Drawing up your will
2010-04-22
YOUR will is one of the most important documents in your life. A will stipulates how all your assets (such as your money, house, car and investments) should be managed and distributed after your death. It is important that your will is practical and easy to understand so that it can be easily executed, says Berrie Botha, chief executive of Sanlam Trust. • If you want to leave your assets to your spouse and children, do not distribute everything evenly between them – except if your entire estate consists of cash. To transfer ownership of a house to both the spouse and all the children can result in practical problems as well as family feuds, especially when the children get married. To transfer ownership of a car to four people is not practical either. One of the heirs will have to buy the car if he or she wants to keep it. • It is not advisable to include funeral plans in a will. Rather inform your family beforehand of your wishes regarding your funeral. The reason for this is that the content of a will is normally only made public after the funeral has been arranged. • If your children are minors, consider appointing someone as their guardian. If you are divorced and pay maintenance, keep this commitment to your ex-wife and children in mind. • It is very important to appoint someone as executor because it is his/her duty to administer your estate according to your wishes and to look after the interests of your heirs. This task requires a huge responsibility and your choice of an executor is crucial. • The surviving spouse is often appointed as the executor of the estate. In this case attention should be given to inter alia the fact that the death of a loved one is an emotional issue. This can influence the surviving spouse’s decisions regarding important financial decisions. Besides, this lack of knowledge can result in the surviving spouse being exploited by people that do not carry his or her best interests at heart. By appointing a reliable company as executor you obtain the advantage of specialised knowledge in wills, estates, trusts and related issues. At the same time, your estate is managed professionally and you can be assured of objectivity and reliability. • Don’t forget to review your will regularly. Changing circumstances can influence the content of your will - for example a marriage, divorce, the birth of a child, the buying and selling of large assets such as a house, the death of a family member or heir, and changes in legislation. Sanlam Trust offers a comprehensive portfolio of services that will ensure peace of mind.
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