As the year winds down, people all over the world start making resolutions, committing to change and growth. Among these promises, common ones include getting fit, losing weight or spending more time with loved ones. But amidst all these good intentions, there’s one important task often forgotten – making a Will. Before you sign up for that gym membership or get into any new routine, consider this one important step that will impact your loved ones: making a Will.
Many people overlook this vital part of life planning although it’s crucial for those we love to be taken care of after we’re gone. The fear of death is probably why many avoid making a last will. But ignoring this important step can have severe consequences for those left behind. While stats show many South Africans don’t have a formal Will, you can make sure you’re not one of them.
Make a Will Top of Your New Year’s Resolutions List
You’re Never Too Young to Think About a Legal Document
Younger people, especially those in their twenties, might not see estate planning as something urgent or necessary. Life seems endless at this stage, full of opportunities, possibilities and longevity. But these early years are key to laying the foundation, with life milestones such as getting married, having kids, advancing in your career and accumulating assets. So make an early start on your Will and be ready for life’s unexpected twists. Starting early ensures that all necessary legal documents, including your will, are in place.
Importance of Having a Will
Having a will is one of the most important steps you can take to ensure your wishes are honored after you pass away. This legal document outlines how you want your assets to be distributed, who you want to care for your minor children, and who you want to manage your estate. Without a will, the state will decide how your assets are distributed, which may not align with your desires. Moreover, having a will can help to avoid conflicts among family members, ensuring that your loved ones are taken care of according to your wishes. By clearly stating your intentions, you provide peace of mind and security for those you leave behind.
Intestate Succession and What Happens in the Probate Process
A common misconception is that without a Will, your estate will be distributed according to your wishes among loved ones. But South Africa’s intestate succession laws prescribe a framework that might not be what you want.
According to South African law, if you died intestate, the Intestate Succession Act applies. In this case, estate distribution is prioritised towards spouses and direct descendants. In some cases, a surviving spouse may inherit the entire estate if there are no living children or grandchildren. This means partners not formally legally recognized, along with close friends or favourite charities, may be excluded from inheriting anything. Are you comfortable with a legal framework, not your own intentions, deciding your legacy?
Don’t Make These Mistakes About Spousal Inheritance
Many assume if a person dies without a Will, their spouse will automatically get everything. South African law however may require your estate to be distributed between your spouse and children, meaning assets will have to be sold to achieve equal shares. This is not common among people who plan their inheritance with a Will.
This becomes especially important when considering long term relationships that are not formally recognised through marriage. Despite living and loving together, a partner may get nothing unless a Will says otherwise. So making a Will is crucial to ensure their future security and support even when you’re not around.
The Myth: Making a Will is Expensive
Regarding the cost of making a Will, there’s a common myth that it’s too expensive and many are putting it off. Using an online will maker can simplify the process and reduce costs significantly. While complex estates may require expert legal services, the average South African scenario allows for a Will to be done quickly and cheaply.
With services like LegalWills.co.za, making a personal Will has been reduced to a 30 minute process that costs under 700 ZAR. Think of it as an investment rather than an expense: would you rather spend a night out with friends or secure your family’s legacy – what’s more valuable?
Making a Will Easy
For some, the complexity and time involved in making a Will are enough to put them off. LegalWills.co.za addresses these concerns with a simple interface, guiding you through a few easy steps to state your wishes on asset distribution. It’s a process designed to be quick and easy, no barriers in sight. Trusts, as legal entities, can also be created to manage asset distribution according to your wishes.
Guardianship for Minor Children
A Will goes beyond asset distribution, it’s about big family decisions, like appointing guardians for minor children. You may assume relatives will naturally step in as guardians, but formally authorising this in your Will not only gives you peace of mind but a legally binding guarantee of this custody.
Every detail matters: a chosen guardian’s age, family life, relationship with your children and upbringing philosophy are all important considerations. If this decision is not made, a court that doesn’t know your parental values will intervene – would you rather that decision fall to strangers?
More Assets Than You Think
One’s worth is often underestimated, so people don’t make a Will. But most adults have accumulated significant value over time, beyond financial and physical assets.
Digital Assets
In today’s world digital assets are a big part of one’s estate. From social media accounts to emails, personal websites and cloud stored files, these digital footprints need to be recognised and managed after you’re gone. In South Africa there are no legal guidelines for these digital entities so defining your digital legacy in your Will is key.
When making your Will, consider your digital heritage: who should control these? Whether you want to entrust a sibling with management rights for your digital photos or hand over your websites to your heirs, planning makes it easy. Documentation is not just preparation, it’s foresight – a principle that’s fundamental to estate planning.
Keeping Digital Information Secure and Accessible
Digital asset protection takes top priority—store login credentials and passwords safely, accessible only to your nominated executors. Don’t include sensitive information in your Will as it will become public through the probate process.
Consider using a password manager or recording through a traditional method, kept safe for executor access. LegalWills.co.za has a MyLifeLocker service that addresses this exact issue, encrypting sensitive data and only allowing designated keyholders to access your digital information.
Understanding the Probate Process
The probate process is a legal process that takes place after someone passes away, involving the probate court overseeing the distribution of the deceased person’s assets. This process ensures that the assets are distributed according to the will or, if there is no will, according to the laws of intestacy. While the probate process can be time-consuming and costly, it is necessary to ensure that the deceased person’s assets are distributed correctly. Having a will can significantly simplify the probate process, making it easier for your loved ones to carry out your final wishes without unnecessary delays or complications.
Requirements for a Valid Will
A will is a legal document that must meet certain requirements to be considered valid. These requirements include:
- The will must be in writing.
- The will must be signed by the person making the will (the testator).
- The will must be witnessed by at least two people.
- The testator must be of sound mind and not under undue influence.
If a will does not meet these requirements, it may not be considered valid, and the state may decide how the assets are distributed. Ensuring your will meets these criteria is crucial to making sure your wishes are legally recognized and followed.
Types of Estate Planning Documents
There are several types of estate planning documents that can help ensure your wishes are carried out after you pass away. These include:
- A will: A legal document that outlines how you want your assets to be distributed.
- A trust: A legal entity that holds assets for the benefit of another person or organization.
- A power of attorney: A document that gives someone the authority to make decisions on your behalf.
- An advance healthcare directive: A document that outlines your wishes for medical treatment if you become incapacitated.
- A life insurance policy: A policy that provides financial support to your loved ones after you pass away.
Each of these documents serves a specific purpose in estate planning, ensuring that all aspects of your final wishes are covered and legally binding.
Reviewing and Updating Your Will
It is essential to review and update your will regularly to ensure it still reflects your wishes. You should review your will every three to five years or whenever you experience a significant life change, such as a marriage, divorce, or the birth of a child. Additionally, you should update your will if you have acquired new assets or if your wishes have changed. Regularly updating your will helps to ensure that your loved ones are taken care of and that your final wishes are carried out accurately after you pass away.
Make Your New Year’s Resolution a Reality
With solutions at your fingertips, there’s no excuse to put off making your Will. By acting now you’ll spare your loved ones future stress and control how your legacy plays out. Make making a Will your top New Year’s Resolution—your family will thank you and you’ll be free to tackle that gym membership.
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Get in Control Today
In summary, making a Will is no longer an excuse for procrastination or omission. Additionally, ensure that your life insurance policies have designated beneficiaries to avoid complications. It’s a deliberate act of planning and acknowledging life’s uncertainty. By doing it today you’ll swap chaos for clarity – an action that says a lot about how much you care for your loved ones. Make making a Will your top New Year’s task, not just for your own peace of mind but for theirs.
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.
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- 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
