Here are 5 myths South Africans still believe about wills – but shouldn’t

South Africans often hold misconceptions about wills, which can lead to unintended consequences for their families. During National Wills Week, financial planner Solani Sibanda from NMG Benefits highlights five myths that should be dispelled.

Myth 1: A will determines who receives a person's retirement fund. In reality, the retirement fund's trustees are legally obligated to distribute benefits based on legal requirements, not the will. This distinction is crucial for those with dependents, spouses, or financial dependants.

Myth 2: Divorce automatically removes an ex-spouse from a will. Significant relationship changes require updating your estate plan, even if you've written a will previously. A divorce does not automatically alter the terms of your will, leaving your estate vulnerable to confusion.

Myth 3: Once a will is written, it remains effective for life. A will is a reflection of the circumstances at the time it was created. Major life events such as marriage, divorce, or changes in finances may necessitate revising the will. There is no set timeframe for review, but significant changes should trigger an update.

Myth 4: Only wealthy individuals require a will. Having a valid will is important regardless of the size of one's estate. It ensures clear instructions for the distribution of assets and the care of minor children. A will can also address personal wishes, though not all may be legally binding.

Myth 5: A simple note stating one's wishes constitutes a legal will. To be valid, a will must meet specific legal requirements, including proper drafting, signing, and witnessing. Failure to adhere to these rules can render a will ineffective. Moreover, it's critical to store the will in a safe place known to the intended beneficiaries.