Importance of Having a Valid Will
A last will and testament, is considered a specialised document. It allows one the power of deciding how their estate is to be distributed upon their demise, and to select their chosen beneficiaries, it further grants them the freedom of deciding whom they wish to administer their estate, upon their death, by nominating their own executor, and extends to the nomination of their chosen guardian should they have minor children.
It further presents an opportunity to place restrictions on one’s inheritance, a common restriction mainly used, is excluding the spouse of a beneficiary from any matrimonial claim on inheritance.
Although one has the freedom of testation, it should be noted that a will cannot contain any provisions that are illegal, unethical or contrary to public policy and our Constitution.
Some Important requirements to consider when drafting a will:
2.The testator must be of or over the age of 16 (sixteen) years old.
3.The testator must have the mental capacity and be capable of understanding and appreciating the nature and effect of his or her act.
4.The testator must append his or her full signature at the end of the will, and on each page of the will, in the presence of two competent witnesses.
5.The two competent witnesses must affix their signatures anywhere on the last page of the will.
6.An executor or beneficiary should not append his or her signature on the will as a witness, this could result in such beneficiary or executor being disqualified from inheriting under the applicable will.
A valid will, presented at the time of your demise, will not only speed up the administration process, but will limit any disputes and conflicts. Without a valid will, it should be considered that your lifetime’s work could be undermined, and your legal safeguards could be negated. This further presents difficulties and an uncertain financial future for your dependants and beneficiaries, due to the inevitable delay that could present itself during the winding up of your estate.
