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Plan smart: The essentials you need to know about your Will

Drafting a Will is an essential part of planning for the future, yet many people remain unsure about the rules and requirements. Advocate Anneke Le Roux, a Professional Provident Society (PPS) Fiduciary Specialist, provides answers to some of the most common questions around Wills to help you make informed decisions this Wills Month.

Anyone aged 16 or older can draft a Will, provided they are mentally capable of understanding the nature and consequences of their actions at the time. If someone claims that the person was mentally incapable when the Will was made, they will need to prove it. A witness to a Will must be at least 14 years old and competent to give evidence in a court of law. Being a witness does not require knowing the contents of the Will but witnesses must be present at the signing. 

A Will must be in writing. Oral or video-recorded Wills are not legally valid in South Africa. If you die without a valid Will, your Estate will be distributed according to the Law of Intestate Succession, meaning the state decides who inherits your assets, which may not align with your wishes.

Regarding Estate duties (applicable on late Estates since 1 March 2018), there is a rate of 20% on the first R30 million of the dutiable estate and 25% on any amount above R30 million. Executors may charge up to 3.5% (excluding VAT) of the total Estate value to administer it and 6% (excluding VAT) on any income accrued or collected after the death of the deceased.

Both legitimate and illegitimate children inherit equally from their blood relations under the Intestate Succession Act, ensuring no difference in their rights to inherit. However, if there is no provision for a Trust in the Will, a minor child’s inheritance is paid into the Guardian’s Fund managed by the Master of the High Court, which could limit access to those funds until the child reaches legal adulthood.

An Inter Vivos Trust is established while a person is still alive, while a Testamentary or Will Trust is created upon a person’s death. Each type serves a different purpose in Estate planning and should be chosen based on individual needs and circumstances.

Having a valid and well-drafted Will is crucial to ensuring that your wishes are respected and your loved ones are taken care of. Advocate Le Roux advises, “It is never too early to start planning. PPS offers intelligent financial solutions for graduate professionals and our fiduciary services can guide you through the complexities of Will drafting and Estate planning.”

Make this Wills Month count. Please contact your PPS-accredited financial adviser or us directly at [email protected] to assist you with any questions and Will drafting and reviewing services. We are here to help you live the life you want to live and to secure your legacy. Do not leave your Estate to chance – ensure “It’s Will-able”!

ENDS

ABOUT PPS

The Professional Provident Society (PPS) is the largest South African company of its kind that provides financial services exclusively for graduate professionals. PPS operates under the ethos of mutuality, which means that it exists solely for the benefit of its members. 

PPS membership provides access to a comprehensive suite of financial and healthcare solutions that are specifically tailored to meet the needs of graduate professionals, including life insurance, short-term insurance, health professions indemnity, specialist support services, financial advisory, wealth advisory, investments and administers the Profmed Medical Scheme. 

Members with qualifying products from PPS Insurance, PPS Investments, PPS Short-Term Insurance and Profmed share in the profits and losses of PPS Insurance annually through PPS’s unique Profit-Share* Account. After we have honoured all valid claims and covered the expenses of doing business, and set up reserves for future possible claims, we distribute what is left to our members with qualifying products, together with investment growth, either as claims or as allocations to their Profit-Share accounts. So, the greater their contributions in these products, the greater is their part of the annual Profit-Share. 

Visit www.pps.co.za for more information. PPS is a licensed insurer conducting life insurance business, a licensed controlling company and an authorised FSP.