Having a will can create a way for you to have some control of what happens to your assets and things once you die, but it is also important to make sure that you make it soundproof to stand in a court of law and decrease the chances of having it challenged. Here is what you need to keep in mind when creating your own will.
Making it legal
When it comes to drafting a will, it is important to make sure that it is kept updated and will be legally recognised according to the Wills Act 7 of 1953 which requires that you:
Be competent to draft a will. This means you need to be 16 years or older and understand what you are doing. It will not be legalised if the person who has drafted the will has a mental incapacity to understand what a will is and how it affects them.
You cannot be a beneficiary. If you are drafting the will by hand or electronically, you cannot list yourself as a beneficiary. Even if you have someone drafting the will on your behalf, they cannot list themselves as a beneficiary.
All documents need to be signed. This is to make the documents valid. The will needs to be signed by the testator (Person who is creating the will), and two other witnesses who are present at the time. In a situation where a testator is disabled or has suffered a stroke, they can sign using their fingerprint. The two witnesses need to be at least 14 years or older to sign.
Date your will accordingly. Although this is not a legally binding requirement, it can make it easier to keep track of if you have more than one will in place.
You can get your will legally drafted at MiWayLife and kept for you in a safe. When you pass on MiWayLife will carry out the instructions that you have placed in your will.
Things you will need
Make sure that you have the necessary documents to make drafting a will easier. Keeping things in one place such as having it in a secure location or online with a secure code that is shared with another person you trust can make it easier to access and keep up to date. Things you will need when drafting your own will are:
Choosing an executor
Having an executor is a crucial step in ensuring that the right people receive what has been listed in your will. An executor is someone who you choose to help draft, maintain and carry out what has been listed in your will. You have the choice of choosing MiWayLife as an executor or any financial institution such as bank or a legal subsidiary, giving you piece of mind that your last will and testament will be kept up to date and safe for you.
Naming your beneficiaries
You have control over who you would like to inherit what is listed in your will. This could be your partner, siblings, children, parents, friends, or any charity you see fit. Keep in mind that whichever beneficiary you choose to list cannot sign on as a witness. You can choose how you would like to divide your assets among your beneficiaries.
