While we believe the writing of a Will is a necessity for all clients, for it to have maximum effect and benefit, it needs to be aligned with your financial planning exercise. In other words, Wills should be seen not just as your inheritance wishes for heirs and loved ones, but also as an essential financial planning tool or instrument. This is why we strongly recommend that you consult your wealth specialist or financial planner before putting pen-to-paper on your Will application!

In planning and drafting your Will you should be taking into consideration how you can best look after not only this generation but also the next generation of your family and loved ones. It is essential that you consider all relevant tax savings and efficiencies within your Will, while providing adequately for your surviving spouse and children of course.

Your Will should in fact be seen as a final outcome of your broader financial planning, rather than as a starting point. So, with this in mind, here are a few matters about your Will to bear in mind when consulting with your financial advisor:

First and foremost, make sure you have made sufficient provision for your surviving spouse in your Will. Inflation is back with a vengeance and what may seem like adequate provision in your Will today, can be steadily eroded by inflation over time.

Be aware of any accrual claim by or against the surviving spouse pending divorce proceedings.

Remember the benefits of retirement funds will accrue to the nominated beneficiaries (where appropriate) in terms of the Pension Funds Act and cannot be bequeathed in the Will as they do not form part of the estate.

Be clear about which insurance policies fall within and without the estate. If all policies pay outside the estate to nominated beneficiaries there may not be enough cash or liquidity in the estate. This can lead to a cash shortfall that can delay the administration process and threaten the value of the estate due to forced sales.

Remember too, if you have formed an inter-vivos trust, such assets are held by the trust and you no longer own them, thus such assets cannot be bequeathed in your Will.

Ensure that you and your financial advisor are clear about your ownership of any assets overseas as these may be better catered for in a separate Will.

Finally, something that is becoming far more common these days is the storage of vital personal information electronically. It is thus important that someone other than the testator knows the passwords to these documents in order to access them in assisting in the administration of the estate.

So, in summary, we would strongly urge you to consult with your wealth specialist or financial advisor and planner in order to ensure your Will reflects the essence of your personal financial plan.

For more detail, you may wish to consult the invaluable FISA Fiduciary Services Handbook 2025 which is now available. 

Until next month, take good care.