The importance of having a will
What is a Will?
A will is a written document, which must comply with certain legal requirements, which determines what happens to your belongings when you die.
Who can make a Will?
Any person of 16 years or older can make a Will, as long as they are mentally capable.
Why is it important to have a Will?
When you die your estate needs to be winded-up or finalized.
This means that all your creditors must be paid and the balance of your estate must be passed on to your heirs.
If you do not have a valid Will you will have no say in the manner that your estate will be administered and to who your belongings must go to. The Intestate Succession Act will determine how your belongings will be inherited and to who. This can create serious issues.
What can I state in my Will?
By having a proper Will in place you can decide on important issues such as:
- Choice of Executor
- Choice of Heirs
- Choice of Guardian to look after minor children
- Choice to be buried or cremated
- A trust to be erected for minors
- Exclusion of benefits in future marriages of Heirs
What happens if I die without a Will?
The Intestate Succession Act will apply, which prescribes the manner in which your assets will devolve upon.
Your assets may go to people you disapprove of.
You will have no say in important matters such as the appointment of a guardian for your minor children.
