In these uncertain times that we are faced with, we are forced to re-evaluate our own mortality and therefore some important aspects arise, like will my family be protected if I pass away? Preparing a last will and testament is arguably one of the most important things to do in your lifetime. However, talking about ones last will and testament is often an uncomfortable conversation and therefore people tend to put drawing up a last will and testament aside.
If a person passes away without a valid will that person’s estate will be divided in accordance to the Intestate Succession Act, and thus the Intestate Succession rules. This means that a person’s estate will not be divided in accordance to that person’s wishes but will be divided equally between their spouse and their children. If there is no spouse or children then the deceased person’s estate will be divided between that person’s closest family members until there are no family members left. If there are no family members the person’s estate will be awarded to the state.
Creating a will gives a person control over what happens to their loved ones and assets after they passed away. There are numerous advantages of creating a last will and testament, the most important being:
- To protect ones children
A last will and testament provides instructions for the care of ones family and in particular, ones children. Not only does it determine how much of the estate will be allocated for the children’s basic needs, housing, education, health etc, but also who will take care of your children when you are no longer there. Appointing a guardian for your children may be the most important thing you can do for your family.
- To determine how your wealth will be distributed
If you pass away without a valid will and testament, you will have no control on how your estate will be distributed. All your hard work, wealth and possessions will be taxed and distributed between your next of kin in equal parts. A will gives you control to determine who will receive what benefits from your estate. It ensures that the people who mean the most to you will share in the benefits after your demise.
- Appointment of an Executor
Having a will in place enables you to appoint an estate executor. The executor of an estate ensures that your estate is distributed in terms of your wishes. Therefore an executor must be someone you trust. A will gives you the power to choose your executor. This could be a spouse, family member or family lawyer. If you pass away without a will a person that you do not know may be intrusted with the distribution of your estate.
- Because death is hard enough
Losing a loved one is incredibly difficult. The last thing that you would want to burden your surviving family with is the hassle to find lawyers to report your deceased estate and deal with the administration of your estate. A valid will smooths out the proceedings subsequent to your death and leaves no room for unnecessary in-fighting, family squabbles and other conflicts.
When creating a will and testament there are requirements that need to be met to ensure that one’s will is valid. These requirements are:
- The will must be in writing.
- Two people older than 14 years of age must witness the signing of the will. (these witnesses cannot be beneficiaries of the will).
- You must sign every page of the will and sign the last page in full, in the presence of the witnesses.
- The witnesses must also sign every page of the will and sign in full at the end of the will.
Creating a will and testament can ensure that your loved ones are protected when you pass away. So do not postpone creating a last will and testament any longer. It may be the best thing you ever do for your family.
Article by Henry Jacobs (Professional Assistant)
