Keep Your Will Up to Date

Member Newsletter

Quarter 3 • 2022

No matter how old you are, you should have an up-to-date and valid Will. There is no guarantee of how long you are going to live so you need to be prepared in case anything happens to you. Think about your wishes, especially if you have financial dependants or children. Here we have some guidelines on how to complete your will and ensure that it is valid.

The Woolworths Group Retirement Fund uses asset management firms to invest your savings according to a long-term investment strategy. In this newsletter we describe how we appoint and review asset managers. The Trustees of the Fund ensure that your retirement savings are managed with long-term objectives in mind.

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KEEP YOUR WILL UP TO DATE

NATIONAL WILLS WEEK IS CELEBRATED IN SOUTH AFRICA IN SEPTEMBER.
HERE IS SOME VALUABLE INFORMATION AND GUIDELINES ON HOW TO COMPLETE YOUR WILL.

If you die while working for Woolworths, the death benefits that are payable to your beneficiaries are investigated and distributed by the Trustees. This is governed by section 37c of the Pension Funds Act.

Fund benefits do not form part of your estate and are therefore not distributed according to your Will.

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Why must you have a Will?

  • Your Will ensures that your estate is distributed according to your wishes. Your estate includes your money, your property, your investments, etc.
  • In your Will you can also say who will look after your minor children upon your death.
  • A Will also lets everyone know what should be done with your assets and liabilities.
  • You can appoint an executor who you are close to and trust. They will administer your estate in a responsible and efficient manner for the benefit of your beneficiaries.
  • Your completed Will should be left in the care of the executor who will administer your estate. It is a good idea to also leave certified copies of your completed Will with immediate family members or somewhere that they are sure to find it after your passing.
Having a Will helps those that are left behind to handle your personal wishes the way you would have wanted.

Always keep your Will up to date

Remember to change your Will whenever you have a big change in your life. Examples of life events that may require you to update your Will are as follows:
  • Marriage
  • Divorce
  • Birth of a child
  • Death of a child, parent, spouse, or any other previously named beneficiary
  • Additional life events such as tax changes, sale of property or changes to your financial situation.
For example, if you get divorced, you need to remove your ex-spouse from your Will. Failure to make this change is then viewed, by law, that it was your intention to include them in your Will. It is not possible to correct any oversight after your death.

When is the right time to draft a Will?

A common misconception is that it is only necessary for you to complete a Will when you get older.
This can be detrimental, as there is no guarantee of how long you are going to live. A car accident or sudden illness can change everything in an instant. You need to be prepared.

What happens if you were to die without a valid Will?

If you die without leaving a valid Will, your assets will be distributed according to the provisions of the Intestate Succession Act. The provisions of this Act are generally fair and will ensure that your possessions are transferred to your spouse, children, parents or siblings according to set formulas. The problem with this is that your financial dependants may not receive the support you would have wished.

What makes your Will valid?

There are a few 'must have' requirements in every valid Will.
If one or any of these requirements are not met, your Will will be regarded as invalid and set aside. This will result in your estate being distributed according to the Intestate Succession Act.
  • Ensure that you sign every page of your Will in the presence of two witnesses. Both witnesses must be there at the same time.
  • The witnesses must also sign your Will. Your beneficiaries and the executor are not allowed to be witnesses. The witnesses must be 14 years or older.
  • If you cannot sign your Will due to incapacity or illiteracy, you may use a fingerprint as a signature.
  • Wherever signatures are required, a full and normal signature must be attached, not just your initials.
  • You are allowed to appoint someone else to sign your Will, but this has to be done when both witnesses and a commissioner of oaths are present.
  • Your beneficiaries and the executor are not allowed to participate in the drafting of your Will.
  • You may not draft your Will under any duress or influence. If you do so and it is proved, then it may be grounds to have your will invalidated.
  • You can download a sample of a Will from our website www.wgrf.co.za/will. This sample is easy to complete and is intended to provide a guideline for common and standard situations.
  • Your situation, however, may be unique. If you feel that your particular needs are more specific, or you need to take into account eventualities not provided for in this standard document, it is recommended that you consult a specialist such as an attorney and/or an accredited financial adviser specialising in estate planning.

If you do not have an up-to-date and valid Will when you die, your beneficiaries may experience the following:

  • Your assets may not be left to the people of your choice.
  • Your wishes will not apply.
  • Dependants may be excluded when your assets are distributed.
  • It can take a long time to have an executor appointed and they may be somebody you may not have chosen yourself.
  • Resolving your deceased estate may be cumbersome and lengthy.
  • Your estate might incur unnecessary costs.
  • Your dependants may suffer financial hardship while your deceased estate is being finalised.
  • There may be unhappiness and conflict among your family members because there are no clear instructions on how to distribute your assets.
  • Your minor children may not end up with the best choice of guardian, which is even more critical if both parents pass at the same time.

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