5 redes om ‘n testament te hêAugust 31, 2018
Reporting | SAGE VIP Smart HRAugust 31, 2018
Having an up-to-date and legally sound will can be one of the most important legacies that you leave behind for yourself and your family. Losing a loved one is incredibly difficult and having a valid will in place will protect your spouse, your children and your assets and ensure that a very difficult time is made easier.
- You decide who will be the guardian/s of your minor children
A will allows you to appoint the person who you want to raise your children, or to make sure it is not someone you do not want. If you die without a will or if you fail to make provision in your will for a guardian, the High Court will make this important decision on your behalf.
- You decide how your assets will be distributed
A valid will is a legally binding document that lets you determine how you want your estate to be administered after your death. If you die without a will, your estate will be administered according to the provisions of the Intestate Succession Act 81 of 1987 (“the Act”). This implies that the distribution of your assets will be according to the Act and can have a devastating financial effect on your spouse and children. Furthermore, the inheritance of a minor will be paid to the Guardians Fund that will administer it until the minor reaches the age of majority.
- You decide who will be executors of your estate
Having a will in place enables you to appoint the person you want to be the executor of your estate – someone who assumes responsibility for the distribution of your assets after your death, ensuring that it all goes according to your plans.
- Give back
A will doesn’t only make provision for the people you loved in your life; it also allows you to give back and to leave behind a legacy that will make a real difference to the lives of many. Whether it’s an environmental, animal, or human cause, allocating a portion of your wealth to charity is a noble gesture that a will can facilitate.
- Because tomorrow is not promised
Procrastination and the unwillingness to accept death as part of life are common reasons for not having a will. Sometimes the realisation that wills are necessary comes too late – such as when an unexpected death or disability occurs. To avoid the added stress on your family, it may be wise to make sure your will is up to date.