“It is alarming that only about 10% of the South African population have a valid will. The risks associated with not having a valid and adequate will in unpredictable times are enormous and can have a very undesirable effect on those you leave behind.”

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Gustav Neethling, director of The Financial Emporium adds, “There are many reasons for this, which includes:

• People believe that by getting a will, you are inviting trouble, basically operating on the principle ‘you don’t know what you don’t know’.

• A lack of knowledge on why a will is needed and what the effect could be of not having a will.

• Parents feel their children are responsible enough to share the property and liabilities among themselves and they do not need a will.

• A feeling your assets (or even a property) is not valuable enough to necessitate a will.

• A belief that there is enough time for drawing up a will later and they postpone actually doing it.

• Many people feel that they are too young and healthy to think about death, feeling only people who are old and on their death beds should consider drawing up a will.”

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A valid will can ensure that there is no delay in settling your estate after your death, which is already a traumatic time for your family. It may also prevent claims made on your estate by an estranged spouse or children, or even a crazy cousin, which can be a costly exercise.

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“The biggest part of your life will be spent working to accumulate assets and people have very specific ideas about what should happen to those assets when he or she dies. These ideas are under normal circumstances detailed in a will, which enables you to ensure that your assets are distributed according to your wishes after your death,” adds Neethling, stressing, “But assets do not only include furniture, houses and cars, it also accounts your wishes for your living ‘assets’ like what will happen to your children in the case of your death and who should be the executor of your will.”

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Other benefits of having a valid will include:

• You can nominate an executor of choice whom you trust.

• It will take less time to settle than dying without a will, which can translate to less stress for your already traumatised loved ones.

• Conflict can be divided, as the will will indicate how assets should be distributed and not the beneficiaries themselves.

• The will will enable you to create a trust in the case of minor dependants, especially children, to ensure that they are adequately provided for.

• You will avoid extra or unnecessary costs.

• The will can ensure that there are no competing claims on your estate when you pass away, especially if you have children that are dependent on you, you have recently had a change in marital status, you have you bought the home that you always dreamt of or you ou have been cohabitating with your partner for some time.

 

A will is one of the most important legal documents as a lifetime's work could be undermined by having a poor or no will. As a result your dependants, family and beneficiaries are those that are likely to suffer the consequences. The Financial Emporium can guide you through customised solutions to eventually achieve financial freedom – for you and your loved ones that stays behind after your death.

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