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The Cost of a Will
The Cost of a Will
05 Feb 2020

Having a will in place is something that everyone should have, but most South Africans tend to overlook. Not only does this ensure that your possessions are given to the right people, but it also means that your loved ones don't end up fighting with each other.

However, the most important thing about securing a will is knowing how to navigate your way to an affordable one that doesn't come with surprises.

 

You can still get a free will but its limited

For those who might be wondering if it's easy to have the will written up and stored in a file at home may find that it is not as straight cut as that. There are a couple of issues with this method. Firstly, you could end up misplacing your will, having it tampered with, or duplicating it over time, so that by the time you pass on no one will know which one is the correct and final will.

There was a time where you could walk go to the bank to have a will drafted for you for free, but times have changed. Regulations have been put in place to make it more secure and reliable when it comes to getting a legally recognised will.

Approaching a bank to create a will and have it placed under their safekeeping can cost you anything between R250 to R1 000. However, you can have a will created for free by some companies during National Wills week which happens every September.

 

Having an executor can see that your wishes are met

Another expense that you need to keep in mind is the cost of appointing an executor. An executor is someone who you entrust to carry out your wishes that you have stated in your will. It can be an institution such as your bank, your life insurer such as MiWayLife if you have a will drafted with us or a trusted friend/family member.

Executor fees will differ from place to place, but the general fee is 3.5% on your estate or assets. Another thing to consider when taking out a will is the storage costs that come with it. For example, MiWaylife charges a low fee of R50 each month to ensure that your will is kept active and that you can update or amend your will to grow with you.

 

Where can you get a will?

Getting a will is convenient, with most places moving to the digital space, making applying for a will a click away. You can apply on our site if you are interested in having a will in place and if you are a MiWayLife client you can get yours drafted for free. There is also an option to approach your bank to have a will drafted if you prefer the traditional will. One thing you will end up having at the end of it all is peace of mind knowing that all your assets will end up in the right hands.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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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