Your will is more than just a legal document; it is a roadmap for your legacy. A will is a fundamental legal document that allows you to protect your assets, provide for your loved ones, and express your wishes regarding your estate. In South Africa, the requirements for a valid will are primarily governed by the Wills Act of 1953.  Creating a will is a crucial step in ensuring your assets are distributed according to your wishes after you are gone as is reviewing your will. It is an important part of comprehensive estate planning and ensures that your legacy is managed in a way that reflects your values and intentions, which is why it is important to review your will.

Many people underestimate the importance of periodically reviewing and updating their wills. We often create our wills with careful thought, but what many of us forget is that life is a constantly evolving landscape. Life is constantly changing, and your will should reflect those changes. That is why periodic reviews of your will are not just advisable; they are indispensable.

In this article, we will discuss the important things to keep in mind when reviewing your will. These guideposts, each representing a facet of your legacy, will ensure that your final wishes remain a beacon of clarity in a world that can sometimes be uncertain. So, let us set out on this path together and discover the important things you should never overlook when revisiting your will.

Beneficiary Designations

Your will is not the only document that determines who receives your assets upon your passing. Beneficiary designations on accounts such as retirement plans, life insurance policies, and payable-on-death bank accounts take precedence over your will. As such, it is vital to ensure these designations remain current.

Life changes like marriage, divorce, and the birth of children can impact who you want to benefit from these accounts. To avoid potential conflicts or unintended consequences, periodically check and update these designations.

Executor and Guardian Designations

Your choice of executor and guardian is central to your will’s execution, especially if you have minor children. These individuals are responsible for managing your estate and caring for your children, respectively. Life circumstances can change, and those you originally appointed may no longer be the best fit for these roles.

Always check with your chosen executor and guardian to confirm their willingness and suitability. Discuss your will with them to ensure they understand your wishes and are prepared to fulfil their responsibilities.

Understanding Communal Property

It is important to note that marriages in community of property means that the spouses are joint owners of all assets of the communal estate. On death, a spouse may bequeath only his/her undivided half-share of the communal estate. The other half share belongs to the surviving spouse.

Asset Inventory

An accurate representation of your financial situation is crucial in your will. Your will should reflect your assets and liabilities. This includes fixed property, investments, bank accounts, debts, and any other relevant financial information.

If you have acquired new assets, like a new property or investments, or if you have paid off debts, your will should be updated to reflect these changes. Outdated or sold assets should be removed from your will to avoid confusion or unintended bequests, this is why it is important to review your will.

Changes in Legislation

Estate and tax laws change over time. To ensure your will remains valid and effective, it is essential to stay informed about any legal modifications that may affect estate planning. Consulting with an estate planning attorney is prudent, as they can help you adapt to these changes and ensure your will complies with the current legal landscape.

Tax Considerations

Tax considerations are an integral part of estate planning. When reviewing your will, it is important to take into account the potential tax implications that may affect your estate and beneficiaries. Understanding these factors can help you make informed decisions regarding your estate.

These taxes can significantly reduce the assets that your beneficiaries receive. It is essential to consider the estate tax threshold in your jurisdiction, as estates below this threshold may not be subject to estate taxes. For larger estates, careful planning, such as creating trusts or gifting strategies, may be necessary to minimize the impact of estate taxes.

Testamentary Provisions

The provisions in your will details how your assets will be distributed. It is important to review these provisions to ensure they still align with your wishes. Life events or changes in your perspective may prompt you to modify how your property should be distributed, alter charitable bequests, or adjust special requests.

Frequently reviewing your will and these provisions are especially important when you want to make significant changes, such as altering who will inherit specific assets or making charitable contributions.

Digital Assets

The digital age brings new complexities to estate planning. Your online presence and digital assets, including social media accounts, email accounts, and digital files, need to be addressed in your will. Clearly specify how you want these digital assets to be managed and who should have access to them upon your passing.

Digital assets can be highly personal, and your instructions ensure that your digital presence and data are handled in a way that respects your wishes.

Advance Healthcare Directives

Advance healthcare directives, or living wills, express your preferences regarding medical decisions and end-of-life care. It is important to ensure that these directives are up to date and accurately reflect your current preferences and beliefs.

Discuss your healthcare directives with your healthcare proxy or the individuals responsible for making medical decisions on your behalf to ensure they understand your wishes and can act accordingly in difficult times.

Family Dynamics

Family dynamics can change over time due to births, deaths, marriages, divorces, and other life events. These changes may affect your relationships with family members and impact your decisions about who should inherit your assets. Sensitivity to these shifts in family dynamics is key to making adjustments to your will that reflect your current relationships and obligations.

Regularly Reviewing Your Will

Regularly reviewing your will is the foundation of sound estate planning. Life is full of unexpected changes, both major and minor. These changes can significantly impact your wishes regarding asset distribution and beneficiaries. 

Failing to update your will can lead to unintended consequences. For example, if you have divorced and remarried without updating your will, your assets may not go to the right beneficiaries. To avoid such scenarios, set a schedule for reviewing your will, aiming for every 2-3years and, most importantly, after major life events.

Seek Professional Guidance

While there are various online tools and templates available for creating your own will, it is crucial to recognise that most individuals have financial situations that are far from straightforward. In many cases, consulting with qualified professionals who specialise in estate planning is essential for ensuring your will accurately reflects your unique circumstances and wishes. This is where Crest Trust comes in, they have been in the business of estate planning and administration of deceased estates for decades and you can trust their expertise to help you draft an updated and professional will that complies with all the necessary formalities and requirements as per the legal jurisdiction.

Conclusion

A well-constructed last will and testament is a fundamental aspect of your estate planning. It guarantees that your preferences are honoured and your loved ones are provided for after your passing. Though reviewing your will may seem like a complex endeavour, working with professionals like those at Crest Trust will ease the whole process and ensure that you have an updated and accurate will that accurately reflects your desires.