{"id":144542,"date":"2023-02-02T13:35:18","date_gmt":"2023-02-02T08:05:18","guid":{"rendered":"https:\/\/www.regenesys.net\/reginsights\/?p=144542"},"modified":"2025-11-18T16:09:35","modified_gmt":"2025-11-18T10:39:35","slug":"is-a-will-set-in-stone","status":"publish","type":"post","link":"https:\/\/www.regenesys.net\/reginsights\/is-a-will-set-in-stone","title":{"rendered":"Is a Will Set in Stone?"},"content":{"rendered":"
There is often confusion about what assets apply to the wishes made out in a will and whether there is a way for the provisions made in a will to be changed.\u00a0 Let us take a closer look at what is allowed, what assets apply to the will and what powers the executor and other parties may have.\u00a0<\/span><\/p>\n While South Africans enjoy the freedom of testation, certain assets such as non-discretionary assets actually fall outside the wishes stated by the testator in their last will. Non-discretionary assets include all pension, provident, preservation and retirement annuity funds. <\/span><\/p>\n The distribution of these funds is instead governed by Section 37C of the Pension Funds Act which ensures that those that were financially dependent on the deceased receive a portion of the funds according to their needs. <\/span><\/p>\n These assets do not form part of the deceased estate and therefore even though a provision is specifically made about these assets in the will, it will not dictate how these assets are eventually distributed.\u00a0<\/span><\/p>\n How does this work in reality? While the member is alive, they are asked to indicate who the beneficiaries should be of their fund, and what percentages should be allocated to whom. <\/span><\/p>\n When the member does pass away the trustees of the fund will consider who the elected beneficiaries were as a starting point to determine who should receive the benefits. They will further conduct an investigation, which can unfortunately be a manual and dragged-out process and therefore can take up to 12 months. <\/span><\/p>\n It is, however, their duty to ensure that the determination is made as quickly as possible. In this investigation they will consider whether the dependents have other sources of income, for how long they would still have required financial support from the deceased and how many dependents there are to name but a few matters.\u00a0<\/span><\/p>\n Other considerations to make when thinking of which assets fall within an estate is how you might be married, if you have policies on your or someone else\u2019s life and whether you are the beneficiary or founder of a trust. <\/span><\/p>\n All these matters will have to be considered on a case-by-case basis and will not be discussed in great detail in this article, although it is important to be aware of them when a will is drawn up.\u00a0\u00a0<\/span><\/p>\n Discretionary investments such as unit trust and money market funds on the other hand will fall within the deceased estate and is therefore subject to the last wishes of the testator. Keep in mind that living annuities are also considered a discretionary investment and are therefore not subject to Section 37C. <\/span><\/p>\nWhat assets will be distributed according to the testator’s will?<\/b><\/h3>\n