22 Apr 2025

Understanding your last will and testament

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Everything Counts | Episode 20: Wills Part 1

In this episode, Lieze-Marie Brink and Jacques Van Niekerk from the Investec Tax and Fiduciary team discuss the key aspects of estate planning and drafting a will in South Africa. They cover what should be included in a will, how to get started, and the importance of updating it after major life changes.

SKIP AHEAD

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00:00 Introduction
01:30 Why wills are important
02:45 The cost of a will
03:35 What happens if you don’t have a will
04:15 The laws of interstate succession
05:00 What makes a will valid in South Africa?
08:00 Where to start with drafting a will in South Africa
08:45 How often do you need to update your will
12:30 Consider your marriage regime when drafting your will
14:30 Religious provisions in your will
15:10 Joint wills
17:00 Will vs letter of wishes
19:00 Offshore assets and jurisdiction
21:30 Where should wills be kept?
23:00 The importance of talking to your loved ones about deceased estate administration

70%

of South African adults don't have a will

Your will ensures that your assets go to the right people after your passing. Without one, South African law decides who inherits your estate, which may not match your wishes. This can cause delays, extra costs and family disputes.

A legally binding will lets you choose an executor, name guardians for your children and plan how your wills and estate should be handled. Keeping your will updated means it reflects major life changes like marriage, divorce or having children. Without a will, your loved ones may face unnecessary stress and uncertainty after your death.

If you don’t have a will, South African law decides how your assets are distributed. Many people believe that their assets will automatically go to their spouse or the state, but neither assumption is true. Instead, the laws of intestate succession determine who inherits your estate, following a strict order based on blood relations.

For example, if you pass away without a last will and testament, the law first looks for a spouse or children. If none exist, your estate goes to your parents, then siblings and then extended family members. This means that close friends, life partners or charities you care about may receive nothing. Appointing an executor of your estate through a will ensures your wishes are followed, preventing legal complications and unnecessary stress for your loved ones.

When drafting a will in South Africa, it's important to ensure it is legally binding, clearly outlines how your will and estate should be handled and appoints a trusted executor of your estate. Consider factors like your marriage regime, religious provisions, local and offshore assets and jurisdiction when drafting your will.

1.Requirements for a valid will in South Africa

A will is valid in South Africa if it meets specific legal requirements. The person drafting the will must be at least 16 years old and of sound mind when drafting the last will and testament. The will must be in writing, either typed or handwritten, and signed by the person drafting the will on each page in the presence of two competent witnesses. These witnesses must also sign the will at the same time, but they cannot be beneficiaries or have any interest in the estate.

An original, legally binding will is required for estate administration. If only a scanned or copied version exists, a court application is needed to validate it, which can be costly and time-consuming.

Here are a few steps to follow to ensure your will is legal and valid.
- Print two copies of your will.
- Both copies of the will are to be signed, as originals, in the presence of two competent witnesses, all parties being present at the same time.
- The testator / testatrix must sign each page, as well as two witnesses.
- Please note that you can’t use an electronic signature to execute a will.
- The testator / testatrix must be of sound mind when preparing the will and at the point of signing the will.
- Please provide the place, date, and year of the will's signing as shown on the final page.
- Both witnesses must be fourteen (14) years of age or older and may not be any person mentioned in the will as a beneficiary (spouse, children and/or siblings).
- Ensure your will has been signed in a black pen.
- Ensure there are no spaces on your will. Should there be open spaces, ensure you draw a line through the space and initial the change.
- Store one copy of the original signed will in a secure place and inform your executor or a trusted family member about the location of the will. The other copy is to be kept at a separate location.
- Upload a digital copy of the signed will to Private Vault once duly signed.
Remember, you are the only person with access to your Private Vault. It is linked to your Investec Online profile and can only be accessed after entering your personal Investec ID, password and second-factor authentication. Make sure that you have an original copy in a safe place.

2. The cost of drafting a will

The cost of a will consultation is generally affordable, with professional services providing proper, well-drafted documents at a reasonable price.

However, be cautious of ‘free’ online will consultations or drafting services. These often come with hidden conditions, such as the service provider being appointed as the executor of your estate. Always review the terms and conditions carefully before committing to such offers to avoid unexpected costs or complications.

3. Updating your will

You should review your will at least once a year and update it after major life changes, like marriage, divorce, having children, or acquiring new assets. If someone named in your will passes away, or if you experience a significant financial change, it's also important to update it.

Don’t forget to check your beneficiary nominations on retirement and life insurance policies, too. Regularly updating your will ensures it stays accurate and reflects your current wishes.

4. Contesting a will

A will may be challenged if there are concerns about its validity, such as doubts over the person who drafted the will's mental capacity, evidence of fraud or undue influence, or if proper legal formalities were not followed during its creation.

In some cases, family members or beneficiaries may dispute the terms of the will, claiming they were unfairly left out. Contesting a will usually requires legal action and can be a complex, time-consuming process.

5. Storing your will

Your will should be kept in a secure location that is both safe and accessible to loved ones when needed. Common options include a safety deposit box or a fireproof safe, which can be offered by your attorney.

It’s a good idea to keep two original copies in case one is lost or damaged. Equally important is ensuring your family knows where the will is stored. Inform them of its location and contents to avoid unnecessary stress when the time comes. For added peace of mind, consider digital document storage such as Private Vault, available on Investec Online. A ‘life file’ is another way of organising personal and financial records in one place, and this checklist is a useful guide to the information it should contain. Share its location with a trusted family member so that it is accessible when needed, to assist your family in managing your affairs.

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