You have signed a Will and it is with an institution in safe custody or in a safe place where your family members can find it if something unforeseen happens to you. Why should you give it another thought?
Changes in circumstances or changes in legislation can cause your Will to be out of date, with the effect that the consequences thereof are not what you intended it to be.
Below are 7 reasons your Will could be out of date:
| 1. Change in your marital status | If you were divorced more than three months ago and still bequeath assets to your (now ex) spouse in your Will, he/she will inherit those benefits even if you would rather exclude him/her as heir |
| 2. Death of an heir | If you failed to name an alternative heir in the event of an heir being predeceased, the benefits could devolve on the deceased heir’s estate to devolve in terms thereof. |
| 3. Trust created after your Will was signed | You can now bequeath assets to this Trust instead of to a testamentary trust, thereby eliminating the creation of another structure with duplication of costs. Trustees succeeding you (of such a new trust) can be nominated in your Will, if you are empowered to do so in the trust deed. Loans owing to you by such a trust can be bequeathed to the trust in your Will, thereby the trust assets do not have to be used to repay the loan to your estate. |
| 4. You had a joint Will with a predeceased spouse | You should consider signing a new Will as the original joint Will (which is your valid Will) would have been lodged with the Master of the High Court and is not in your possession any more, and furthermore you might want to now deal with inherited assets in a different way. |
| 5. Children now living or working abroad | Children who live or work abroad and who have not formally emigrated, could be unable to externalize an inheritance from you to the country where they now live, because of restrictions in terms of exchange control regulations in South Africa. |
| 6. Acquisition of assets not covered in the Will | Assets acquired after the date of signature of your last Will, will not be covered specifically in your Will and might devolve as part of the residue of your estate to your residuary heirs and not to the specific persons you would like to benefit therefrom. |
| 7. Acquisition of foreign assets | Foreign assets acquired after the date of signature of your last Will, could be more efficiently administered in terms of a foreign Will depending on the jurisdiction where it is and the type of asset, than being covered in terms of your South African Will. |
Kindly contact Tamryn de Villiers at tamryn@fidelisvox.co.za for further information on the above or if you would like assistance with any aspect thereof. The above list and its consequences are not exhaustive and are mentioned in general terms and there could be many other specific consequences not mentioned above.
This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted (E&OE)