PITFALLS WHEN DRAWING UP A LAST WILL AND TESTAMENT

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19 Experts Warn Against Common Pitfalls When Drawing Up a Last Will and Testament – Form Factory www.formfactory.co.za/

Ashley Percival, Certified Financial Planner at GlenFin Financial Services

In short, the two biggest problems I encounter in respect of Wills are:

  • Not having a last Will and Testament; and
  • Not updating your Will regularly.

When you have decided to draw up a Will, take care that it’s not drawn up in a willy-nilly fashion. You should consider the following when drawing up a Will:

  1. List your Assets
  2. Your beneficiaries and allocations to them
  3. Decide on an executor(s)
  4. Decide on a guardian(s)
  5. Testamentary trust
  6. Estate duty
  7. Do you have enough liquidity in your estate?

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