In our last blog, we’ve covered the importance of having a signed Will, but there are still some key questions you might have about Wills and estate planning in South Africa.
Here are frequently asked questions on Wills and Estate Planning to help clarify important aspects of planning for your future.
1. How often should I update my Will?
It’s advisable to take a read through your Will once a year, and review it when needed. But if there is are major life changes such as marriage, divorce, the birth of a child, or significant financial shifts. Keeping your Will up to date ensures it accurately reflects your current wishes and protects your loved ones.
2. Can I draft my own Will?
Yes, you can draft your own Will, but it’s important to ensure it meets all legal requirements in South Africa to be valid. For peace of mind and to avoid future complications, it’s recommended to seek assistance from a lawyer or estate planning professional.
3. Can my ex claim maintenance from my estate if I pass away?
Yes, in some cases, an ex-spouse may be able to claim maintenance from your estate, especially if there was a maintenance obligation in place at the time of your death. It’s important to address this in your Will to ensure your intentions are clear and legally enforceable.
Often overlooked when doing your initial financial planning, its important to address this and have adequate insurance to cover this aspect, as child maintenance takes priority in claims.
4. Does my pension fund form part of my estate if I pass away?
No, your pension fund typically does not form part of your estate. Pension fund benefits are governed by the Pension Funds Act, and the distribution is decided by the trustees of the fund based on the beneficiaries you nominate and the needs of your dependents.
Its important to note that regardless of who you nominate, the trustees will first look at actual dependents (children), financial dependents (persons who you supported financially) and lastly your nominated beneficiaries.
If you haven't don't so already, book a consultation to address your questions, get your Will drafted and signed, and lastly do a full estate planning consultation to look at the financial impact.
Best Wishes
Your financial planning partner.
Comments