The Professional Edition 4 October 2021 | Page 8

Your Will :

Leaving a legacy that lasts

By Roy McMurchie , PPS Head of Fiduciary Services
eaving a legacy is a gift that will benefit and inspire

L future generations .

Building and protecting your legacy requires you to be an active player , not just an observer . One of the most important actions required is having a valid Will . A Will is the only way to make sure your assets go to the people and causes close to your heart .
A Will , however , is not a document that you draft once and then file away safely . It is an important document that needs to be reviewed regularly and must adhere to various regulations .
What is concerning , is that recent statistics obtained from the offices of the Master of the High Court show that less than 15 % of South Africans die with a valid Will in place . What is more worrying , is that even when people have a Will in place , drafting mistakes can either render it impractical for certain provisions to be carried out , or worse still , for the laws of intestacy ( when a person dies and no valid Will can be found , or where the Will or part thereof is invalid ) to apply . This can lead to unintended consequences , and almost always to the detriment of loved ones left behind .
Drafting a Will
When drafting a Will , one must give careful consideration to various issues to ensure that it leaves the legacy you want it to . It should not be a cause of stress and unhappiness . Here are some tips to bear in mind : 1 . Anybody who is 16 years and older , and sound of mind , can draft a Will .
2 . The wording used in a Will must be clear and indisputable . Vague , unclear or ambiguous wording creates difficulty for the executor who may not be able to carry out the true intentions of the testator .
3 . The Will may not contain a residuary clause ( a clause that sets out who will inherit the remainder of the deceased ’ s assets once any debts , funeral expenses , tax and legacies have been paid ). This can result in legacies being abated , meaning the beneficiaries may receive a lot less than intended . It is also possible that the laws of intestate succession may apply , which means the law directs who inherits .
4 . Always mention a substitute in a Will . For example , if a beneficiary predeceases you or is disqualified from inheriting , the Will should state to whom the inheritance will go to in such an event .
5 . Be careful to bequeath cash . If there is no cash available to cater for liabilities , estate administration expenses and taxes , this can result in assets being sold to make up for shortfalls and might not be what you intended .
6 . Nominate an executor of your Will . If not , the Master of the High Court will appoint an executor .
7 . The last dated Will is always the one that will be accepted by the Master of the High Court . Not updating a Will frequently when events such as
8