Last month, I attended a dinner party where I met a couple with young children. Naturally, our conversation turned to our professions. I shared that I was one of the founders of LegalWills.co.za, an online service in South Africa for effortlessly creating a legal Will. The couple was excited. Despite knowing they needed a Will for their two children, they hadn’t prioritized it. It was simply one of those tasks without an immediate deadline.
They were thrilled about the idea of sitting down one evening to use our service, step through the process, print, sign, and finalize their Will. Overjoyed, I handed them a business card with a discount code. Yet, a month later, they still hadn’t written their Will and hadn’t chosen an executor, named guardians, designated any family member for responsibilities, or made any charitable or trust arrangements.
I often emphasize the urgency of writing a legal Will. It’s not just for those contemplating death or reaching a ripe old age. Wills are integral to a sound financial plan for everyone.
Here’s my confession. Over a year ago, we welcomed a new daughter, and I still haven’t updated my legal Will.
What?!?!
I work with LegalWills.co.za daily, advising new parents on the necessity of a Will. I shake my head at tales of people neglecting it due to time constraints, explaining its importance and how affordable and convenient our online service is.
My one year old….
How could I, deeply involved with LegalWills.co.za, ignore updating my own Will? There’s a constant fear that if something happened to me, headlines would read that the founder of LegalWills.co.za didn’t have an updated Will. So, instead of criticizing those parents, I must admit that I understand the hesitation. Here are a few reasons why so many South Africans haven’t completed their estate plans.
Introduction
Creating a last will and testament is an essential step in ensuring that your final wishes are respected and your loved ones are protected after you pass away. A will is a legal document that outlines how you want your assets, property, and money to be distributed among your beneficiaries. Despite its importance, many people delay writing their will, often due to procrastination or a lack of urgency. In this article, we will discuss the importance of having a will, the consequences of not having one, and provide tips on how to overcome procrastination and create a valid will.
Barriers to Preparing a Legal Will
Timing Issues: Overcoming Procrastination
The primary hurdle is the lack of urgency. It often seems inconsequential whether you prepare your Will today or next week. The odds are slim that anything immediate will call for a Will, Power of Attorney, or Living Will. In South Africa, if you pass away without a Will, your estate is distributed according to the Intestate Succession Act, which might not align with your wishes. Once done, a Will typically serves for years, so delaying isn’t beneficial. Additionally, having a Will in place provides long term benefits by ensuring your future self and loved ones are protected, avoiding potential conflicts and ensuring your wishes are honored.
Perceived Lack of Consequence:
Many believe that if something happened unexpectedly, their spouse would naturally inherit everything. According to South African law, if you die intestate, your estate might be divided between your spouse and children, which can complicate matters. Moreover, administering an estate without a Will is far more complex and starts with proving the Will doesn’t exist — a challenging task in the legal process.
Misconception of Having Nothing to Leave: Final Wishes
Amazingly, even wealthy individuals can pass away without a Will. Consider Roman Blum’s unplanned $40M estate — he simply never got around to it. We might not know the future value of our estate. Accidents resulting in corporate liability can unexpectedly increase our worth. In life, or death, your estate’s value could exceed your expectations.
Waiting for a Major Life Event:
Before online services, writing a Will with a lawyer was costly, discouraging frequent updates. But lives change. Even with upcoming events like marriages or new children, it’s crucial always to have a Will in place. With LegalWills.co.za, updating is simple. Don’t wait months without a legal Will. While funeral instructions may not be legally binding, having a formal legal document ensures your wishes are clear and respected.
Understanding the Importance of a Will
A will is a crucial document that allows you to decide what happens to your estate after you die. Without a will, the state’s laws will determine how your assets are distributed, which may not align with your wishes. This can lead to unintended consequences, such as your estate being divided in ways you never intended. A will also allows you to appoint an executor to manage your estate, name guardians for your minor children, and leave instructions for your funeral arrangements. Additionally, having a will can help you avoid the lengthy and costly process of probate court, ensuring that your loved ones can access your assets more quickly and with less hassle.
Overcoming Procrastination
Procrastination is a common obstacle that prevents many people from creating a will. However, overcoming procrastination is essential to ensuring that your final wishes are respected. One effective strategy is to break down the task of creating a will into smaller, manageable steps. Start by gathering information about your assets, beneficiaries, and funeral wishes. This initial step can make the process feel less overwhelming. Next, use online resources or consult with a lawyer to draft your will. Remember, creating a will is a process that requires time and effort, but the peace of mind it provides is invaluable. By taking it one step at a time, you can overcome procrastination and ensure that your loved ones are protected.
Barriers to Updating a Legal Document
Research suggests about a third of South African adults have a Will, but how many are current? Important life milestones demand updates, as outdated Wills can become meaningless. In South Africa, marriage doesn’t automatically void a Will, but significant life changes like new children or grandchildren warrant a review.
Also, reassess your appointees. Is your Executor still relevant? Circumstances might change, requiring different choices. Consider changes like relocations or personal developments. Perhaps revised wealth or new assets need inclusion, or charitable bequests are now possible.
Family dynamics also influence changes. Trust maturity ages might need adjusting based on children’s behavior. Loans or behavioral rewards may alter distribution plans.
Where Does This Leave Me? Life Insurance Policies
While drafting this post, I could have created my Will, Power of Attorney, and Living Will. My wife has hers ready, just needing signatures. Maybe a major event will prompt us to complete ours.
At LegalWills.co.za, we see activity spikes after big news stories, but often it’s dealing with a loved one’s estate that highlights the importance of not dying intestate (without a Will).
My plan is straightforward: all to my spouse, then our children. I know my guardians and Executors. I even have specific charitable bequests in mind.
I’m taking a break.
Writing this spurred me to act. I revisited LegalWills.co.za, updated our information, and printed my new Will. By this weekend, with the signing among friends, my complete estate plan will be finalized, including trusts and guardianship for our daughter.
It was truly easy, and there really is no excuse.
He has over 20 years of experience helping people to write their Will and other estate planning documents. He has been interviewed by many of the major news media outlets and has contributed to articles in most leading publications. He has also contributed to a number of financial planning books.
Throughout his career, Tim has written extensively on the subject of Will writing and estate planning.
- The Ultimate Guide to Preparing a Will – 2024 - 19 November 2024
- Intestate Succession in South Africa | What Happens If I Die Without a Will? How LegalWills Offers an Affordable Solution - 15 February 2024
- A Guide to Writing a Will for Young Adults in South Africa - 23 September 2022
