Introduction:
It is of paramount importance for you to acknowledge that a will is a legal mechanism that is utilized to safeguard and legalize your desires in terms of the distribution and allocation of your assets once you have departed the land of living. Given the change in legislation, it is indispensable for you to regularly evaluate and amend your Will.
As human beings, we undergo transitions in terms of religious beliefs, relationships, family dynamics, socio-economic status, world outlook, etc hence the necessity to maintain the congruity and cogency of your desires in your Will.
What would prompt a change in your Will?
- Financial Status: Substantial amendments about your financial status, for instance, a significant increase in your investments, acquiring a new car or house, or facing financial constraints such as a substantial decrease in your investments, or selling your car or house. Such changes would require you to amend your Will so that your current status quo is reflected meticulously.
- Relationship Dynamics: Newly formed relations with people who play a pivotal role in your life or tense relationships with people you had previously stated as beneficiaries in your Will. Such changes necessitate an evaluation of your Will to ensure that it corresponds with your relationship changes.
- Significant life changes: Any major life change such as the birth of a child, death of a beneficiary, divorce, and/or marriage ought to activate the need to review and evaluate your Will. Such occurrences can remarkably impact the allocation of your assets.
- Other factors include but are not limited to Legislation changes, residency, family additions, and executors.
Conclusion
Frequently assessing and reviewing your Will in the Republic of South Africa is an accountable avenue to preserve and conserve your wishes beyond the grave.
Should you require the legal services of drafting and/or reviewing your Will, do not hesitate to contact Manzankosi Corporate Legal Consultancy on info@manzankosiclc.co.za or alternatively 067 147 2323/081 712 1114.
