There is more than one way to draft a legally recognised will in South Africa. Knowing which options you have available, both paid and free versions can let you assess which one will best match your estate planning. We break down four options that are available for you to protect your legacy and the assets you want to pass on to loved ones.
Drafting your own will
Drafting a will on your own is possible, but the process of having it legally recognised is another thing altogether. South Africans that are looking for ways to make their will legal need to ensure that it complies with the Wills Act 7 of 1953. You can start drafting a will from scratch or by using an available template.
But it is crucial that it is drafted according to the Wills Act 7 of 1953. This could cost you R0 - R100, depending on where you decide to draft it, but it could come with high risk. For example, making sure that your will is regularly updated and kept in a safe place along with finding an executor of your will can be risky as there is no guarantee that everything will be kept safe and carried out accordingly.
Approaching a lawyer
What better way to draft a will than to approach someone of the law, right? While there may be a low risk that comes with approaching a lawyer to help you draft and maintain a will, it is important to consider the costs that come with this option. You could look at anything between R1000 - R2500 to draft your will - excluding the fee that comes with maintaining your will each year. It is also important to know that there may be additional fees that will have to be paid to your lawyer as an executor of your will to ensure that everything you have stated is carried out to the 'T'. If you are planning on using an executor, you will pay an executor fee that is levied at 3.5%.
Drafting with an insurer
Drafting a will is less complicated as people make it out to be. In fact, there are plenty of options available with insurers offering the convenience of applying for a will online for a safer and convenient way to protect what matters to you. Depending on which insurer you choose to approach to draft your will, you could be looking at anything between R250 - R1 500.
Through a Bank
You can also choose to have your will drafted at a bank when looking for convenience, but it is vital to check what features, fees and conditions come with drafting a will at a bank to avoid any surprises. Avoid setting and forgetting when it comes to your will to make sure that it stays up to date so that the right people can benefit from a legacy you are working hard to create.
