Why women need a Will
The vast majority of women with families do all they can to ensure that the future of their spouses, children and other loved ones will be financially secure. They work hard, they save, they invest. Yet many women don’t consider the importance of executing a Will in this regard, assuming that everything they have earned will automatically be left to the “obvious” intended beneficiaries when they pass away.
“Unfortunately, this is not the case,” says Kobus van Schalkwyk, Head of Corporate Development for Standard Trust Limited at Standard Bank. “If you pass away without leaving a Will – that is, intestate, – legislation will determine how your assets should be distributed.”
By executing a Will, you ensure that your belongings are divided among your chosen beneficiaries. You Will also ensures that the estate administration process is accelerated if you nominate an executor in your Will, because, if the Master of the High Court has to go through the process to appoint an executor it could take months, potentially leaving vulnerable family members without critical income.
Besides the advantages of certainty and timeliness, there are a number of other advantages to drafting a Will:
Wills limit family disputes: A clear, well-written Will can ensure that family arguments over your estate are avoided. In rare cases, the courts may allow a Will to be contested, but there must be reason to believe that the Will is not valid; for example, if the person who executed the Will was not of sound mind or unduly influenced by a third party.
Wills clearly state preferences: As well as indicating who will receive what from your estate, a Will can also outline how you would like certain assets to be used. For instance, you could leave your jewellery to your daughters with a personal message accompanying the bequest.
Children’s guardians are nominated in Wills: If your minor children do not have a natural guardian, and unless you nominate in your Will who you want to take care of your children in the event of your passing, a guardian may be appointed without your wishes being taken into consideration. It may happen that a guardian gets appointed that that you would have chosen yourself, or they may choose a third party that you may not have approved of. You can avoid the uncertainty by nominating a guardian of your choice in your Will.
You can provide for heirs with special needs: You may pass away when your beneficiaries are too young or immature to manage their inheritance. In such cases, a Will can insist on the assets being placed in a trust that can either limit the beneficiaries’ access until they are of a certain age, or distribute the money over a period of time. Such provisions can also be tailored to care for elderly relatives, or those with special needs.
What happens if I die without leaving a Will?
There are a number of drawbacks to passing away without making your wishes clear. As mentioned before, your assets will be distributed among your surviving blood relations in terms of legislation, but this may not be what you want.
“For example,” says Mr van Schalkwyk “If you are a single woman with no children or surviving parents your entire estate may go to an estranged relative you barely know, while a well-loved friend or charity gets nothing. And if you don’t have any blood relatives, your assets will be forfeited to the state, without your closest friends or favoured charitable causes benefitted or supported.”
“All of these consequences can be easily avoided by drafting a clear and precise Will,” says Mr van Schalkwyk. “But since a Will is a legal document, it may be worth consulting a trust company, your bank, attorney or financial advisor to make sure that your spouse, children, relatives and other loved ones are well taken care of in the event of your death, and that you enjoy peace of mind.”
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