It's easy to put it off and convince yourself that you'll get to it one day.
Drawing up a will is one of those "life admin" tasks nobody really looks forward to, and it requires you to consider topics that aren't particularly pleasant to think about.
In 2020, more than 80% of South Africans didn't have a valid will, according to Sanlam.
Although it's been more than three years since this statistic was released, experts believe it hasn't changed much.
But families are complicated and if there's no will in place, things can get messy. To avoid this, take the time to draft your will - it can spare your loved ones a lot of headaches.
"To leave a legacy for your family, you must plan and make deliberate decisions to ensure your loved ones are provided for after your death, and that your assets are distributed the way you want," says Stian de Witt, executive head of financial planning at NMG Benefits in Cape Town.
Administering a will may sound like a simple task, but in reality it can take months and in some cases, even years.
We asked experts what you need to keep in mind when drawing up your will so that it's easier to execute.
CHOOSE YOUR EXECUTOR WISELY
"An executor should be someone you trust and who has the skills and knowledge to carry out the duties of an executor," De Witt says.
If you don't choose one, the court will appoint someone to be the executor, and this can cause the entire process to be dragged out unnecessarily.
Keep in mind you have the discretion to appoint co-executors, says Kristy Giva Knill, director, attorney and notary at Terblanche Slabber Pieters in Cape Town.
"People usually name a family member as their executor," she says.
"But it's very difficult for a non-legal person to wind up an estate with a value of more than R250 000, and inevitably they will be required to appoint an attorney."
"It's simpler to nominate a family member and your chosen attorney to act jointly as co-executors," Knill adds.
Lastly, consider nominating a substitute or alternative executors.
If the one you've appointed were to emigrate or die, your estate administration will be disrupted, says Gretchen Barkhuizen-Barbosa, practice head of trusts and estates at Cliffe Dekker Hofmeyr Attorneys in Johannesburg.
"Without a successive executor nominated, the heirs to the estate must agree on and nominate an executor, which may cause unnecessary delays in administering the estate."
INFORM YOUR FAMILY ABOUT YOUR WISHES
"We often see families being broken apart by poorly thought-through wills or wishes that weren't shared openly with loved ones," says Jason Garner, a financial strategist at FinLink.
"Beneficiaries being left out or surprise benefits being left to beneficiaries not known to the family are usually a recipe for disaster."
To avoid any surprises and confusion, inform your family about what is in your will.
"This will help them make decisions and prepare for their own financial futures," De Witt says.
"It can also give them peace of mind that your estate will be settled swiftly."
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BE SPECIFIC ABOUT WHO GETS WHAT
Don't take for granted that your children will be amicable about assets such as property after your passing, says Tamsyn Knight, a senior associate at Abrahams & Gross in Cape Town.
"Be specific about who gets what to avoid conflict between your loved ones," she says.
"Leaving immovable property to more than one person can cause serious tension and delays during the administration of your estate."
If you're clear about what you want, it will make executing your will much easier.
"When the wishes expressed in the will are vague or the beneficiaries nominated are unclear, it can lead to disputes, complications, and the will being contested," Garner says.
Additionally, nominate a successor in case a beneficiary can't accept for some reason, Barkhuizen-Barbosa says.
"Making provision for alternative circumstances avoids application of the laws of intestate succession, which can result in unintended heirs."
CONSULT AN EXPERIENCED ESTATE ATTORNEY
Having your will drafted by an experienced estate attorney will avoid many possible issues that can arise upon your passing, says Knight.
"An experienced estate attorney will also be able to guide you to reduce the amount of estate duty that'll need to be paid to SARS after your death," she says.
"This will result in a larger value being transferred to your beneficiaries."
SET UP A TESTAMENTARY TRUST FOR MINOR CHILDREN
A testamentary trust is a trust created in a will and comes into effect after you die.
"It's simple to include a testamentary trust in your will," says Ariza Vermeulen, a senior associate at Barnard Inc Attorneys in Pretoria.
"It will cover all the minors you leave bequests to and ensure the money you leave is ultimately used for their benefit.
"When you die, the trust will be registered by your executor and will continue to exist until the age you've stipulated your children can receive a payout."
If you leave any asset or cash to a person under the age of 18 in your will without setting up a testamentary trust, they won't receive the benefit, she adds.
"It will be paid over to the Guardian's Fund, which has been established to protect and manage money on behalf of minor children until they become adults."
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The Guardian's Fund is run by the department of justice and constitutional development. This fund receives and manages money on behalf of minors and unborn heirs.
Earlier this year the Guardian's Fund was plagued by controversy - R17 million had been stolen and many children did not receive the money left to them.
UPDATE YOUR WILL AS CIRCUMSTANCES CHANGE
Your will should accurately reflect your circumstances and life changes, such as new family members or marital status, De Witt says.
It's important to date your will, as this will help establish which is your most recent one, Vermeulen advises.
Alternatively, you can destroy any previous wills you have once you draw up a new one, Knill says.
"You should also contact the attorney or bank that holds your will and instruct them to destroy previous versions they may have to eliminate confusion."
In the case of divorce, the law allows a three-month window period from the date of divorce for a person to amend their will.
If you die after the three-month window period without having changed your will, the court will enforce your existing will as is and your ex-spouse will inherit everything you left to them in that will, even though you are divorced.
"If you were to die during the three-month period and you failed to amend your will, then the court will ignore the will and your estate will be divided amongst your heirs,'' Knill says.
MAKE PROVISION FOR THE COSTS
There are costs to administering a will and estate, including estate administration costs, taxes and estate duty (if applicable), among others.
Felicia Hlophe, legal adviser at Allan Gray, advises making provision for these costs in the form of life insurance cover or a living annuity.
You need to specify in your will that the cost of administering your will and winding up your estate must be paid out of your life insurance or annuity.
"This money can help the beneficiary pay the external costs and other debts incurred," she says.
Alternatively, you can set up an endowment policy or tax-free investment, which allows the beneficiary to receive money that's not tied up in the estate.
"The proceeds thereof are immediately available to beneficiaries," Hlophe says.
If there's no money to cover the external costs, the executor might have to sell assets to pay these costs.
EXTRA SOURCES:MONEYWEB.CO.ZA, LIBERTY.CO.ZA, WESTERNCAPE.GOV.ZA, SANLAM.CO.ZA
