The Challenge Of Keeping A Last Will And Testament Safe In The Event Of An Unforeseen Disaster
The issue of keeping a last will and testament in a safe place has become more prominent in the wake of a spate of recent fires in the UK and closer to home, in Knysna.
Executing a will is an important step in estate planning. A will gives the testator the opportunity to bequeath his/her assets and to indicate how they want their estate to be distributed after death. If a person dies without a will, their estate will be distributed according to the law of intestate succession. This may include beneficiaries whom you may not wish to benefit or may exclude those whom you would have preferred to benefit.
A will is an important private and confidential document. Not only is the proper execution of a will important but it should be updated regularly and carefully to provide for any change in the testator’s circumstances. Ideally, an original will should be stored in a safe and secure place – usually the testator’s home and preferably in a fireproof safe. Depending on the status of family relationships, if kept at home, the document should also be protected from potential tampering or destruction. The testator should also inform the executor/s where the will is located.
There doesn’t have to be a natural disaster for a will to be destroyed. An unexpected flood or house fire may put the testator’s last will at risk.
It is usually more secure to store the document in an attorney’s or auditor’s office. An obvious way of protecting documents is to make a number of copies and keep them in different places.
However, in South Africa only an original document will be accepted by the Master’s office. Should only a copy of a will be available, the executor or a beneficiary would have to lodge an application to the High Court proving the intention of the testator, and that the copy was the last will and testament of the deceased. Proving that the copy was the true intent of the testator is a challenging and expensive exercise. A copy should be clearly marked as such by the testator.
The law has not made provision for digital signatures and other digital technologies available. A signed piece of paper is the only legal form of a last will and testament under South African law and unfortunately paper doesn’t bode well in the case of a fire or flood, as well as exposure to other natural elements.
Follow the link for more information: http://www.pwc.co.za/en/services/private-company-services/estate-and-trust-advisory-services.html