A will is a living document. It is something that should change as you progress in life, something that should develop according to your circumstances. It is your final act of kindness to those who you leave behind – be it a wife or husband, children or even a loved pet.
You might be wondering, “How do I write my will?”. Previously, we wrote a blog post that gives you a checklist for what you need to include in your will in general. You can read that post here. In this blog series, we are going to give you some tips as to what you could do in preparing for and writing your will, specific to what life stage you might find yourself in. Each post will tackle a different life stage. In this post we will look at the life stage of being legally single without a partner.
How do I write my will? Tips if you are single without a partner
- Taking out an insurance policy is a great way to protect a person who has signed any type of surety for you. Typically this could be a parent in the case of a student loan. An insurance policy can also cover any outstanding debt if you have acquired assets such as property or a car.
- If you have ageing parents who you support financially, you could take out a life insurance policy where you name them as the beneficiaries. Alternatively, you could open a savings or investment account into which you could make monthly payments. You can then bequeath the balance of the account to your parents.
- If you have any personal effects (such as your Friends DVD box set or your lounge suite), you should specify who exactly they should go to.
- If you want to bequeath an asset that changes over time, your intention needs to be clear in the wording of your will. An example of such an asset is your house – over the course of your lifetime, you may move houses. In your will, you may bequeath your house to your sister and refer to it as your “Constantia home”. You may then sell that house and move to Rondebosch. The asset mentioned in the will then no longer exists and so the bequest will fail. If you want your sister to inherit your house regardless of where you may end up living, you need to make this intention clear.
Still wondering, “How do I write my will?”. We highly recommend getting professional help in writing up a will. It avoids many unwanted complications that could leave your loved ones in a difficult situation after you have gone. If you do require any advice or assistance in writing a will, please do not hesitate to contact us at [email protected].