The Need to Have Your Will Regularly Updated

Most economically active people normally have wills but do not regularly review these. If not reviewed, they face the risk of changing circumstances. There could even be cases of individuals not having a will at all consequently facing the risk of having no say in the way their estates will be distributed. In such instances, the estate will be dealt with in accordance with the Interstate Succession Act.

A great number of issues can affect a will such as the state of marriage of an individual, the applicable taxation laws relating to capital gains, income and donations. Other factors that impact include cash flow implications, the nature of the assets and liabilities held by the individual.

Regrettably having a will can also sometimes create unnecessary complicated unintended consequences. An updated will does not automatically invalidate previous wills made.  A prior will is only invalidated if a later will specifically revokes any earlier ones. Often individuals reviewing wills do not remember where copies of previous wills made are kept. It is important to ensure that a will is kept in an accessible safe place. This is particularly relevant when a later will appoints different heirs or bequeath different amounts to heirs.

Having an interest in a business can also create extra complexity in a will as marriage in community of property and divorces. It is accordingly important to use the services of experienced and skilled wills drafters.

Towards this end hundreds of KwaZulu-Natal Attorneys will be offering their services free of charge for the whole of this week. They will be joining more than a thousand other legal firms throughout South Africa that will be offering this free service as part of the National Wills Week project.

Praveen Shan, the Deputy Chairperson of the KZN Law Society indicated that only the poor who were in need of a basic will would be catered for. An appeal is made to readers to convey this to their general and domestic workers. He said that this was part of their effort to fulfil justice to the man in the street. 

Anyone with queries or wanting to find more information or to find details of wills drafters should e mail willsquery@fidsa.orgza or visit www.fidsa.org.za  or phone the KZN Law Society on 033 345 1304. 

Pieter Rautenbach