LEAVING A LEGACY: THE IMPORTANCE OF HAVING A WILL
Category Advice
Maria Davey from Meumann White Attorneys explores the importance of having a will, and why taking this crucial step today can safeguard your legacy tomorrow.
Many people in South Africa pass away without a valid Will, which means their estate is distributed according to the Intestate Succession Act, potentially leaving loved ones without the inheritance they would have wished for them. Having a legally valid Last Will and Testament is a crucial step in ensuring your assets and wishes are handled according to your intentions after you pass away.
Why You Need a Will:
- Asset Distribution: A Will guarantees your possessions are passed on to the individuals you choose. Without one, your estate might be distributed differently.
- Guardianship: If you have minor children, a Will allows you to appoint a legal guardian to care for them.
- Minors who are heirs: if your heirs are minors you can create a Testamentary Trust and stipulate how and if their inheritance can be used until they reach the age of majority
- Executor: You can name an executor to manage your estate, ensuring it is handled as per your wishes
Immovable Property
Buying a house is often the biggest investment you'll make in your lifetime, so it's crucial to protect what happens to it after you're gone. Leaving it to chance, or not being clear in your Will, could lead to complications for your loved ones when it comes to managing or distributing your property.
You can decide who inherits your share of an immovable property, and you can even set conditions. For example, you might:
- Require the beneficiary to pay a certain amount to your estate or another heir;
- Allow someone to live in or use the property until a certain event, like a marriage or death, after which it transfers to someone else (known as a fideicommissum);
- Give someone the right to live in the property (usus), while ownership passes to another person;
- Grant someone the ability to live in or rent out the property, while the ownership remains with another person (usufruct).
If you're married and own property with your spouse, keep in mind that your share won't automatically go to them unless it's specified in your Will. Make sure you have a plan that reflects your wishes clearly.
Funeral Arrangements and Organ Donation
You can specify instructions for your funeral, burial, or cremation in your Will. Additionally, indicating your wishes regarding organ donation, can provide clear guidance to your family during difficult times. Make sure your General Practitioner and any other doctor treating you is aware of your wishes in this regard.
Keep Your Will Up to Date
Review and update your Will after significant life changes, like marriage, divorce, or the birth of a child, to ensure it reflects your current wishes.
If you get divorced, for example, and do not change your Will within 3 months of the divorce and you die, it is accepted that you did not intend to change the bequest to your ex-spouse, and they will inherit in terms of your Will. If you die within 3 months of your divorce and you have not changed your Will your ex-spouse is deemed to have pre-deceased you.
Legal Assistance
While it's possible to draft your own Will, it's recommended that you to seek legal advice not only to ensure that your Will complies with the formalities set out in the Wills Act but that it also complies with South African law in general.
At Meumann White Attorneys, we understand that planning for the future can be daunting, but having a Will is essential for ensuring your wishes are honoured. Our experienced team is here to guide you through the process, providing the support and expertise you need to create a comprehensive Will that reflects your desires. Don't leave your legacy to chance - contact us today to learn more about how we can help you secure peace of mind for you and your loved ones.
Author: Maria Davey | Meumann White Attorneys
