Planning for your future is not only about making sure your personal property is covered, or finding ways to grow your money and build your wealth. It is also about planning for the future, unforeseen circumstances and doing the best we can for our families. This means making sure that we all have a will prepared and in place. A will makes sure that what you have built up during your lifetime goes exactly where and to whom you want. Best of all, a will is confidential. Nobody but you, your lawyer or the bank that helped you draw it up, needs to know what it contains.
Kabelo Makeke, Head of Inclusive Banking at Standard Bank says that the advantages of having a will include:
- Being able to say who should look after your children if you and your spouse pass before they are 18 years old.
- Setting aside money for your spouse. Your children can also benefit from money set aside to help them with education etc.
- Nobody being able to claim any of your assets that you leave behind, if the will is written up for you by your lawyer or bank consultant.
- Removing all doubt about who should get some of your prized possessions.
- Updating your will whenever you wish. This should be reviewed at least once a year and can include new items if you want to.
- Appointing someone you trust to make sure your instructions are carried out. This person is called an executor and can be a lawyer, family member, friend, or your bank.
“These are the main things to consider when drawing up your will. However if there are other things that should be included, your financial advisor or bank can assist you,” says Mr Makeke. “For instance, you may leave an item to someone who passes away before you do. When drawing up a will, you can plan for this by having a “back-up” person mentioned in your will.”
What is important is that a will is properly drawn up. It should be as simple as possible and be based on what you want. It must also be witnessed and signed by at least two other people. You will also need to sign the document and initial every page. These details are important as they make it a legal document. You should therefore be honest and tell your lawyer or advisor everything they need to know. Their conversation with you when writing the will is confidential. Only the two of you need to know what information it contains.
“Nobody likes to think about what might happen in the future, especially when it comes to events like a death. However, it is an important step in any financial plan and will ensure that you, your family and your finances are protected,” concludes Mr Makeke.
