Take control of your legacy: National Wills week is here

NATIONAL Wills week will take place from September 15 to 19 and it is the ideal time to write your Will.

During this week, there are a number of qualified attorneys that offer their services for free to draft a basic valid will that acknowledges the necessary formalities and provisions of the law. Prepare for a consultation by confirming your details and documents like your identity document, a list of assets and property that you own, and the details of your beneficiaries like their full names and identity numbers or dates of birth.

Make sure you take some time to think about who should receive which assets and who will take care of your children if they are under the age of 18 years old. Additionally consider a person that you trust to be appointed as the executor of your Will. This can be a family member, your spouse, your child, an attorney, colleague or a friend. You may nominate two executors in case one of the persons you nominate is unable to act at the time of your death.

In terms of the Wills Act 7 of 1953, the requirement of a valid Will is that it must be in writing. The testator (the person making the Will) has a signature on each page and at the end, it must be signed in the presence of two competent witnesses that are not inheriting anything from that Will,  and it must indicate the names of the testator and the beneficiaries.

There are a number of advantages of having a legally valid Will.

Here are my top 5 reasons:

- You remain in control of how your assets and property is distributed. Our law recognises your right to decide what happens to your property after death if you draft a valid will otherwise it may be determined according to the Intestate Succession Act 81 of 1987.

- It can prevent family conflict and disputes. If your die without a Will then your estate can be distributed according to strict rules that may cause conflict among relatives since it follows a certain order, like the spouse and children inheriting first and if there are no spouse and children then your parents then siblings or extended families then inherit.

- Unexpected costs and taxes can be avoided. A will can accommodate how your property is transferred and depending on this, you can save on certain taxes like estate duty, capital gains Tax and transfer costs. If there are such costs that may be payable, then you can plan for this by expressing that a policy will cover such costs or that sufficient money is allocated.

- Younger children can be protected with proper arrangements. If you are a parent to children under 18 years then a Will can ensure that a trusted person of your choice can raise your children and provide for their needs. Without a Will, the Master of the Court can appoint someone that is not preferable, and this may also delay the process. You can also notify the necessary persons of your wishes and set up a testamentary trust to safeguard their inheritance until they reach a certain age.

- It avoids unnecessary stress. Knowing that your loved ones will be provided for according to your wishes gives you peace of mind. It also avoids unnecessary stress for your family at a difficult time.

I hope this helps you to see the importance of having a legally valid will and that you take the opportunity to participate in this initiative promoted by the Law Society of South Africa and the Department of Justice.

Kelly Jade Reddy is a lawyer. She runs KJR Incorporated and offers advice and tips through her social media platforms such as Kelly.Attorney on TikTok.

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