Who needs a will and the importance thereof

Wherever you go, your will should follow…

Assets come in many forms – from the small amount of spending money in your bank account, to the deposit saved up for a home, or the house itself and its contents, the shiny new car or the trustworthy one that never lets you down, or even the sentimental (and often valuable) items passed on from generation to generation. If any of these apply to you, you need a will.

Having an up-to-date and legally sound will can be one of the most important legacies you leave behind. Losing a loved one is incredibly difficult, but having a valid will in place can protect your spouse, children, and assets – making a challenging time a little easier.

The benefits of having a will are:

1. You decide who will be guardians of your minor children:
   A will allows you to nominate the person you wish to raise your minor children. If you pass away without a will or fail to make provision in your will for a guardian, the High Court will make this extremely important decision on your behalf.

2. You decide how your assets will be distributed:
   A valid will is a legally binding document that outlines how your estate should be administered. If you pass away without one, your estate will be dealt with according to the Intestate Succession Act 81 of 1987 (“the Act”). This implies that distribution of your wealth will be according to the Act and can have a devastating financial effect on your spouse and children. Furthermore, any inheritance due to a minor will be paid to the Guardians Fund and managed until the minor reaches majority.

3. You decide who will act as executors of your estate:
   A will in place enables you to appoint the person you want to be the executor of your estate – someone you trust to manage and distribute your estate according to your wishes. This person plays a crucial role in ensuring your estate is wound up in a timeous and cost-effective manner.

4. Circumstances change:
   Life events such as births, deaths, marriages, divorces, adoptions, or property acquisitions can all impact your estate planning. If you haven’t updated your will regularly, your assets could be distributed contrary to your intentions.

5. Leave a legacy:
   A will doesn’t only make provision for your loved ones; it also allows you to give back and to leave behind a legacy that will make a real difference to the lives of many. Whether it’s an environmental, animal, or humanitarian cause, allocating a portion of your wealth to charity is a noble gesture that a will can facilitate.

6. Because tomorrow is not promised:
   Procrastination and the discomfort around the topic of death are common reasons for not having a will. Sometimes the realisation that wills are necessary comes too late – after an unexpected death or disability. To reduces stress on your loved ones it may be wise to make sure your will is up to date.

Given the importance of a will in the winding up of your estate, it is of utmost importance that the original signed will is stored safely but also remains accessible to a trusted confidant should the time arise to implement the will.

We recommend that a living file be compiled to assist with the administration of your estate. This file should include:

1. Original will and testament.
2. Copies of identity document, marriage certificate and pre- or post-nuptial agreement.
3. Original title deeds of all properties owned.
4. Contact details of heirs and legatees.
5. Firearm licenses (if applicable).
6. Motor vehicle registration documents.
7. Information regarding investments, life and insurance policies and financial advisors.
8. A list of assets and liabilities.

Having this file ready ensures the administrative process can proceed smoothly, allowing your loved ones to focus on what truly matters.

Please contact your relationship partner or trust@asl.co.za should you have questions regarding your existing will or need a new will.