By: Hannah Myburgh
As personal and financial circumstances evolve, a will—one of the most crucial documents you’ll ever sign—often goes overlooked. While it may have perfectly captured your wishes when first drafted, changing relationships, family dynamics, and objectives can make a review essential. Regularly revisiting your will ensures it remains aligned with your intentions. Here are seven compelling reasons to review this vital document to safeguard your estate and ensure it reflects your current wishes and circumstances accurately.
Your circumstances
Changes in personal circumstances, such as a change in marital status or additions to your family through the birth or adoption of a child or grandchild, often require a review of your will. Divorce, in particular, necessitates immediate action. Section 2B of the wills Act allows a three-month period post-divorce to update your will. If your will, drafted before the divorce, includes provisions for your former spouse, it will be assumed they predeceased you, and they will not inherit.
However, if you fail to amend your will within three months, the law presumes you intended for your ex-spouse to remain a beneficiary. Ensuring your Will reflects your updated wishes after such life events is essential to maintaining control over the distribution of your estate. Regular reviews prevent unintended outcomes and safeguard your estate planning intentions.
Your minor child’s guardian
Friends and relationships evolve, making it essential to reassess the guardians nominated for your minor children in your will. If you initially appointed your parents or your spouse’s parents as guardians, it’s essential to evaluate whether they remain the best choice, considering their current health and physical capacity to care for your children.
Aging may impact their ability to fulfill this role, and you might feel more comfortable nominating someone else. Including an alternate guardian in your, will ensures a backup is in place if your parents cannot serve as guardians. Additionally, consider the geographical location of your nominated guardian. If they’ve relocated to a different city or emigrated, this could significantly disrupt your children’s lives. Guardians are responsible for raising your children until adulthood, so carefully consider how potential moves or distance could affect their well-being and stability, especially during a challenging time.
Your nominated trustees
Review whether the trustees appointed to your testamentary trust are still individuals you trust to act in the best interests of your minor children. You may wish to nominate new or alternate trustees to ensure suitable oversight if the original trustees are unavailable. Trustees play a vital role in managing and investing trust assets, as well as making decisions about your children’s care. Consider appointing at least one independent trustee with fiduciary expertise to provide professional oversight and safeguard your children’s interests.
Duration of your testamentary trust
Review the terms of your testamentary trust, particularly its duration and the age at which it should terminate. As your children grow, you’ll gain insight into their financial maturity, which may shape your decision. If they show responsibility, you might opt for an earlier termination age, such as between 18 and 23. However, if you prefer they acquire more life experience before managing their financial affairs, you may consider extending the trust. Many parents find comfort in allowing the trust to remain in place until the youngest child reaches 25, providing added support and oversight during early adulthood.
Your executor
Ensure your executor nomination remains appropriate by confirming that the person or company appointed is still the best choice. If a company is named, verify it still exists, as law firms, banks, or financial institutions may merge, close, or rebrand, potentially leaving your loved ones confused about their identity. If a family member serves as your executor, consider whether shifting family dynamics might affect their ability to perform this role effectively. Regularly reviewing your nomination helps prevent unnecessary complications for your beneficiaries.
Your special bequests
Review any special bequests in your will to ensure they align with your current intentions, particularly if you’ve allocated a fixed Rand amount that may no longer reflect your financial position. Confirm that your chosen legatees are still alive and consider whether there are others you wish to include in your bequests.
The original of your will
In order for your Will to be found valid, an original signed copy of the document must be located by your executor. If you only have a copy of your will and are unsure of the location of the original, it may be advisable to redraft your will entirely. Ideally, ensure that you and your witnesses sign two originals of your will and that each original is stored in a separate, safe location.
* Myburgh CFP® is a financial planner at Crue Invest (Pty) Ltd.
PERSONAL FINANCE