Death is something we all face, yet many people put off writing a Will. You can delay taxes with the right strategies, but you can’t delay death.
“In this world nothing can be said to be certain, except death and taxes”
Benjamin Franklin
Immortality is a myth. We all know our time is limited, yet we shy away from facing this reality and don’t write a Will. A Will is important because it allows you to decide who gets your assets and who will be the guardian of your children. It clearly communicates your final wishes, ensuring that your intentions are honored. So why do less than half of South African adults have one? Writing a Will is simple and affordable.
Procrastination and Daily Life
One of the main reasons people put off writing a Will is procrastination. In our busy lives we can easily push this off, thinking we’ll get to it “tomorrow”. With so many distractions, writing a Will gets relegated to the bottom of the to-do list.
It’s crucial to update your Will after a major life event, such as marriage, the birth of a child, or the purchase of a home, to ensure it reflects your current circumstances accurately.
Young adults in their 20s and 30s may think death is a long way off. For most it is. But life’s uncertainties remind us everyone needs a Will, no matter what age.
Avoiding Mortality
Talking about death is uncomfortable and many people avoid it. Fear of acknowledging one’s own mortality is a big barrier. Some think preparing a Will will “tempt fate” but preparing a Will doesn’t increase the chances of death. Writing a Will is about ensuring your family’s well-being according to your wishes.
It is also important to make funeral arrangements in a separate document, as these instructions need to be accessible to family members and executors promptly after death.
Myth of High Costs
A common myth is that creating a Will, a crucial legal document, is expensive, and you need to visit a costly attorney. While complex estates may require specialized legal advice, most people don’t need that. Thanks to technology, you can now create a Will quickly and affordably with a reputable online service.
It takes as little as 30 minutes to complete a Will. Services like LegalWills.co.za make it affordable and offer a year of free updates to your document with no hidden fees.
Misconception about Needing a Valid Will
Some people think only those with vast wealth need a Will. While that may be true for those with no assets or children, most South Africans don’t fit into that category. Without a Will, your entire estate is governed by the Intestate Succession Act and you have no control over asset distribution or minor children’s guardianship.
For example, unmarried partners may want to leave their estate to each other. This can be specified in a Will. Without one, assets are distributed according to the intestate succession laws and may not reflect your personal wishes. If you have minor children, appointing a legal guardian in your Will is crucial to ensure their care isn’t left to the courts’ decision.
The Spousal Myth
A common misconception is that marriage automatically means your spouse will inherit everything. This is not the case in South Africa. Without a Will, a portion of your estate goes to your spouse and the rest to your spouse and children. This can lead to complications such as your family home being divided. Writing a Will prevents this scenario.
It is also important to update beneficiary designations for non-probate assets, as these take precedence over will instructions and can lead to complications if outdated, especially in cases of divorce or added family members.
Copyright: alphaspirit / 123RF Stock Photo
Legal Context in South Africa: Probate Court
In South Africa, without a Will your estate is governed by the Intestate Succession Act which may not reflect your wishes or modern family arrangements. For example, rights of inheritance for unmarried partners are not guaranteed unless specified in a Will.
Without a Will, appointing a guardian for your children becomes a court decision. This can result in unwanted guardianship arrangements and added stress during already difficult times. Adhering to proper will execution procedures outlined by state law is crucial to ensure its validity and prevent the will from being challenged in court.
Estate Plan Planning
Estate planning is a thoughtful process of ensuring your assets are distributed according to your wishes. It’s more than just writing a Will. It’s about understanding taxes, protecting beneficiaries and a smooth transition of assets. In South Africa estate planning also means considering capital gains tax and estate duty.
It is crucial to designate beneficiaries for non-probate assets, such as a life insurance policy, to avoid unintended consequences.
By having an estate plan in place you ensure your legacy is protected and your family is looked after. Consulting professionals can help with complex situations but not always for simpler estates.
Debunking the Myths: Beneficiary Designations
It’s important to separate emotions from the need to make a Will. Writing a Will is one of the most thoughtful things you can do for your loved ones. It saves them from dealing with the added complexity of intestate succession during their time of grief.
Think of the paperwork you’ll leave behind if you don’t specify your wishes. By taking the initiative to make a valid Will, you spare your family from legal and emotional hassle.
Conquering the Fear
Death is a daunting concept. But breaking down the act of writing a Will into smaller steps can help you overcome the fear. Start with a simple outline of what you want and you’ll have a full Will.
Services like LegalWills.co.za have guided steps to help you make your Will. They make it clear and offer support to ensure all your wishes are documented correctly and that your Will is legally binding.
Get Started
Don’t delay any longer to make your last will. It’s much simpler and more affordable than you think. Spend a little time now and you’ll have peace of mind for yourself and your family.
Start by gathering information about your assets, liabilities and family details. Who would you like to handle your affairs (an executor) and who would you trust to look after minor children (a guardian)? What are your asset distribution wishes and any personal messages or bequests?
Have these conversations with your loved ones. Though uncomfortable, it prevents misunderstandings later.
Conclusion
In summary writing a Will is not just a legal formality but an act of responsible adulthood. It may seem like a morbid task but the peace of mind it gives is priceless. Don’t let misconceptions or fear stop you from making arrangements for your family and legacy.
Make the decision to write a Will today and simplify the future for those you care about most. It ensures your voice is heard beyond your lifetime, in times of uncertainty, and helps navigate the probate process. Be practical and kind and take action for your family’s future.
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
