But you can draft a legal will as young as 16 years old to share your last wishes - even if these are how you would like to be buried. Here is how you can go about creating a will.

Drafting a will for free

If you choose the D.I.Y route of creating your own will at almost no cost, there are a few things to keep in mind. For a will you have drafted on your own to be recognised as a legal document in a court of law, you will have to make sure that it complies with the Wills Act 7 of 1953. You can start drafting a will from scratch or by using an available template.

It is also important to consider the high risk that comes with drafting your own will. Not only do you have to make sure that it is kept up to date, but you will also have to ensure that it is stored securely. You will have to also choose an executor, someone who will make sure that your will is carried out to the 'T' when you die. 

What is the Wills Act 7 of 1953?

The Wills Act 7 of 1953 basically requires that you are:

Competent to draft a will. This means you need to be 16 years or older and understand what you are doing. It will not be legalised if the person who has drafted the will has a mental incapacity and cannot  understand what a will is and how it affects them.

You cannot be a beneficiary. If you are drafting the will by hand or electronically, you cannot list yourself as a beneficiary. Even if you have someone drafting the will on your behalf, they cannot list themselves as a beneficiary.

All documents need to be signed. This is to make the documents valid. The will needs to be signed by the testator (ie the person who is creating the will), and two other witnesses who are present at the time.  In a situation where a testator is disabled or has suffered a stroke, they can sign using their fingerprint. The two witnesses need to be at least 14 years or older to sign.

Date your will accordingly. Although this is not a legally binding requirement, it can make it easier to keep track of if you have more than one will in place.

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%.

Creating your will online

Did you know you can create a legally recognised will online? MiWayLife offers you the option of creating a will online that will be safely stored and will be legally recognised. Furthermore, you don't have to worry about finding an executor as this will be taken care of. You can also approach a bank to have your will drafted. However, keep an eye out for maintenance fees. 

Create a one-stop folder

Before you dot your 'I's and cross your 'T's make sure that you have created a one-stop folder that has a list of all your investments, insurers and your will to make it easier for your loved ones to place a claim when the time comes. The last thing that you want is to have any assets or investments floating around with no one to claim them because no one knows about them.