BUSINESS NEWS - Many South Africans still believe that Wills are only for wealthy people, or are only necessary in certain cultures, but that’s not true.
A Will states what you would like to happen when you pass away irrespective of your culture or the value of your assets.
According to 2022 data from the Master of the High Court, less than 15% of South Africans pass away with a valid Will in place.
Karabo Kopeka, Managing Director at Clientèle Legal, says that passing away without securing a Will leaves families vulnerable and legacies uncertain. He explains eight things that everyone should know about having a Will:
It protects your children
Your Will states who you want to raise your minor children. Without it, the court decides and may not choose someone who shares your values. When choosing a guardian, it’s important to tell them beforehand, in case they don’t want to take on the responsibility. A Will can also be used to set up a trust, to protect the money you leave to your minor children.
It protects your assets
A Will makes sure your belongings, like your house, car, savings, and valuables, go to the people you choose. Without one, the law decides who gets what, which may not match your wishes, and can result in unnecessary family disputes.
It’s a teaching opportunity
South Africans can only write a legal Will from the age of 16. But you can still teach your young children the importance of planning by encouraging ‘mini-Wills’, like leaving a favourite toy to a sibling or friend. These aren’t legal, but they show children the value of thinking ahead.
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You can add a letter of wishes
This isn’t legally binding, but it’s a practical add-on. You can include bank account details, passwords, or even who should care for your pets. Some families also use verbal traditions, which carry weight under customary law.
Your executor can get legal guidance
The executor you appoint is responsible for making sure your debts are paid, and your assets go where they should. Your executor can – and should – work with an attorney to do so.
There are a few things it doesn’t cover
When it comes to your pension fund and life cover, you need to name beneficiaries in the policies.
You can do it now, and when your life changes: Don’t wait until you’re old or sick. A Will is only valid if you understand what you’re signing and, if illness affects your mind, it may be too late.
You should update your Will when major life milestones happen, like getting married, divorced, having children, buying a house or losing a loved one.
It doesn’t have to cost money: Drawing up a Will doesn’t need to be expensive. Many professionals, including advisers like those at Clientèle Legal, will help you prepare one at an affordable cost.
“It’s also important that people know where to find it. Store it safely with whomever helps you to draw it up, or in a digital safe, but make sure you speak about it with your family, and they know where to find it,” adds Kopeka.
“A valid Will offers true peace of mind,” says Kopeka. “Our goal is to empower every South African to shape their legacy by making expert legal services affordable and accessible.”
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