Everything You Need to Know about a Last Will and Testament

1. Introduction

As we step into a new year, it’s the perfect time to review not just your resolutions, but also your future planning. While thinking about the day you are no longer here isn’t something we like to dwell on, taking the time now to draft a last will and testament can offer peace of mind for you and your loved ones. It ensures that the assets you’ve worked so hard for over the years are distributed according to your wishes—giving you the gift of clarity and security as you embark on this new year.

OAK Law is here to assist you in drafting your last will and testament, ensuring that your estate is administered exactly as you wish. Let us help you provide peace of mind to your loved ones, so you can focus on what truly matters this year—building your legacy and securing your family’s future.

2. What is a Last Will and Testament?

A Last Will and Testament is a written document in which you, by means of a unilateral voluntary legal act, in accordance with applicable legal regulations, determine what happens to your assets after your death. This is a fundamental part of your estate planning.

3. How Does a Last Will and Testament Work?

A Last Will and Testament needs to be in writing and signed by you as the testator/testatrix as well as by two competent witnesses. Before we get to the execution of your Last Will and Testament, you need to know what to include in the document.

You, as the testator/testatrix, will nominate someone to be the executor of your estate. The Executor is responsible for administering the deceased estate according to the Last Will and Testament, so make sure you nominate someone you trust and who will be willing to administer your estate.

You can bequeath specific assets to specific beneficiaries, such as your house to your surviving spouse, or your grandmother’s ring to your niece. These beneficiaries are known as Legatees.

You can also specify that the remainder of your estate be divided between specific people in specific portions. These beneficiaries are known as heirs.

All the assets you bequeath in your will needs to be clearly identified, or be easily identifiable. You cannot bequeath an asset if you are not the owner.

If you have minors or dependents with special needs, you can incorporate a testamentary trust to care for that beneficiary.

Once you are satisfied that all your assets are bequeathed to the beneficiaries of your choice, the document can be signed. You as the testator/testatrix need to sign each page in the presence of two competent witnesses who also signed each page.

4. Who Should have a Last Will and Testament?

A Last Will and Testament is not only for the wealthy, but for anyone who owns any assets, especially if you have minor children.

It is strongly advised that if you are married in or out of community of property, if you own property, have investments, or have minor children, to only name a few, you should have a Last Will and Testament in place.

5. What if you DON’T have a Last Will and Testament?

If you should die without having a valid will in place, your assets will be distributed in terms of the Intestate Successions Act 81 of 1987. This might have the effect that someone inherits from your estate who you didn’t want to, or excludes someone you wanted to inherit some assets.

If you have minor children and die intestate, the Master of the High Court will appoint an executor to administer your estate and even appoint a tutor or curator over your children. Your children might end up in the care of a guardian that will not prioritise their needs.

6. Frequently Asked Questions (FAQs)

Are there different types of wills?

Yes, you have a simple will that is usually used by individuals; a joint will for two ore more people who, usually married couples with joint assets; a testamentary trust if you have minors to protect; a living will specifically for your medical care.

Who should draw up my will?

You can draft your own will, but it is important that the will meets the necessary legal requirements. At OAK Law, we have the necessary knowledge to prepare your Last Will and Testament to be valid and ensure your wishes are met.

Does a will expire?

No, but it is advised that you review your will regularly, recall the old will and draft a new will when you have new assets or any change to your estate.

Can my will be invalid?

Unfortunately, if your Last Will and Testament does not meet the legal requirements of a valid Last Will and Testament as provided for in the Wills Act, the Master of the High Court can reject the will and the estate will be administered as an intestate estate.

Where should I keep my will?

We at OAK Law offer safe keeping services. You can store your original Last Will and Testament with us for a small yearly fee. We will also keep electronic copies on our server and will provide the same to your executor should it be required.

Who pays tax on my estate?

Estate duty, the form of tax the government levies on your estate after death, will be paid by your estate. This will be 20% of the value of your estate if your estate is worth more than R3.5 million, but you will not pay estate duty should your estate be worth less than R3.5million.

7. Benefits of Professional Will Drafting with OAK Law

Advantages:

• Legal expertise: Our team ensures your will meets all legal requirements under the Wills Act, reducing the risk of your will being declared invalid
• Comprehensive guidance: We help identify assets and beneficiaries you might overlook when drafting independently
• Safe keeping services: Secure storage of your original Last Will and Testament with electronic backups
• Executor services: We can be nominated as your estate executor, providing professional administration when the time comes
• Regular reviews: We can assist with updating your will as your circumstances change

Considerations:

• Professional fees: There are costs associated with professional will drafting services
• Time commitment: The process requires gathering information and meeting with our legal team
• Ongoing storage fees: Safe keeping services involve a small annual fee

While some individuals choose to draft their own wills, professional assistance ensures legal compliance and can prevent costly disputes or complications for your beneficiaries.

8. How to Get Started with Drafting of your Last Will and Testament

Getting started is simple this new year. Just contact our offices and let us know your wishes. We’ll provide you with a list of the information we need to draft your will, making the process smooth and stress-free, so you can focus on building your future with confidence.

9. Conclusion

The new year is an ideal time to take control of your legacy and ensure your loved ones are protected. While planning for the future may feel daunting, OAK Law’s Trust and Estates department can help ease the process. We’ll take the complexity out of estate planning and give you peace of mind knowing your loved ones will be cared for allowing you to move forward into this year with confidence and clarity.

Give us a call on 012 345 3761 or send us an email at info@oaklaw.co.za to get started.