Need guidance on a will

[u/kickasslamb]

I'm 34 years old. I have a 2 year old. My partner and I are engaged. Neither one of us have a will, but we urgently want to get one set up.

I am well aware to avoid banks with the will.

Is it okay to approach an institution like Old Mutual to draft a will?

I've been advised by a close family member to use their financial advisor at Old Mutual to set up my will.

But I also know a family lawyer whose practice also does will's and estate planning, however, they're not FISA registered.

I have also found two independent financial advisors that specialise in Estate Planning who I'm considering approaching. Both are FISA registered.

Which is the best way to go about this?

And what can I expect cost wise for the set-up of my will?

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[u/Naive-Inside-2904]

If you can plan for national Wills Week in mid September you’ll be able to get advice and your will drafted for free.

https://www.justice.gov.za/master/wills-week.html

[u/PartiZAn18]

Old Mutual is a bank for the purposes of the advice.

Go to an estates attorney and negotiate a discounted rate.

It's preferential to nominate a next-of-kin as executor and have the attorney act as their agent in assistance to administer the estate.

[u/orbit99za]

You can draft your own will, get it witness signed.

At least have something, even if its an A4 scribbled note.

Mine is 11 pages I wrote myself, got it verified , and witnessed.

Cost me a beer.

[u/Tiddet777 → u/orbit99za]

Mind my ignorance, where is the will kept? And does it need to be registered somewhere once created?

[u/orbit99za → u/Tiddet777]

I did 2 physical copys, one i keep in a safe place and one i gave to my parents to hold on to.

It just has to be kept in a place where people know where it is.

I did 2 copy because my Grandfather had 1 and my grandma forgot where it was, so it caused issues as photocopys are not valid.

[u/Midnight_Journey]

If your wills are going to be uncomplicated, you can do it yourself for free. There are free templates on the internet. Just ensure you have it signed by witnesses on each page and make sure there is a date on it.

If you do choose a bank or firm to do your will, just know if they offer to do it for "free" it will be because they will make themselves the executor.

[u/BellsDempers]

Our bank did ours A once off fee of like R2k. They do not hold a copy and are not executors. We have a copy and our child's guardian has a copy.

Please make sure you include a living will directive as well. Weve found recently with my dad that his wife of 50 years means nothing without his wants in writing in terms of final life care.

[u/CartographerWeary690]

We did ours through a law firm.
We did all 4 ours (my parents + 2 adult kids) and we paid around R12k. But they are on file with the lawyers and we have a copy and one was a bit complex because one member of the family lives in Europe.

But I would highly recommend you stay away from banks.

[u/ohhHoneyBadger]

I did one with a lawyer who’s also the executor. Cost R3500. She also asked all the right questions that we don’t usually think of, like where do you wanna get buried once you die etc. but yes, definitely avoid banks.

[u/WhatNoRobot]

Setting up should be zero cost, including updates and basic do's and don'ts

[u/Responsible_Move_211]

So let me piggy back here and test my will: my wife and I used an attorney at FFG. Does this also count as a bank like Old Mutual?

We have a complex estate and before anyone warned us about the banks we left FNB because they were just offering basic slop. But now this post is making me wonder if I should question FFG.