Matter of life and death

THE majority of people with families do all they can to ensure the future of their spouses, children and loved ones will be financially secure.

They work hard, save and invest. Yet many never consider the importance of writing a will, assuming their belongings will be left to the obvious intended beneficiaries when they pass away.

This is not the case,” says Kobus van Schalkwyk, head of corporate development for Standard Trust Limited at Standard Bank. If you pass away without a will, legislation determines how your assets should be distributed.”

By writing a will, you ensure your belongings are divided among your chosen beneficiaries.

There are a number of advantages to drafting a will, as explained below:

Wills limit family disputes: A clear, well-written will can ensure family arguments over your estate are avoided. In rare cases, the courts may allow a will to be contested.

Wills clearly state preferences: As well as indicating who will receive what from your estate, a will outlines how you would like certain assets to be used.

For instance, you could leave your antique car to your son, stating clearly in your will that you d like him to sell the car to pay for his education,” Van Schalkwyk says.

Children s guardians are named in wills: Unless you name in your will who you want to take care of your children in the event of your passing, the state will determine who will have guardianship.

You can provide for heirs with special needs: You may pass away when your beneficiaries are too young or immature to manage their inheritance. In such cases, a will can insist on the assets being placed in a trust that can either limit the beneficiaries’ access until they are of a certain age, or distribute the money over a period of time. Such provisions can also be tailored to care for elderly relatives, or those with special needs.

What happens if I die without leaving a will?

There are a number of drawbacks to passing away without making your wishes clear. As mentioned, your assets will be distributed among your surviving blood relations in terms of legislation, but this may not be what you want.

All of these consequences can be easily avoided by drafting a clear and precise will,” Van Schalkwyk says.

But since a will is a legal document, it may be worth consulting your bank, a trust company, attorney or financial advisor to ensure your spouse, children, relatives and other loved ones are well taken care of in the event of your death, and that you enjoy peace of mind.”