The witnesses must also sign the Will. Witnesses should not be beneficiaries to avoid conflict of interest.
2. Guardianship and Minors: If you have minor children you must appoint a guardian in your Will. Make sure this is done clearly according to South African law.
3. Intestate Succession: Without a valid Will your estate will be distributed according to the Intestate Succession Act. This default distribution may not be what you want.
Registering Your Will in South Africa
Unlike some countries South Africa does not require Wills to be registered for them to be legally valid. The lack of a Will registry means executors and family members need to know where the Will is stored.
You can register your Will with private services for extra security but this is optional. The focus should be on making sure your appointed executor knows where to find it when you pass away.
Once a Will is lodged with the probate court it becomes a public document so be mindful of the personal information in it.
Create Your Will with LegalWills.co.za
Using services like LegalWills.co.za makes the process of creating a Will easy and quick. Here’s a step by step guide to help you:
1. Register and Create an Account: Start by creating an account. The process is simple and will guide you through the information you need to provide for your Will.
2. Create Your Will: Enter your details, list your assets and distribute them as you wish. Appoint executors and guardians where necessary and include any specific bequests.
3. Review and Finalize: Review your document to make sure all information is correct and up to date. Make changes if needed.
4. Print and Sign: Once finalised print your Will. Sign it in the presence of two witnesses, neither of whom should be beneficiaries to make the document legally binding.
5. Store Your Document: Store your Will in a safe place. Inform your executor or a trusted family member where it can be found so probate can run smoothly.
Conclusion
Life is a journey and your Will should be too. Regular updates will ensure your estate is distributed according to your latest wishes and minimize conflicts and peace of mind for your loved ones.
Legal services like LegalWills.co.za provides an easy, affordable and convenient way to update your Will in South Africa. Whether you need to change a few details or start from scratch the process is simple and straightforward and will make your legacy clear and legal for those you leave behind.
So go ahead and make the gift of clarity and peace of mind to your family today. Update your Will now.
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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