Having a valid will matters. This is one of the most important things to check off on your to-do list of essential personal admin.
A will offers peace of mind on several levels: it ensures that your loved ones will be taken care of when you are no longer around; it secures your heirs' inheritance; it provides that asset distribution can take place according to your wishes; it enables you to make decisions about what you would like to leave behind, before it is too late; and it is a legal document that complies with the South African Estates Act.
What if you don't have a will?
If you die without a will, your estate will be divided according to a formula determined by intestate inheritance law and you will have no say in asset distribution, which may not be in line with your wishes. Without a will, you also cannot choose which guardians are appointed for minor children, to ensure that they are cared for by someone you trust when you pass away. Dying without a will also means you risk causing chaos and drama for your loved ones during a difficult time in their lives.
Other useful tools for your estate planning
Apart from what you include in your will, there are some other important considerations to take into account when doing estate planning:
Power of attorney: This gives you the chance to authorize a trusted person to make legal and financial decisions on your behalf if you become incapacitated and unable to make decisions for yourself. It's a sensible way to ensure that your affairs are managed efficiently, even if you can't do it in person.
Testamentary trust: In your will, you can establish testamentary trusts, which take effect when you die, to provide ongoing financial security and support to your loved ones, especially minor children. It may also include individuals with disabilities or special needs, who may not be able to manage an inheritance themselves.
Living trust: An inter vivos trust, or living trust, is an instrument that gives structure to the wealth of assets over generations. It is used to leave an inter-generational legacy. Unlike a testamentary trust, it doesn't just come into effect when you die, so it can be used during your lifetime to financially support beneficiaries.
Understand estate law and inheritance
Most of us are not legal experts familiar with complicated estate law and the legal implications of inheritance. Therefore, it is worth consulting a will and trust specialist who is qualified to advise on estate planning. They can then draw up a will for you that reflects your circumstances and wishes.
Don't neglect this essential piece of personal administration. Your legacy and the well-being of your loved ones depend on it.
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