Why do you need a Will?

A Will plays an important part in creating an estate plan. A Will is a legal document that sets out how the deceased’s estate should devolve on their death. A Will allows for the testator to express how they wish for their estate to devolve and who should benefit.

By creating a Will the testator is able to specify who should receive the benefits of the deceased estate and how the benefits should accrue. A testator can nominate heirs, appoint legatees (persons who inherit specific bequests) or create a trust, as well as appoint trustees and executors to manage their estates.

For parents with minor children, a Will is an important document that allows the parent to nominate a guardian and set up a testamentary trust which will allow for the management of provision of the children’s inheritance.

The consequences of dying without a Will may result in the assets of the deceased not being distributed in the way that they may have wished. If a person dies without a Will, the deceased is said to have died intestate. Persons who die intestate will then have their assets devolve according to the Intestate Succession Act 18 of 1987. Persons who die intestate may inadvertently leave their spouses and families in financial hardship and assets in the deceased estate may have to be sold to finalise the estate.

As a Will is a legal document it must conform to certain legal formalities. The testator of a Will needs to sign at the end of every page. In order for a Will to be valid it needs to be witnessed by two witnesses who are present at the same time as the signing of the Will.

A Will allows for the testator to properly manage and prepare their affairs should something unforeseen happen to them. With proper planning an executor will be able to implement the wishes of the testator and ensure the timeous settling of debts, winding up of the estate and the distribution of the assets of the estate.

A Will provides peace of mind that allows for support of the spouse and / or dependants upon the death of the testator.

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