Advertise Here
Icon

Directory

IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconFinancial Planners
IconLife Insurance Companies
IconLife Insurance Products
IconOmbud
IconOnline Quotes
IconPublic Loss Adjustors
IconPublications
IconRe-insurance Companies
IconRegulatory Authorities
IconSocial Grants (Government)
IconWellness Programs
Advertise Here
  Subscribe To »

The importance of having a Will

Published

2020

Thu

29

Oct

Drawing up a Will can be a very sensitive and uncomfortable subject but as death is inevitable, it is always better to be prepared. As a legal document expressing your last wishes, a Will may well be the most important document that you will ever sign. And while it is recommended that you use the services of a professional to draft a Will, the reality is that you may choose to do it yourself or elect someone you know to do it for you.

 

Your assets, your decision

The importance of having a valid, and executable, Will cannot be over-emphasised as this will be your legacy to your family. A badly drafted Will can create unintended consequences if the wording used is unclear or ambiguous on matters which include the executor of your estate, legal guardian to minor children and outlining your wishes on how your estate should be distributed.

 

Once your Will is signed and witnessed it is important to avoid becoming complacent. Your Will should be reviewed regularly as circumstances change, especially in the case of life events, such as marriage, childbirth, or a divorce.

 

But what happens if I die without a Will?

If you die without a valid Will, you will have no say as to who will benefit from your estate as your estate will then devolve according to the Intestate Succession Act 81 of 1987. This may result in one or more unintended persons benefitting from your estate and/or leaving those that you would have wished to benefit with less than you would have liked.  

 

Some final top tips

For a Will to be valid, the testator must be over the age of 16 years, the Will must be in writing (typed or handwritten) and each page, including the last page, must be signed by the testator and two competent witnesses who is 14 years of age or older. It is also important to note that any person who signs a Will as a witness, or is a spouse of a witness, will be disqualified from receiving any benefit under that Will.

 

The death of a family member is in itself a traumatic experience, so save your family the burden of litigation and family disputes. A badly drafted Will, or not having a Will in place, can have dire consequences that could easily have been avoided. Make an appointment with a recognised and accredited fiduciary practitioner to draft or review your Will in order to give you peace of mind, knowing that the wealth you created in your lifetime will be transferred to your beneficiaries with no unintended consequences.

 

 

 
Source: Gerhard Meyer, CFP® and Head of Technical Support at PSG Wealth
 
« Back to previous page Print this page » |
 

Breaking News »

1Life stats confirm the importance of healthy living amidst a possible second wave

Mortality rates obtained by 1Life indicate that there has been a 233% increase in deaths between July and September this year, compared to last, with a massive increase in respiratory-related deaths. “Covid ...
Read More »

  

FOR YOUR EYES ONLY-POPIA ESSENTIALS

The Protection of Personal Information Act (POPIA) has been in the making for a while, with certain aspects already introduced. It is finally set to come into full effect after President Cyril Ramaphosa said, in ...
Read More »

  

What will Finance Minister Tito Mboweni's 2020 Medium Term budget offer?

South Africa's economic recovery plan The plan is aimed at fast-tracking the recovery of the economy from the devastation caused by the COVID-19 pandemic. It outlines government's plan to revive the ...
Read More »

  

Beneficiaries of fully underwritten life policies receive R16.7 billion in death benefits in 2019

South African life insurers paid 99% of all claims against fully underwritten individual life policies in 2019 to a value of R16. 7 billion. The 2019 annual death claim benefit statistics for fully underwritten ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Retirement »

Image

Short-term »

Advertise Here
Advertise Here

From The Glossary »

Icon

Fiscal Policy:

The use of government spending to influence macroeconomic conditions.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2020. All Rights Reserved.