Wills Week 2023
Wills week was introduced by the Law Society of South Africa in 2008 to bring awareness to the importance of having a Will. This is an opportunity to grant all South Africans free Will drafting. Please see the list of participating law firms for 2023: https://www.lssa.org.za/our-initiatives/advocacy/national-wills-week/western-cape-attorneys-participating-in-the-lssa-national-wills-week-2023/
The Importance of a Will
A valid Will gives those left behind insight into your wishes on how to handle your estate. In the case of minors, it gives a clear indication of guardianship. A Will keeps record of all your assets and the way your assets should be split or disposed of.
What happens if there is no Will
The rules of interstate succession will be applicable; dividing the estate amongst your surviving spouse, children, parents or siblings according to a set formula.
Appointing an executor
The executor of your estate will make sure that your wishes are taken care of. You can appoint anyone as an executor. Most banks and law firms offer a professional executorship. The executor must be 18 years or older.
Questions to consider when appointing your executor: Would the executor have the necessary skills to execute your last wishes? Does the appointed executor have the time to devote to carrying out the duties of the Will? Is your executor in good standing with the beneficiaries of your Will and is the executor able to be amicable towards the beneficiaries or would this end in disputes?
Estate Planning file
Keep an estate planning file with all your information. It will allow for your loved ones to take control of your affairs, and is not only valuable in the event of death, but also very useful in the event of a medical emergency.
To get you started, download Southwood Financial Planning’s Estate Planning File template here.