The reality is that most people know they need a Will, but statistics show that South Africans are notorious procrastinators. More than 75% of South Africans pass away without a valid Will in place, causing devastating consequences for their families and dependants.
To help combat this statistic, the Law Society of South Africa (LSSA) promotes National Wills week, every year, encouraging more people to take this task seriously and get their affairs in order. Participating attorneys offer their Will-drafting services for basic Wills at no cost to clients. This year, National Wills Week is from 13 to 17 September. The Law Society explains that it is important to have a professional draft your Will as “often a Will is not valid because the person who drafts it does not have the necessary legal knowledge to ensure that the requirements of the law are met. By making a Will you ensure that your assets are disposed of in accordance with your wishes after your death”. Your Last Will and Testament is probably the most important document you’ll ever sign, and it forms the cornerstone of your Estate Plan.
Your Will houses your final wishes, how you would like to distribute your estate, who your beneficiaries will be, who should take care of your children should something happen to you and your spouse etc. Not having a Will in place can result in devastating consequences for the loved ones you leave behind.
Six consequences of passing away without a Will
1.You forfeit the opportunity to decide who inherits what and your Estate is distributed according to South African law. This means people whom you may not have wanted to benefit from your Estate may inherit your assets and family heirlooms.
2.Your Partner may be left with nothing if you are not married, or your Will is not updated from a previous marriage.
3.Your Children’s inheritance could pass to the Government Guardian’s Fund or appointed Guardian rather than to a Trust that will ensure your wishes for them are carried out.
4.Family feuds often occur when family members argue over the distribution of your Estate if your final wishes are not clearly documented in a Will.
5.Winding up your Estate can take years – without a Will appointing a professional Executor, the Government is essentially in control of the process.
6.You lose the ability to nominate a guardian of your choice for your minor children.
