For the whole month, the topic of wills was part of the national conversation and it dominated socials, podcasts and newsfeeds as the fiduciary and legal industry worked to reduce the number of South Africans who die intestate (without a will), leaving their loved ones with many challenges and what Capital Legacy calls “an awkward position”.
“Each of the 31 019 wills drafted represents a South African family who won’t face confusion, conflict or financial strain when they lose a loved one,” says Craig Harding, Capital Legacy CEO.
Five awkward positions your family could face if you pass away without a will
- The law will decide who gets what, not you.
- Delays in estate administration and unexpected legal hurdles.
- Inability to access funds for children, or to maintain assets.
- Family conflict and uncertainty when clarity is most needed.
- Inheritance drama: The same chaos can ensue for outdated wills (for example, if you get divorced and neglect to update your will, your ex’s new partner could be cruising around in your beloved GTI).
Children at risk
Children are especially at risk if parents don’t have a will as the parents then forfeit the opportunity to include preferred guardians and set up testamentary trusts to ensure their children’s needs are taken care of if anything should happen to them.
“There are additional considerations when kids are involved,” Harding explains. “In our country, where single-parent families are on the rise, it’s crucial to nominate guardians and set up testamentary trusts so your children’s education and wellbeing will be protected if you are no longer around. You want the funds you leave behind to be ring-fenced for their care, not bogged down in red tape.”
Paradigm shift
Wills remain one of the most important, yet persistently neglected, parts of financial planning in South Africa. The trend is shifting, though, albeit slowly.
“We’re seeing more financial advisors referring clients for wills, a younger market stepping up, and the percentage of South Africans dying without a will has improved from 80% to 70%. These are promising signs that consistent education can change behaviour, debunk myths and shift mindsets,” Harding adds.
The good news is that Wills Month is not the only time of year to draft your will. You can have yours professionally drafted, free of charge, by Capital Legacy – online, via virtual consultation, or in person, and it requires less than an hour of your time.
It’s time to feel less awkward, South Africa.
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