Did you know that you can create a legally recognised will online? Not only will it protect your legacy, but it also gives you control over who receives what you have worked so hard to achieve.
Before we start
Always make sure to check that the institute you create a will with online is an authorised FSP. You can also apply for a will with us that will be legally recognised. We are currently offering existing MiWayLife clients a free will with no fees incurred. Simply apply below and include your policy number.
Why a will is important
The most common reason why people sign up for a will is to have control over who will inherit their assets. It is also used to ensure that your loved ones have a financial safety net that will benefit them. The last thing anyone wants is having a legacy they worked so hard towards landing in the wrong hands.
When it comes to handling the estate of the deceased, a will can come in handy to make sure that your loved ones are not faced with paying the costs that come with it. Not only is it a financial safety net, but it can give you peace of mind knowing that everything will be taken care of.
The ultimate will’s checklist
Compiling a will online is a simple yet effective way to draft a will online. You can get your will drafted at a bank, with a lawyer or even an insurer. However, should you opt to draft it yourself it will have to comply with the Will's Act 7 of 1953:
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. It can make it easier to keep track of if you have more than one will in place. Furthermore, the latest dated will be used as your last will and testament.
Costs to keep in mind
There are costs such as executor fees that you will have to keep in mind. This could be a small fee to ensure that your will is kept safe and is updated for you. This is done to avoid having multiple wills that could create conflict.
The latest up-to-date document will be used when you die to carry out your final wishes. Forgetting to update your will can result in your legacy being given to people who have already passed on or whom you no longer have a relationship with. Therefore, always remember to update your will.