Tip Box: Tips to draft your Will

Johannesburg - A Will is one of the most important documents that you need as it stipulates what happens to your estate after you pass away. While it is common knowledge that many South Africans do not have a Will, it has never been easier to draft, store and ensure that it is up to date.

Aneesa Razack, CEO of FNB Fiduciary says FNB recently introduced a new feature on its App to help customers set up their Will faster, easier, simpler and at no cost. The feature draws on  the customer’s financial information to pre-populate certain sections, but also allows the individual to make changes to that information if they hold assets or financial products outside of FNB or RMB Private Bank/”

She adds offered a step-by-step guide to creating a Will:

Keep it simple: Choose your beneficiaries and specify what they will receive. Remember that one of your beneficiaries could pass away before you; therefore, including substitute beneficiaries may be a good idea. Consider leaving your assets to your beneficiaries rather than requesting the executor to sell them on your behalf; otherwise, the executor will be forced to sell your assets whether your heirs choose to keep them or not.

Your marital status - single, married, widowed, divorced or separated: Your marital status will influence how you create your Will. You could have married in community of property, out of community of property, in a customary marriage, or in a civil union.  This will affect how you distribute the assets in your estate.

Your dependents: A Will serves to protect your minor children or dependents. It also allows you to choose a guardian and request for a trust to be created for your minor children to inherit from your estate.

Choose an executor: It is important to nominate a skilled and qualified executor in your Will. It is the executor’s responsibility to look after the estate according to current legislation and to ensure that the interests of the beneficiaries are protected.  Drafting your Will through FNB will automatically nominate FNB as the executor of your estate.

Sign it!

A Will is only valid if it is signed correctly. A Will should be signed in full on every page in the presence of two witnesses. The witnesses should not be people who are included as beneficiaries, trustees, executors or guardians in the Will, or their spouses. The witnesses should also sign in full on the last page of the Will.

Date it and review it annually

Your Will should be dated to ensure that the last valid Will can easily be identified. Review your Will regularly and especially when there is a major change in your life or legislation.

"As simple as it is, a Will can help you and your family avoid unnecessary conflict over assets. More crucially, it may protect your family's interests through unambiguous instructions from a loved one. "There's no reason to put off drafting your Will, do it today," Razack states.