September is Wills and Testaments Month—the perfect time to make sure your affairs are in order. Yet, many South Africans are unaware of the finer details of what a will should cover. Beyond the basics, there are common questions and surprising facts that can make a huge difference for your loved ones.
In this article, we’ll unpack the FAQs about wills, highlight what people often overlook, and explain how to ensure your wishes, assets, and finances work together seamlessly.
1. Does my will cover everything I own?
Not necessarily. A will deals with the assets and liabilities in your estate, which is essentially everything you legally own at the time of your death. But some items, such as life insurance or retirement annuities, are often paid directly to nominated beneficiaries and may fall outside your will. This is why synergy between your will, insurance policies, and investment portfolio is vital.
2. What happens if I leave my house or car to someone, but I still owe money on it?
This is one of the most common – and misunderstood – scenarios. If you bequeath a house or car, but there’s still an outstanding bond or loan, your estate must have enough money to settle the debt first. Otherwise, your beneficiary may be forced to sell the asset just to cover the outstanding amount. Proper estate planning ensures your wishes can actually be carried out.
3. Can my debts disappear when I pass away?
Unfortunately not. Your debts don’t die with you – they form part of your estate. Credit cards, personal loans, and even tax debts must be paid before your heirs receive their inheritance. This is why having sufficient liquidity (cash or easily sellable assets) in your estate is essential.
4. Why is it important that my will, wishes, and financial portfolio align?
Think of it as a three-legged stool: your will, your financial plan, and your wishes for your family. If one leg is shorter than the others, the stool wobbles. For example, if your will leaves equal shares to your children, but your investments only have one child listed as a beneficiary, conflict can arise. Aligning everything avoids costly disputes and emotional strain.
5. Who should I appoint as my executor?
An executor is the person or institution responsible for winding up your estate. It’s a crucial role. Choosing the right executor ensures your estate is handled efficiently, debts are settled correctly, and your beneficiaries receive their inheritance without unnecessary delays. Always pick someone experienced, trustworthy, and preferably supported by professional expertise.
6. Do I really need professional help to draw up a will?
Technically, you can write your own will – but mistakes are common and can render it invalid. Issues such as incorrect witnesses, vague wording, or forgetting to sign every page can undo your intentions. A professionally drafted will ensures your wishes are clear, legally sound, and enforceable.
7. How often should I update my will?
Life changes – and so should your will. Major events such as marriage, divorce, the birth of a child, or buying property are all triggers to review and update it. Experts recommend reviewing your will at least once a year to make sure it still reflects your current circumstances and wishes.
Contact us today to book your free will consultation at clients@stenvest.co.za or 083 700 4461 or 021 595 4630.
A will is more than a piece of paper. It’s a plan for your family’s future, a safeguard against unnecessary disputes, and a guarantee that your legacy is honoured. Don’t leave it to chance; secure your family’s tomorrow today.