Your will must be executable ! Your beneficiary/ies can only inherit the residue of your estate. The residue is what remains after all estate debt and taxes are paid. A will which does not form part of a financial needs analysis or plan creates false tranquillity of mind.
Your will must be legal !Some legal requirements are :
– will consists of all consecutive pages (eg.1 – 6)
– all pages are the originals
– full signature of client (testator / testatrix) at the bottom of every page of the will
– full signature of two witnesses on every page
– witnesses must be legally capable
– client’s spouse does not sign as a witness
– client’s nominated beneficiary / guardian / executor / trustee does not sign as a
witness
– spouses do not sign each other’s wills
– the last page of the will is dated
– all changes, additions and deletions are signed in full by client and both witnesses
– name, address and relationship of both witnesses on the last page
– client signed in the presence of both witnesses, all being present at the same time
and signing in the presence of each other
Reasons to have a will in place. Upon death your will :
– allows you to preserve your dreams
– allows you to advance the dreams of your loved ones
– allows you to take care of your loved ones when you are no longer around
– allows you to appoint heirs of your choice
– allows you to nominate guardians of your choice for your minor children
– allows you to establish a testamentary trust to protect the interest of minor children,
dependants and other beneficiaries
– allows you to nominate a trusted professional executor
– allows you to ensure legal, smooth and efficient administration of your estate in the
shortest possible time
– allows you to eliminate family squabbles and unnecessary conflict
– allows your possessions to be protected and distributed
– allows you to identify liquidity (cash) shortfalls in your estate
A trust should be created in your will for minor children or dependants who cannot manage their own financial affairs. A guardian for your minor children should be appointed in your will should you and your spouse die simultaneously.
Your executor of your estate to distribute your assets after your death to your beneficiaries according to your will. Your executor is the entity or person who administrates your estate according to your last wishes and sorts out problems, issues that go wrong, delays and possible objections regarding the legality of your will. You may nominatethe executor of your estate, but the Master of the High Court does the final appointmentof an expert agent that specialises in fiduciary work. This expert normally needs to be a lawyer, accountant or a trust company. So why not nominate an independent expert in the first place instead of a friend or family member ?!
