A Simple Guide to Drafting Your Own Will
Drafting your own will may seem daunting, but with a bit of planning, it’s entirely possible to create a legal document that ensures your wishes are honoured after your passing. Below is a simple guide to help you through the process.
Begin by clearly titling the document as your “Last Will and Testament.” Include your full legal name and any other names you’ve been known by, such as a maiden name or previous legal name. It’s important to mention that this new will revokes any prior wills you may have made to avoid confusion.
Next, make a formal declaration that the document expresses your intentions for distributing your estate after your death. State that you are of sound mind and creating the will of your own free will. This ensures that your will is seen as legitimate in the eyes of the law.
One of the most important steps in drafting a will is appointing an executor—someone you trust to carry out your instructions and manage your estate. This person will handle everything from settling debts and taxes to distributing assets to beneficiaries. It’s wise to name an alternate executor in case your first choice is unable to fulfil this duty. It is very important to ensure your intended executor is aware of their responsibilities and is willing to take on the role. If the executor is not comfortable with the legal process, they can also appoint an agent on their behalf to assist with their duties. It is not advisable to appoint an executor who is a non-resident as they may face difficulties in attending to the Master of the High Court’s requirements.
If you have children under 18, it’s essential to designate a guardian who will take legal and physical custody of them if both parents pass away. You may also wish to appoint a backup guardian in case the first person you choose is unable to take on this responsibility. It is important to know that the appointment of the guardian follows the Children’s Act, and while it is valuable to state your wishes in your will, the court will still consider the best interests of the child in making its final decision.
Next, create an inventory of your assets. This includes real estate, personal belongings such as jewellery or vehicles, pets, and financial assets like bank accounts or stocks. Be as specific as possible in describing each asset to avoid any confusion for your executor when the time comes to distribute them.
For each asset, you’ll need to designate a beneficiary—the person or organisation that will inherit the item. Beneficiaries can be family members, friends, or even charities. If there are individuals you wish to exclude from inheriting any part of your estate, make this clear in the will to prevent any legal disputes.
Be sure to include a residuary clause, which covers any assets you may have forgotten or that you acquire after the will is written. This clause ensures that everything not specifically mentioned in your will is distributed according to your wishes. You can name a specific beneficiary for these remaining assets, or you can leave it to your executor to decide how they should be handled.
Special circumstances, such as trusts or investment accounts, should be addressed separately, as these assets may fall outside the scope of the will and be governed by the terms of a trust deed, beneficiary designations, or the rules of the investment vehicle. These assets may pass directly to the nominated beneficiaries without needing to be included in the will. If you have specific arrangements for these assets, ensure they are clearly documented and up to date.
Once the content of your will is complete, it’s time to sign it in the presence of witnesses. South African law requires two witnesses. Your witnesses should not be beneficiaries or anyone who stands to gain from the will.
After the will is signed, store the original document in a safe place, such as a safe deposit box or a secure home safe. Make sure your executor or a trusted individual knows where to find it. Finally, be prepared to revisit and update your will periodically. Life events such as marriage, divorce, the birth of a child, a major purchase, or a move to a new city all warrant a review of your will. Even if nothing significant changes, it’s a good idea to look over your will every few years to ensure it still reflects your current wishes.
Drafting your own will can be a straightforward process, but it is always wise to seek professional advice to avoid unintended consequences. If you prefer to draft the will yourself or you do not have access to legal advice, however, following these steps will provide peace of mind, knowing that your assets and loved ones are taken care of according to your wishes.
If you are a client of Watson Incorporated, we offer will drafting as a complimentary value-added service.
Download the above guide in a step-by-step format below:
- Step-by-Step Guide to Drafting a Will in South Africa by Watson Incorporated