Drawing up a will

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StarPhoenix
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Drawing up a will

Post by StarPhoenix »

:oops: Yes, I have been lax in compiling mine.

What is the simplest, least expensive way to draw up a list of who gets what once I inevitably become extinct, and what legal complications should I be aware of?

Is there any form/template that one needs to follow, or can I just type out something along the lines of:

"I <insert name here> leave the contents of my room, current account and investment portfolio to my surviving family members, or failing that, towards the hosting of PCF Forums until funds run out."?

Thanks.

It is about time I did this.
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Re: Drawing up a will

Post by Stuart »

This may help you.
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Re: Drawing up a will

Post by ADT »

What would you say is a appropriate age to start looking at a will?

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Re: Drawing up a will

Post by doo_much »

1. If you're older than 21 you need a will.
2. The going rate top draw up a will is ~R250, but some banks will do it for free.

I personally think having it done is better than one of the 'do-it-yourself' efforts off the internet. Especially if you own property.
Go to a decent broker and have them draw up the will - appoint them as executors and get from them a list of stuff they will need in performing this duty. You'd be amazed at the mindless carp that is needed to settle an estate - detail of bank accounts, policies, debts. investmens, particulars of parents and siblings.
And yes - they charge a hefty fee (usually a percentage of the estate) to perform the executor duties, but so do the banks. Appointing someone who has never done so befor eto be the executor of your will is a sure-fire way of causing them endless problems.

Take the list, get all the detail together with a copy of your will as well as the detail of a contact person at the brokers' and put it in a file.
Tell someone that's likely to survive you where your 'death file' is - especially if you have some kind of burial policy.

Live in the peaceful knowledge that you won't be leaving your loved ones with a whole load of k k to sort out while supposed to be burying you.
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Re: Drawing up a will

Post by ADT »

Thanks doo for the useful info
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Re: Drawing up a will

Post by doo_much »

Opinion, not info.
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Re: Drawing up a will

Post by Stuart »

Ja, we're in the middle of trying to settle my dad's estate (which was, really, next to nothing). He and my mom had a will, but unfortunately he didn't initial on every page, only signed on the last page, so it's invalid, and now we're playing the waiting game. It really is a pain trying to get it all sorted.
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Re: Drawing up a will

Post by StarPhoenix »

Thank you, Oom Doo and Ratty. :thumbup:

My financial advisor *did* ask me whether I had a will when he was running through his profile questionnaire update on Monday.... ;-) Naturally he has only my best interests at heart, and didn't give a second thought to self-enrichment.

Fortunately I don't own property. Just various investments, money in a current account, plenty of books, electronic toys, and The Ring.
doo_much wrote: whole load of k k to sort out while supposed to be burying you.
Does kk know about this? :wink:
Last edited by StarPhoenix on 10 Feb 2012, 13:41, edited 1 time in total.
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Re: Drawing up a will

Post by Anakha56 »

I have to do this at some point as well... *sigh*

Seeing a Financial advisor next week who says he can do this sort of thing so kill a couple of birds with one stone...

@Star not sure if this is what you are after but again its something I am looking at adapting and doing:

http://lifehacker.com/5817021/in-case-o ... mation-kit

http://lifehacker.com/5883371/gather-th ... re-you-die
JUSTICE, n A commodity which is a more or less adulterated condition the State sells to the citizen as a reward for his allegiance, taxes and personal service.
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