Securing your family’s future this National Wills Week: A guide for all South Africans

Feel free to reach out to PSG Wealth Manager Emile Janse Van Rensburg   directly.

This annual initiative is an important reminder that a will is not only for very wealthy people – it’s a fundamental document for every South African.

Many of us falsely believe having a will is unnecessary if we don’t have many assets. Irrespective of your age or financial status, a valid will is the most effective way to ensure your wishes are honoured and your family is protected after your death.

The risks of dying intestate

If you die intestate (without a will), your estate will be distributed according to the Intestate Succession Act. This means the law, and not your wishes, will determine who inherits your assets. This may have unintended and often painful consequences. For instance, your estate may be distributed among a surviving spouse and children – which might not be what you have had in mind. The absence of a will may also lead to drawn-out and expensive legal battles between family members, changing a time of mourning into a time of conflict.

A valid will offers a clear, legally binding document eliminating the above scenarios. It enables you to specify exactly who should inherit what – from your property and money in the bank to sentimental items. It’s a roadmap for your estate, ensuring a seamless process and maintaining harmonious family relations.

Protecting your most important assets

For parents, a will is crucial to appoint a legal guardian for minor children. In the absence of a valid will, the court will select and appoint a guardian, and although acting in the child(ren)’s best interests, the court’s choice might not align with your personal values or wishes. Nominating a guardian in your will ensures that your children will be cared for by someone you trust.

It is also important to be aware of general misconceptions. Your retirement fund and life insurance policies don’t automatically form part of your estate. You need to nominate beneficiaries for these separately, to ensure the appropriate distribution of the funds. It’s a common oversight that may lead to substantial complexities for your loved ones.

Don’t delay: Take action this Wills Week

During National Wills Week, many institutions offer free drafting of basic wills. This is a great opportunity to have this essential document created for free. By taking this simple step you don’t only protect your assets, but more importantly, you also secure the future of the people you cherish the most. A well-drafted will ensures that your legacy will be handled with care and respect, providing you and your family with priceless peace of mind. Make the effort to have your will drafted this Wills Week – this is one of the most proactive and kindest things you can do for your family’s future.