15/08/2025
Wills and Estate 📝: Frequently said statements and asked questions
“Can I bequeath proceeds of a pension fund, group life scheme, insurance policies, retirement fund and provident fund in terms of a will?”
An investment's profits can only be left according to your will if they are due to your estate upon your passing. If you choose a beneficiary to receive the benefits of a life insurance policy, the policy's issuing firm will pay the proceeds to that beneficiary; you are unable to change this designation by leaving the money in your will.
The only way to modify the nomination is to speak with the relevant firm directly. But if you have not designated a beneficiary, the money will go to your estate, so you can leave them in your will. The firm, scheme, or trustees of the fund in issue will pay all additional benefits mentioned in the above question straight to your dependents, including your adult children, even if they are not financially dependent on you. These funds may only be given to your estate if you have no dependents at all.
“Where should I keep my will?”
Wills are kept on behalf of clients by banks, accountants, trust firms, lawyers, and approved financial consultants for free or a nominal cost. Make a duplicate of your will, label it clearly with the term "Copy," and provide a trusted person with the location in the case of your death. Notify the executor you nominated in your will of the whereabouts of the original will.
“How frequently should my will be updated?”
Wills must occasionally be updated, particularly if significant events have occurred in the testator's life. The birth of a child, marriage, divorce, the passing of an executor or beneficiary, and the acquisition of property and other assets after your previous will was signed are all examples of significant life-altering events. Reviewing your will within three months of a divorce is crucial since failing to do so might have unintended implications.
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