Free wills

While it’s understandable that no-one enjoys thinking about the end of life, it is also important to remember that a well-drafted will is a very important part of your personal finance toolkit. Few people realise that it does not have to cost you a cent to draft your will. You can get a free will professionally drafted in less than an hour. Or you can draft your will using an online tool if you prefer doing it yourself.

Why you need a will

Wills are essential legal documents because they outline how your assets and possessions should be distributed after you pass away. This is called estate planning. If you die without a will (intestate), the courts will decide what happens to everything you own and you will have no say. This includes the fate of your children and pets. Dying without a will leaves your loved ones in the lurch as they will have to make decisions on your behalf. A will helps you do a number of important things, including:

• Manage your estate. By having a valid will in place, you can specify who will inherit your assets, including property, personal items and investments. It ensures that your estate is distributed according to your wishes, and clearly states who is a beneficiary and who is not, making delays and disputes less likely to arise and hold up the finalising of your deceased estate.
• Appoint an executor. In your will, you can appoint an executor of your choice to manage your estate. The executor is responsible for valuing your deceased estate, and settling outstanding debts and taxes. This person ensures that your assets are distributed correctly and your final wishes are carried out. It is a good idea to choose an experienced professional who has the necessary skills – legal, financial, negotiation, communication, etc. – instead of a favourite uncle, a family member who is a lawyer, or your family lawyer. Being an executor is a very specialised job. Without a will, the courts will appoint an executor on your behalf and it could turn out to be a person who does not share your values.
• Protect your beneficiaries. You can name beneficiaries in your will and stipulate what you are leaving to each of them. By specifying who should benefit from your deceased estate, you ensure that your loved ones receive their intended inheritances. Without a will, your assets might be distributed in a way that does not reflect your wishes.
• Set up testamentary trusts. If you have minor children or dependents, it is a good idea to set up a trust in your will (hence the name ‘testamentary’ trust) to provide for their care if you pass away. You can also specify the age they must reach before they can manage the funds themselves – this age is not determined by law and it does not have to be 18 or 21. A living trust, on the other hand, can be set up at any time during your lifetime to manage your assets. It is a wealth-structuring tool that is commonly used for asset protection and estate planning, and to support beneficiaries financially. Also known as an inter vivos trust (‘between the living’) It comes into effect as soon as it is registered with the Master of the High Court, whereas a testamentary trust only comes into effect when you pass away. 

Free wills come as standard

Having your will drafted free of charge is quick and easy. Two of the simplest ways to get it done, are:

• Professional experts: Drafting your will with professional experts like Capital Legacy has the benefit of knowing your will was drafted correctly and is therefore valid. You also have the choice of an in-person, telephonic or virtual consultation at a time and place that suits you.
• Online: Several websites offer free wills that let you draft your will yourself. Most platforms also provide templates and guides to make it simpler and easier. Capital Legacy gives you the option of doing it online in three easy steps and there is no charge.

Protect your loved ones and ensure your final wishes are carried out – get a free will today.