Revisiting your will — here are the key moments in life that should signal a change

Your will is a document that helps the executor of your estate to understand how you want your assets distributed after your death. Although many people recognise the significance and need for a will when they get married or have a child, there are definitely key moments in your life that should include a revisit to update your will.

Data released by Statistics South Africa earlier in 2024 shows that South Africa recorded a 31% decrease in the number of civil marriages registered in 2022 compared with 2012, while divorces slipped down by just 8% over the same period.

“Many people believe that a divorce automatically revokes their will; however, this is not the case. In South Africa, there are specific provisions to address how a divorce can affect one’s will,” says Karen McMurray, the product manager at FNB Fiduciary.

The tricky part is that if you have listed your spouse as a beneficiary in your will, you have three months’ grace after the divorce to update your will. If you have not done so within that time the law assumes that you intended for your ex to inherit your assets as per your old will.

McMurray says that if you are revising your will after your divorce, you need to bear in mind that maintenance obligations in terms of the divorce order do not cease when you die. “Your estate must cover claims made by your ex-spouse, either in a personal capacity or as guardian of the dependent children born of the marriage, or possibly both. Consider whether there will be sufficient liquidity in your estate to meet these claims.”

It is important that you provide a structure that will manage such payments in your will, since these payments could be payable for many years after your death.

“Failure to plan carefully in this regard may prejudice not only the rights of the persons you are liable to maintain in terms of the divorce order, but also the financial security of your other dependants at the time of your death, such as a second spouse and children born of that marriage,” McMurray says.

Ulanda Weilbach, the senior legal adviser at Momentum Financial Planning, highlights other key moments that should trigger a will revision:

New assets: “If you’ve recently bought a house or invested in something significant, don’t wait – update your will so your assets go to the right people,” she says. “If you don’t mention these assets, they’ll end up in the residue, and you might not want that.”

Becoming a parent: “The birth or adoption of a child is a huge life event,” Weilbach says. “One of the most important decisions you’ll make is the appointment of a legal guardian for your kids.” You can also use your will to set up a testamentary trust for your minor children, and appoint trustees to manage their money responsibly.

Changing beneficiaries or executors: If you’ve had a change of heart about your beneficiaries or the person you named as executor has died before you, updating your will ensures these roles are filled by the right people.

Beneficiary issues: “If one of your beneficiaries is struggling with substance abuse or financial issues, you might want to rethink their inheritance. It’s hard, but sometimes necessary.”

Windfall of money: Receiving a windfall from an investment that has matured, a lottery ticket or even an inheritance should trigger you to update your will.

Young family members growing up: “As your younger family members mature, you might want to change how they’re treated in your will,” Weilbach says. For example, you might want to keep a testamentary trust in place until they are 25 and then update your will so that assets go directly to your adult child. DM

This story first appeared in our weekly Daily Maverick 168 newspaper, which is available countrywide for R35.