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5 Important Things to Know About Wills
5 Important Things to Know About Wills
13 May 2022

Having a legally recognised last will and testament in South Africa can be created online or through a legal or financial institution. But before you put ink to paper to list your valuable assets and policies you would like a loved one to receive, it is important to know these five things about wills.

The will with the latest date will be used

There are many reasons why someone may have more than one will created. Be it to keep it up to date or to correct an error from the initial one. However, when you pass away the last updated will is the one that will be used to carry out your last wishes. Choosing to set and forget your last will and testament instead of keeping up to date can create problems. More so, when your situation changes over time.

 

It is not as complicated as you think

Common myths such as wills being expensive or complicated has led to many South Africans delaying the process of getting a will. You can get a will drafter online with just a few simple clicks and have it drafted for free in some cases. Keep in mind that you may have to pay a small fee to keep your will in a safe place and updated which can be as little as R57.50 based on your executor who will draft a will. An executor can be a financial institution such as an insurer, bank or lawyer. 

 

You can set the conditions

Yes, you can set terms and conditions to your assets and investments that you would love to leave for your loved ones so long as these are legal. Not only does this give you control over how you would like your assets handled, but it will also give you peace of mind knowing that all that you have worked hard to create ends up in the right hands. It can also prevent surviving family members or extended family members from pressuring a beneficiary into funding a business venture or providing for them.

 

They are not only for people who have assets

A common misconception is that wills are for people who have accumulated a sizeable amount of assets and wealth. However, you can create a will if you have anything you deem valuable enough to pass on to loved ones. It can also be used to protect your children by choosing a guardian you would love to take care of them instead of leaving things to chance.

 

It is possible to draft your own will

You can draft your own last will and testament that will be legally recognised. It is important to make sure that it complies with the Wills Act 7 of 1953. You will also have to make sure that it is stored in a safe place and updated regularly, which can be a lot of admin if you handle it on your own. MiWayLife offers online wills that will be protected and kept up to date as you see fit to ensure that what you value is protected. 

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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06