Leave a lasting legacy

Leave a lasting legacy

The Covid-19 pandemic has been a brutal reminder of our own fragility and mortality. Most of us have experienced the loss of a loved one or know a friend or colleague whose loved ones were lost due to Covid-19 complications. Your Will is one of the most important legal documents that you will have in your lifetime. Sadly, it is also one of the most neglected documents. A significant number of South Africans do not have a valid will. None of us enjoy talking about death, in fact, if we can avoid the conversation, we do it at all costs.

Many people assume that having a will is unnecessary and all they must do, is inform their loved ones of who gets what. Unfortunately, it is not that easy. Telling a family member what happens to your belongings is not a legal and binding document. Dying without a Will means that your estate will be wound up according to the laws of intestate succession, which may result in long delays in providing your loved ones with proper financial care.

To assist you in getting your Will in order, consider the following as a starting point:

• Is the date of the signature on your Will older than 5 years?
• Are you sure that your current Will revokes previous Wills drawn up by you?
• Do you have Wills that deal separately with your South African and non-South African assets (e.g. offshore investments)?
• Do you have children or other loved ones who have emigrated from South Africa?
• Did you make provision for enough cash in your estate to cover all liabilities?
• Have you nominated guardians for your minor children?

The loss of a loved one is traumatic and can leave the ones left behind, emotionally and financially vulnerable.  Leaving a legacy is not a conversation that should be postponed.

The opinions expressed in this document are the opinions of the writer and not necessarily those of PSG. The information in this document is provided as general information. It does not constitute financial, tax, legal or investment advice and the PSG Konsult Group of Companies does not guarantee its suitability or potential value. Since individual needs and risk profiles differ, we suggest you consult your qualified financial adviser, if needed.