One document that often gets overlooked is one’s Will, but this is arguably one of the most important documents you will ever sign.
For this reason it deserves your careful and regular attention, especially when one’s circumstances change. It is important to have an originally signed will (signed by witnesses) that the executor can easily locate. In fact, it is recommended to have 3 original wills kept in 3 different secure locations.
Should you have a will, it is important to keep it up to date with the following front of mind:
Change in personal circumstances
A change to your marital status (marriage or divorce), or additions to your immediate family (birth or adoption) requires that you draft a will or that your will be reviewed, especially when getting divorced. Section 2B of the Will Act states that a person has three months to update their will post-divorce.
If you do not update your will within the three month period following your divorce, it will be assumed that you intended to provide for your former spouse.Guardians to your minor children
It is important that you review the guardians you originally nominated for your children, in the event of your passing. The nominated guardians circumstances may have changed over time, such as relocation or emigration, illness or financial circumstances. It is even advisable that alternate guardians are nominated in the event that the originally appointed guardians are unable to fulfil their role as guardians.
Nominating an executor and trustees
It is important to ensure that the person/company you nominated as the executor is still in existence/alive. Similarly it is important to review those who you have appointed trustees of your testamentary trust, as these trustees will play a very important role in making decisions with regards to the care of your children. The terms of the testamentary trust should also be reviewed, i.e. how old your children should be when the trust terminates.
Beneficiaries
Relationships change over time, so be sure to review the nominated beneficiaries in your will. Consideration should also be given to what will happen if a nominated beneficiary pre-deceases you. If no provision is made for this particular circumstance, then his/her share of your estate pass on to his/her children.
The residue of your estate
You should stipulate how the residue of your estate should be distributed amongst your beneficiaries, after all debts have been paid.