As life evolves, one document that often gets overlooked is your will. Despite being one of the most crucial documents you'll sign, it requires regular review to ensure it accurately reflects your current wishes and circumstances.
Here's why...
Life Changes and Your Will
Life is constantly changing. Shifts in relationships, financial circumstances, family dynamics, and estate planning objectives can all create the need to update your will. Here are some key moments when you should consider reviewing it:
- Personal Circumstances: Changes such as marriage, divorce, the birth or adoption of a child, or the passing of a loved one can necessitate updates. Remember, after a divorce, you have three months to update your will to reflect your new intentions.
- Guardians for Minor Children: Friends and family dynamics change. Ensure that the guardians you have nominated for your minor children are still the best choice, considering their health, location, and your current relationship.
- Nominated Trustees: Assess if your chosen trustees are still the best fit. You might want to nominate new trustees or alternates to ensure your children's financial well-being is managed by those you trust implicitly.
- Testamentary Trust Terms: As your children grow, their financial maturity becomes clearer. You may wish to adjust the age at which your testamentary trust terminates based on their development.
- Executor Nomination: Confirm that your appointed executor is still the best person or company for the job. Changes in company structures or personal circumstances might necessitate a change.
- Per Stirpes Clause: Ensure this legal stipulation aligns with your current intentions, especially if family dynamics have changed.
- Special Bequests: Review any specific bequests to ensure they are still appropriate and reflect your current wishes.
- Foreign Assets: If you've acquired foreign assets, it might be necessary to have a separate foreign will drafted and amend your current one to specify it applies only to your South African assets.
- Residue of Your Estate: Make sure your will includes a 'leftovers' clause to handle any remaining assets to prevent partial intestacy.
- Original Will Location: Ensure an original signed copy of your will is stored in a safe place, with copies accessible to your executor.
Why Choose Envestpro Wills & Estates?
We understand the importance of safeguarding your legacy and making the process as smooth as possible for your loved ones. Envestpro Wills & Estates offers comprehensive services to ensure your will is always up-to-date and legally sound.
Legacy Protection Plan™
Our Legacy Protection Plan™ is an affordable and effective way to cover your estate's legal costs, prevent delays in administration, and protect your family from financial hardship. Here's why it stands out:
- Affordable Premiums: Suitable for any age with significant benefits.
- Lifetime Coverage: No cease-age, ensuring you're covered for life.
- Cash Benefits: Helps fill gaps that other policies might not cover.
Don't let life changes catch you unprepared. Take control of your legacy today. Schedule a consultation with us to review or draft your will. Your peace of mind is our priority.
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