September is the Month of Wills in South Africa

Getting to the task of doing your Will is often met with the same contempt as a teenager being told to switch off the TV and go do their homework. Many also think that once they have made a Will, the deed is done. But it is always a good idea to review your Will from time to time to make sure it is up-to-date. You will need to review it in particular if:

• Your marital situation changes
• You have more children
• A spouse/beneficiary dies
• You enter into a new business
• There is a significant change in your assets

Luckily, every year, the month of September rolls in and we suddenly have a whole month dedicated to this topic. A whole month that harasses you to get it done! But what happens if you put this off so much that you just never get to it? Or you put off reviewing the one you did 20 years ago that mom forced you to do because you bought your first Ol’ faithful (car) to get to your first job with.

Well, let us tell you the story of John Doe. John lives in South Africa and was peacefully minding his business, sipping wine on his patio, when suddenly he gets a call. His Aunt, Jane Doe, who lives in the UK passed away… two years ago already. Two years!! John was hurt. Why did no one let him know sooner?

You see, the thing is that Jane had no family with her in the UK. She didn’t have a Will either and her government-appointed executor had spent two years going blue in the face trying to find her next of kin. It wasn’t until the executor was chatting to Jane’s neighbor about whether Jane ever spoke of anyone that Jane’s neighbor suddenly recalled the nephew who visited her once a couple of years before she passed. They dug through every piece of paper and every cellphone message until they found John’s number. When John heard he was her only heir, he was astonished to hear of the huge effort –by a government-appointed executor. John is not used to such efficiency in his country.

Had they not found John and finally given up their efforts, Jane’s treasured possessions would have simply been absorbed by her government. If she had made sure to have a Will, she would have avoided all these delays and averted this risk upfront. Also, what if Jane actually didn’t want John to inherit? Her Will would have made sure that her actual wishes are given effect to, instead of those we leave behind playing a guessing game and being forced to follow Intestate laws.

Having a Will is crucial! September is almost done and soon you will be counting down the days until you are on holiday, not thinking at all about your Will. Get it done before you go! Make it an item on your holiday preparation list.

Contact your PSG Wealth advisor today to tick off this crucial aspect of both your estate and financial planning.