Can’t decide whether it is worth the effort and costs of creating a will, and do you really need one?
We unwrap the technical jargon, look at the ins and outs of a Last Will and Testament and dispel any myths you may have heard!
Let’s discuss the negatives of not having a will in place (dying intestate), firstly, and then the benefits thereafter:
- To begin with, your specific intentions or wishes for when you pass, may not be adhered to as you are leaving the dissolving of your estate up to the government.
- Secondly, if you have no immediate or close family, distant relatives as opposed to close friends or other important people in your life, can claim the inheritance.
- Your minor children’s inheritances may suffer, as anything they were to receive would have to be transferred to the Guardian’s fund in monetary terms (which could mean the sale of the family home, which more than likely, wouldn’t have been your intention), until they turn 18.
- Lastly, you leave the court to appoint someone you may not want to be the executor of the state.
Why you SHOULD have a will:
- You make sure your specific wishes (burial/cremation, living will, donation of organs etc.) are carried out as you would have liked.
- You can protect the inheritance of your children under the age of 18, as it would be preserved in their own trust for their sole benefit. This avoids the governmental Guardian fund.
- You can elect who you would like to wind up your estate (Executor)
- If you are a business owner, a will protects your family against debt liability
A common myth is that drafting a will is onerous and takes forever. This is purely a myth!
Fact: Capitalise, can have a will drafted and finalised in 48 hours maximum
Another myth is that a professionally drafted last will and testament costs an arm and a leg.
Fact: For as little as R40pm* you can have a professional will drafted and finalised within 48 hours, and will include up to R60,000 worth of insurance cover which will assist in paying executors fees in winding up your estate