I know what you’re thinking. Abit of a gloomy topic to publishing as my first Blog Post of 2021.
But here we still find ourselves in a horrific pandemic, where infection and death rates are at an all time high.
My Dad has tested positive for Covid19, and although he has appeared to handle it well, I sit and find myself asking one question. – “What will I do if something should happen?”.
Preparing for death is uncomfortable, but I think necessary (especially if you have dependents).
So. A will is a good place to start right?
I’ve had a digital chat with Fedgroup, and popped some questions that I’ve had on my heart.
What is a will?
A Will is a legal document that you draft while you are alive and that allows you to do the following:
- Appoint/nominate an Executor – a person you trust to take care of your legacy/heritage
- Choose your beneficiaries – decide what they are inheriting – E.g are they getting a specific item or cash, or are they getting everything?
Plan for your minor or a dependent major child’s future; creating a testamentary trust which will take care of their financial wellbeing; nominate a guardian in the event of the absence of a natural guardian so that the court does not have to.
What is the minimum age one can be to open/register a will?
The minimum age is 16 to register a Will
How much does a will cost? Once off? Per month?
There is a once-off Will drafting fee of R 517.50 for all people who do not hold a current product with Fedgroup. Otherwise it is for free.
Where can you register a will?
A Will can be registered at any trust company, bank, or an attorney. A Will does not have to be registered. You can draft one and keep the original in your safe but it is always advisable that a professional assist you in the drafting thereof.
What are the main credentials/information needed to create one?
Full name, ID number, marital status, beneficiaries’ names, relation and identity number if available. Also instruction as to what is left to whom. Specific bequest/residue.
What is an estate?
A deceased estate comes into existence when a person dies leaving property or a document which is a Will or purports to be a Will. Such estate must then be reported, administered and distributed in terms of the deceased’s Will or failing a valid Will, in terms of the Intestate Succession Act, 81 of 1987.
How long does an estate take to pay out?
An average simple estates gets finalised within 8 – 12 months after the estate have been reported. However there are various factors that have an influence on this turnaround time.
Who may have access to your will whilst alive, and then once deceased?
In general it is preferred that your ORIGINAL Will be kept in safe custody at either a bank, trust company, or your attorney. However there is nothing that prohibits you keeping your Will in your safe at home. Any person you allow whiles alive can have screening access to your Will. When you pass away your Will becomes public record and any person can apply at the Master of the High Court were your estate is registered to view a copy of your Will. The executor of your estate will only give a copy of your Will to your heirs or beneficiaries.
Fedgroup will be drafting 100 free wills for anyone, regardless of whether they are a Fedgroup client or not.
In order to qualify for the free Will-drafting service you must:
- Be a follower of the Fedgroup Facebook page
- and tag someone in a Wills Post on the Fedgroup Facebook page
- Share my “Wills” post on Facebook
“Sometimes to get your life back, you have to face the fact of what you thought your life would look life” -Lysa Kerkeurst