Continuing our journey towards Wills Week (11 - 15 September), we're going to look at the six simple steps that will take you from "ahhhhhelp!" to getting a legally airtight will in hand that will care for the people you love once you're gone.
Let's demystify the process of creating a will together!
*Remember, during Wills Week (11 - 15 September) we will (heh) draw up an airtight will for you for free, no strings attached. Get in touch with us to find out more.
Before jumping in, it might be a good idea to review our post on legal jargon for a quick refresher on the legal terms we'll use in explaining the process.
1) Pick your legal professional
While the process of drafting and executing a valid will isn't a complex one, there are places where mistakes could slip in that can render your will invalid.
Because having a valid will is so important, we recommend picking a legal professional to help you with this process.
(You know how to get hold of us 😉)
Whether you work through a legal advisory like Concessus, a family lawyer or attorney friend or anyone else, make sure that the person helping you is qualified to do so. If they know their stuff they will be able to make the process painless for you and highlight any possible issues that could invalidate your will.
2) Make a list
Remember, your will is about looking after your people, not your stuff. The clearer you can be about what should become of your stuff when you die, the less hassles your loved ones will have when you die.
Despite what many people think, your will usually won't list every single thing you own.
After all, your specific assets are going to change and you don't want to have to revise your will every time you buy a new car, stand mixer or lawn mower.
As we mentioned in our previous post, there is an important difference between "bequest" and "inheritance". Your bequests are specific items to specific people, while your inheritance is everything left over in your estate, so make sure you know what items you want to go to specific people, and how you want the rest of your things to be shared.
3) Pick your executor
The executor is the person who will ensure that your estate is wound up after your death. This can be a friend, a family member, or a professional that you trust. They do not have to be a lawyer or other professional. In most cases, the executor will appoint an agent to handle the administration for them.
Remember to discuss this appointment with them first, and it is always a good idea to nominate an alternative executor, just in case.
4) Pick legal guardian(s) for your children (if relevant)
This might not be relevant for you now, but if you have children under the age of 18 (in South Africa) you need to nominate someone to look after them if you pass away before they turn 18 and they have no parents or legal guardians left.
Raising someone else's child(ren) is a massive responsibility that comes with a not-insignificant emotional and financial cost, so it is critical that you discuss this with your spouse or partner and the person/people you want to nominate as legal guardians.
You can make provisions for them financially through a testamentary trust, which leads us nicely to the next point.
5) Set up the necessary structures
The legal professional you picked in point 1 will take care of this for you, which is another reason why it is important that they know exactly what they are doing. A common example of the kind of structure you might want is a testamentary trust to plan ahead for your children's future.
6) Execute, execute, execute!
In short, execution is ensuring that the right people sign at the right places.
Proper execution is extremely important, it can be the difference between a valid and an invalid will.
Keep your eyes peeled for a blog post on this topic soon.
And there you have it! Six steps from "AAAAHHHHHELP" to having a legally airtight will in place, and the peace of mind knowing that your loved ones are cared for when you are gone.
Oh, one more thing.
7) Reviewing your will
This is really important; once you have a will — especially if you set it up long ago — it is a good idea to review it every couple of years. You should specifically do so in the following cases:
Marriage/divorce/death of a spouse
The birth of a child
A change in relationship with your nominated executor(s)/guardian of your children
A change in your assets affecting certain bequests made.
Okay, now we're really done for today. Remember, we are proud to be part of the Wills Week initiative from 11 - 15 September, which includes setting up your will completely free, no strings attached.
If you'd like to update your will or put one in place for the first time, click the button below to book a free consultation with us. We'd love to work with you.