Any change in your personal circumstances can necessitate a review of your will, specifically a change to your marital status. When you divorce your spouse, you must update your will.
In terms of Section 2B of the Wills Act, you are provided with a period of three months from the date of your divorce to update your will. Should you pass away after three months of your divorce without updating your will, it will be assumed that you intended your ex-spouse to inherit as per the dictates of your will.
Same with your child’s guardian, who will exercise full parental rights and responsibilities and will be required to administer any property inherited by your minor child until they reach age 18. The guardian will be required to make all decisions regarding your child’s schooling, extra-mural activities, religious instruction, and assist or represent your minor child in contractual and/or legal matters until they reach maturity. Some parents nominate the grand parents as guardians of their minor children. You must regular assess their current health and whether they are physically capable of taking care of your children should you pass away. You may consider to nominate an alternative guardian in your will to provide for the eventuality that your parents are not capable to act as guardians. Same when you nominated family who emigrated to another country and therefore cannot take up the role as guardian. When you have minor children, this is very important to take into account when you review your will.
When it comes to your executor, make sure the firm or company you nominated still exist. This can become a problem if your family are unable to identify or locate your executor. If you have nominated a family member as executor, make sure that there is still a good bond between you and whether they are still the appropriate person to act as executor. When your nominated beneficiaries die, it is essential to review your will. As per the stirpes clause, when a beneficiary dies before you, that beneficiary’s share of the inheritance will pass to their heirs.
Relationships change over time and the effects of the per stirpes clause may not be in line with your intentions. If you have made special bequests in your will, it may be worth reviewing them. You may have bequeathed a fixed amount to a specific legatee, which is now outdated in relation to your current financial position.
Also make sure that your legatees are still alive and that there are not any other person to whom you would like to make a special bequest. VERY IMPORTANT is that your estate is sufficiently liquid to honour your bequests, as it will have an impact on your heirs’ inheritance.
AN IMPORTANT REQUIREMENT IS THAT YOUR WILL MUST BE VALID. Your executor must obtain an original signed copy of your will. If you only have a copy, consider drafting a new will. Ensure that your original will is stored in a safe place and that your executor know where to find your original will.