5 Tips for setting up your will
While it’s something that none of us like to think about, death is inevitable and we have to spend some time considering how we can make it a little easier on those we leave behind.
What happens if you die without a will (intestate)? The Master of the High Court will appoint an executor to wind up your estate and once all debts have been settled, the balance of your estate will be divided according to the laws of intestate succession.
Here are some tips on setting up your LAST WILL AND TESTAMENT to ensure that your wishes are carried out.
- You have the choice to appoint an executor. The executor, will ensure that your estate is divided according to your wishes.
- For your will to be legally binding you must be at least 16 years of age, mentally competent and in a reasonable state of mind. The will must be in writing and 2 persons older than 14 years of age must witness. The witnesses must be of reasonable mind, may not be beneficiaries of the will and their names should be clearly stated. Every page of the will must be initialled and the last page must be signed in full, by yourself and the witnesses. The will must be dated.
- You may want to include instructions for your funeral arrangements.
- Determine how you would like the assets to be distributed in the event of your death.
- Determine a snapshot of your net worth (income, assets, and liabilities).