The intimidating and unsettling thought of planning for one’s death
In this world nothing can be said to be certain, except death and taxes”
Benjamin Franklin
It is by no means easy to talk about and plan for your death, as it is both intimidating and unsettling, but it is something you should prioritise.
Recent research conducted by a life insurance company indicated that nearly 70% of their clients do not have a Will in place. The research also revealed that a significant amount of people do not know what a Will entails, do not deem it necessary to have a Will and in any event do not know on whose door to knock for advice to have a Will drawn up.
Why is it essential to have a Will?
Should you die without leaving a valid Will, your estate will be distributed, to your intestate successors, in terms of the laws of intestate succession. This means, in a nutshell, that beneficiaries/successors, you may never have wished to inherit anything from you, and to whom you might not have spoken for many a year, might now be your beneficiaries/successors, while those that you genuinely care for and would want to inherit from you, might be left out in the cold, with no legal entitlement to your assets. Having a valid Will is a surefire way to avoid unintended consequences.
There are also many other benefits of having a Will, such as the ability to appoint guardians of your choice, for your minor children, keeping a helpful record of assets that surviving relatives might not be aware of, and limiting taxes payable on deceased estates by proper estate planning.
Having a Will in place for the sake of your children
Your children will benefit from you having a Will in the following ways:
It relieves stress and anxiety: a Will provides immense peace of mind for your loved ones, as they will have a clear guide of what your wishes are with regards to the division of your estate, after your death.
Their best interests are protected: whether it is to ensure that they are cared for after your death and/or their future financial needs are taken care of.
Reducing inheritance tax: large amounts of tax on inheritance can be avoided with proper estate planning and a valid Will in place.
Get legal advice to help you draw up a Will
It is advisable to have a person, with the necessary legal knowledge and expertise such as an attorney, draw up your Will. Attorneys have expert knowledge to help you do proper estate planning and will ensure that your Will adheres to all the formal requirements, is clear and reflects your true intentions.
You do have the option of drawing up your own Will, yourself, but be warned; South African law has very strict formal requirements, when it comes to authenticity and validity of a Will and if your Will does not comply with these formal requirements, your Will may be invalid and your estate will be dealt with as if you do not have a Will. (See the remarks above when a person. dies without leaving a valid Will.) Unfortunately, for obvious reasons, this non-compliance cannot be corrected after your death!
Contact us if you need any assistance.
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