What should (and shouldn’t) you include in your Will?

Published on 30th August, 2022 at 12:22 pm

If you’re yet to draft your Will, or it’s due for an update, here’s everything you need to know about what you should and shouldn’t include in yours to ensure there is no confusion left in the wake of your passing, and that your last wishes are respected.

Reading time: 4 minutes

In this article you’ll learn:

• What a Will is, and what it should include.
• Why an updated, accurate Will is essential for comprehensive estate planning.
• The importance of enlisting the expert help of a financial planner or attorney to draw up and update your Will.

According to a 2020 article published on the Mail & Guardian, only 30% of South Africans have a Will in place. Shocking, right? Some may argue that this is because there is a misconception that a Will is only necessary if you’ve accrued plenty of wealth. Well, this simply isn’t true, says Nabawieya Abrahams, quality and control manager at Sanlam Trust Will Services. “Very often people think that having a Will is only for those who are married or those who have assets, but having a Will in place empowers you to deal with your assets as you wish, instead of having the State decide how to distribute them,” she comments.

If the thought of planning your estate sends you into a panic, here are three things to keep in mind when drafting your Will:

Make sure your Will meets the legal requirements

Being a legal document, there are several requirements every Will needs to meet, namely the person must be 16 years or over, the Will needs to be in writing (no video or audio recordings) and each page needs to be signed by you, the testator, and two witnesses over the age of 14 at the same time and in your presence. Equally important is that neither of the witnesses can be stated as beneficiaries in your Will.

Although not an official requirement in the Wills Act, Abrahams also advises having your Will dated. “Dating your Will helps to avoid any confusion should there be previous versions,” she explains, highlighting the importance of stating that it is your ‘last Will and testament’ to ensure all other existing Wills you may have become null and void.

Pay attention to detail

A Will is there to ensure your wishes are respected, so make sure you outline your intentions in as much detail as possible and ideally under the guidance of a professional estate planner or financial planner. You can book a meeting with a qualified Sanlam financial planner here.

“It’s very important to make sure that what you intended to mention or leave in your Will is noted correctly,” says Abrahams. “Your estate or financial planner will assist with your list of assets and their value, and advise what you may include in your Will and, importantly, what you may not.”

For example, pension and provident funds and annuities are not dealt with in your Will, but instead are governed by the Pension Funds Act. When you take out a policy, you’ll be required to complete a beneficiary nomination form and, in the event of your death, the policy will be paid out to the nominated beneficiary.

While some people do include their funeral, cremation and burial wishes in their Will, it is advised against, as in most cases, the Will is only read after these ceremonies, and once the family has had time to grieve. Rather discuss your wishes openly with your family.

So, what should you include in your Will? Here are some of the most important things:

Cash bequests or legacies

A cash bequest is a fixed lump sum you gift to a beneficiary, while a legacy is any gift of personal property, be it jewellery, money or even a car or home.

Note that certain conditions of inheritance, like marriage or divorce, or even a change of religion, cannot legally be included in a Will.

Substitutions

It’s important to name a replacement beneficiary in case a beneficiary in your Will is not able to accept a bequest, or has passed on.

Inheritance for minor beneficiaries

If any of the beneficiaries named in your Will are minors, you need to specify the details of their inheritance, namely whether this must be kept in a testamentary Trust and until what age.

Guardians of minor children

If you have young children, be sure to name their appointed guardian so you can be sure they are looked after by your loved ones and not the State.

Custodians of assets

A custodian will have the responsibility of looking after your assets.

Store it

Once you’ve got your Will in place, make sure you keep it in a safe place and that you inform someone you trust where it is. With Sanlam, you can store your will securely online. Find out more here.

In the event of your death, only the original Will can be filed with the Master of the High Court, so it needs to be well looked after and stored securely.

A financial planner or qualified attorney is well positioned to help you draw up your Will, ensuring it is comprehensive and clear. Book a meeting with a financial planner to start the process here or use your Legal Assist benefit to get in touch with a qualified attorney.