Is your WILL in order? Why you need to THINK of your loved ones

Let’s be honest, the question – is your will in order? – probably brings on dread and a cold sweat for most people. Who wants to think of their mortality, especially if you’re young and healthy? Never mind, get into the minutia of how to divvy up what to whom. And not to mention the expense and complication of ensuring your will is legally binding.

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IS YOUR WILL IN ORDER?

However, the Good Things Guy reported this week during National Wills Month on the importance of responsible estate planning with the help of Grant Fietze from Capital Legacy.

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It probably won’t surprise you to read that more than 70% of South Africans do not have their wills in order. This leaves your loved ones and assets vulnerable to unforeseen circumstances like a sudden accident or premature illness. September’s National Wills Month was created as an initiative to raise awareness and assist South Africans in drafting their wills.

REASONS TO HAVE A WILL

1. Having a will in place allows you to specify how your assets should be distributed after your passing. Sadly, without a will, the legal process after your death can be lengthy and complex.
2. When there’s no will in place, disputes over inheritance can lead to family rifts and costly legal battles. A clear, legally binding document helps settle any conflict and ensures your assets are distributed according to your wishes.
3. Crucially, if you have children under the age of 18, a will allows you to designate a guardian who will take care of them in the event of your passing.
4. Without a will, the process of administering your estate after your passing becomes really difficult and time consuming. Leaving your loved ones with that sort of strain after you die must be avoided for their sake.
5. And a well-structured will helps reduce the tax burden on your estate, ensuring that more of your assets go to your beneficiaries and less to SARS.

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So, is your will in order? If not, let this be food for thought. There’s no better time than National Wills Month to make sure your loved ones are looked after. Capital Legacy are specialists who can assist you.

Is your will in order or do you not care what happens to your estate after you die? Be sure to share your thoughts with our audience in the comments section below. Or send an email to info@thesouthafrican.com. Or you can WhatsApp us on 060 011 0211. Don’t forget to follow us @TheSAnews on Twitter and The South African on Facebook.