A Will is a legal document containing the final wishes of how assets and other possessions should be distributed after someone passes away. When a person drafts a Will they are known as the testator (male) or testatrix (female). These final wishes generally involve specific instructions regarding how one wishes their estate to be handled.
A testator can nominate guardians to care for their children.
To be valid, a Will must comply with the prescribed formalities found in section 2(1)(a) of the Wills Act 7 of 1953 (the Wills Act).
According to section 2(1)(a) of the Wills Act 7 of 1953 (the Wills Act), the following are what make a Will valid:
Aodicils allow small changes to wills.
Differences between other legal documents similar to Wills:
The most significant disadvantage of not having a Will:
Power of attorney transfers authority.
Per stirpes mean the children of a beneficiary will inherit their assets.
The testator may appoint any person to be the executor of their estate. It is a common misconception that an executor cannot be a spouse or family member. The opposite is true. However, the executor should have the requisite financial and legal knowledge to tie up an estate.
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