Following the news of many celebrities passing away both locally and internationally and the unexpected deaths during Covid-19, South Africans need to think about the legacy that they will be leaving for their loved ones.
One of the ways that people can take care of those close to them is by drafting a will. However, many people have not taken steps to to do this.
More than 75% of South Africans pass away without a valid will in place, causing devastating consequences for their families and dependants, according to Alex Simeonides, CEO and co-founder of Capital Legacy.
Moremadi Mabule, head of Wills Operations at Sanlam Trust, said: “Everyone has some form of an asset and having a will in place goes a long way toward helping those who depend on you to live confidently.”
Most young people will think that they do not have enough assets therefore they will think that a will is unnecessary. However, the importance of a will cannot be ruled out despite their financial situation because they need to think about the kind of future that they want their kids and spouses to have.
Simeonides shares six consequences young people may face if they die without a will:
1. Young people forfeit the opportunity to make the decision about who inherits what and how their estate is distributed according to South African law.
“This means people whom you may not have wanted to benefit from your estate may inherit your assets and family heirlooms,” Simeonides said.
2. If a couple are not married, when one partner passes away the other partner will be left with nothing. It is important people update their wills from a previous marriage.
3. A child’s inheritance could pass to the Government Guardian’s Fund or appointed guardian rather than to a trust where the parent can ensure that their wishes for their child is carried out.
4. If a person’s wishes are not clearly documented in a will or there is no will then family feuds can occur because family members will argue over the distribution of the estate.
5. This can result in an estate taking years to wind up and without a professional executor then the Government is essentially in control of the process.
6. People lose the ability to nominate a guardian of their choice for their minor children.
According to Mabule, the process of drafting a will can be a relatively easy and inexpensive depending on a person’s circumstances.
“If you have fairly straightforward requirements, you can complete a will application form, prepare a list of assets and liabilities, and write up instructions on what must happen to your estate with the details of beneficiaries. For more complex wills it is advisable to seek advice from a financial adviser,” Mabule said.
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