Most South Africans cause problems for family by not writing a will
Three out of four adult South Africans, 48% of them men, do not have a will, and it is largely due, said Brandon Garbutt, MD of Capital Legacy, to “our Superman complex, thinking that we are indestructible”.
“When a person, especially the major breadwinner, passes away, the survivors in an average middle-class family need to deal with property, loans, bank accounts, cars, investments, savings and pension funds. Without a will, dumping the responsibility on them to get things in order is simply uncaring.”
Lindsay Jones, a director of Bate Chubb and Dickson, one of East London’s oldest law firms, said while the number of willless people is staggering, she blames it on lack of education, in other words ignorance of the problems it can cause.
“I think it is, in some cases, a concern about costs. People wrongly think wills are expensive. They are not, unless they are massively complicated. In fact the Law Society has an annual ‘Free Wills Week’, normally in September, and most East London law firms take part.”
She said an issue that troubles her is the number of young parents with minor children who, for whatever reason, put off drawing up wills.
“That sort of neglect is very unfair on minor children.”
Garbutt said distribution of an estate can be very complicated when there’s been a divorce and remarriage, and children are from different partners.
“The last thing you want is to leave your estate in the hands of the government to administer, but unfortunately this is what far too many people do.”
“Die will-less and your estate will be administered in terms of the Intestate Succession Act 81 of 1987. This means that your property, any assets you own and your money would be passed on according to the will of the state, and not necessarily how you would have wanted it.”
What this means, he said, is: * If you were married but had no children, your spouse would inherit everything;
* If you had a spouse and children, your estate is divided according to a specific formula: your spouse inherits R250,000 or a child ’ s share, whichever is greater;
* If you had no spouse and no children, but are survived by your parents, they would inherit your estate in equal shares;
* If you had only one surviving parent they would inherit half of your estate and the other half would be inherited by your siblings;
* If you had no siblings, your full estate would pass to your surviving parent;
* If you had no surviving parents, your estate would be divided equally among your siblings; and
* If you had no surviving parents and no brothers and sisters, other nearest blood relations such as nephews and nieces would inherit in equal shares.
“Suppose you had no surviving relatives, and no legitimate heir comes forward after 30 years, your estate’s proceeds will devolve on the state.
“What most people fail to realise is that your will does more than simply manage the distribution of your estate. It brings clarity, order, simplicity and logic. It brings peace of mind.”
He said complications set in when the bulk of the estate is in property and a car, which is often the case.
“The executor has to sell off assets, liquidate the estate, pay off costs and only then start to distribute. A spouse, living on the property, will find themselves without a home or car while the liquidation and distribution process takes place, according to intestate succession rules.”
Controversial Argentinian football idol Diego Maradona died recently without a will.
“There was immediate conflict regarding his R1.3bn estate, and costs will take a huge chunk. One does not have to be a Maradona for would-be inheritor dramas to increase administration and legal fees. In some cases estates can become insolvent through onerous legal battles.”