Death is an unpleasant topic – draft your free will today

Death is an unpleasant topic that people would rather avoid, however, by planning for your death, you are giving life to the wellbeing of your family and dependents when you are no longer around.

To celebrate National Wills Week, held annually between 17 and 21 September, Ecsponent is offering the drafting of free wills.

Ecsponent has emphasised the importance of drafting a will saying it is part of a comprehensive estate planning process.

Floris Slabbert, director at Ecsponent Financial Services, said it is important to have a will drawn up for the sake of your loved ones.

Slabbert said a will can take a lot of pressure off a bereaved family during the difficult time of a death.

“It removes the uncertainty and chaos by providing certainty about how your assets should be distributed, however, a will cannot be a mechanism to rule from the grave,” said Slabbert.

“A will allows you some control over your assets after death instead of leaving the decision to the state. A will can name an executor, distribute property, designate guardians and provisions for your children, stipulate how to settle debts and have a clearly defined plan to minimise the tax burden.”

Dying without a will, or without a valid will, means your estate will be administered in terms of the Intestate Succession Act,” added the director.

The most obvious, most unsettling and difficult aspect of dying without a valid will is that you forfeit the freedom of deciding what should happen to your estate, which will then be allocated in terms of pre-determined legislated guidelines.

This is also a risk when people fail to update their beneficiaries following important life events, like a death or birth in the family or a divorce.

“If you are married and pass away, your assets will be awarded to your spouse in terms of the Act.

“If you have children, your estate will be divided and shared between your spouse and children. The state, however, decides on this split,” said Slabbert.

Without a will, he said you will have no say in choosing the right person to carry out this crucial role of ensuring your loved ones are treated fairly.

“There may also be additional costs associated with distributing your belongings in the absence of a will and without your clear instructions as a guide, conflict among loved ones is also more likely.”

Details: sandy@changetc.co.za