These are five of the most common mistakes people make when drafting their will.
Not clear about the rules and regulations governing estates in South Africa
Make sure you are up to date on the latest SARS requirements and rules. Otherwise you run the risk of having your will declared invalid.
Appoint the right Executor
If you nominate someone who is incapable of managing the estate after your death, they could seriously impact the winding up and distribution of your assets. You also run the risk of them potentially misappropriating some of the estate’s assets for their personal gain.
Not specifying a guardian for Children
If you do not appoint a suitable guardian for your children, they could very well be given a state appointed guardian. Not only is the safety and security of your children at risk, but could result in unpleasant legal and financial entanglements.
If you leave out certain assets in your will, they automatically become subject to state estate rules. It also prevents disputes between family members as to who gets what. It is better to include all assets,even minor assets like art objects, household goods etc.
Forgetting to update your will
Circumstances change. Review your will at least once a year to ensure that all avenues and potential issues are resolved before your death.