Why you need a well-drafted will

A well-drafted will allows your wishes to be carried out after your death, and avoids additional expenses, administrative burdens, and unnecessary strain for your loved ones.

We consider the components of a well-drafted will, and how an estate planning professional can assist you.

Tip: Building an inheritance for your loved ones starts with savvy investing.

What is a well-drafted will?

In simple terms, a will is a document in which a person stipulates how their estate should be dissolved after their death, says Moremadi Mabule, head of wills operations at Sanlam Trust. The document should be clear and unambiguous, and leave no room for interpretation or confusion.

“Arguably, there is no will that can be entirely immune to challenges or disputes – and there is no specific legal definition for the concept of a ‘watertight’ will,” she says. “However, a well-drafted will can help minimise the chances of such occurrences.”

Why you need a well-drafted will

A well-drafted will helps avoid confusion and disputes over your assets, which can lead to strained relationships among family members and loved ones. 

Instead, you will want to ensure that your wishes are followed, the interests of vulnerable beneficiaries such as minors are protected, and legal complications are kept to a minimum.

Nico van Gijsen, managing director of financial services provider Finlac, says drawing up a will is a specialised area that requires the assistance of an estate planning professional. In addition, regular updates are needed.

“People get married and have children, acquire new assets and get rid of others, get divorced and remarry, their financial circumstances change, or an intended beneficiary may die before they do. These life events must be considered when you draw up and update a will.”

Van Gijsen says that a standard will, even if valid, may not guarantee that your assets will be distributed according to your wishes. “Don’t use free options or standard internet templates of wills. You and your assets are not standard. You are a unique individual with unique circumstances,” he points out.

Appoint an estate planning professional

Anyone with assets should consider appointing an estate planning professional to clarify how their possessions should be distributed after they die.

Mabule says you should appoint such a professional because they understand the legalities surrounding drafting and executing wills, along with the latest developments in the law. They can advise you on various issues, from nominating beneficiaries to considering the tax implications of your choices.

They can also help you avoid common legal errors and pitfalls that might render your will invalid, such as failing to sign each page, having a potential heir to your estate sign as a witness, trying to bequeath assets you don’t actually own, or ignoring the rights of spouses and children. 

Importantly, an estate planner can help you nominate a qualified executor, appoint guardians for minor beneficiaries, and set up an appropriate testamentary trust.

“They can advise you on taking stock of your assets and liabilities, so nothing is inadvertently excluded from your will,” says Mabule.

What happens if your will is invalid?

If a person dies without a valid will, their estate will be distributed according to the laws of intestate succession, says Mabule.

The basic principles of intestate succession hold that your spouse and descendants will inherit your estate jointly, in specific shares, and if you don’t have a spouse or descendants, your parents or siblings will inherit. 

To ensure a well-planned will, Van Gijsen advises starting with proper estate planning, no matter how little or how much you currently own. After all, life is unpredictable.

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