Do you have a will? As it stands life is not promised to anyone, the idea of mortality should be reason enough to set up your legal documentation of what should happen to your assets.
Now, many of us think of a will as something only rich folks should have but a will can encompass many aspects of your life with or without riches.
What is a will?
A will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out. Further, your heirs may end up spending additional time, money, and emotional energy to settle your affairs after you’re gone.
Who should have a will?
According to Sanlam, you don’t have to be of any age to have a will in place and it doesn’t matter how big or how small your assets are.
For example, if you don’t have kids, property or money, but you have pets, a book collection and other things of value to you. That’s when you can draft a will to have an executor and beneficiaries of your belongings.
The importance of a will
It is to make sure the people you were responsible for are taken care of and if it’s minor children you’re leaving behind, you have a responsible guardian who will take care of them.
In addition, If you happen to die before having a will in place and it becomes an administration nightmare for the family. The state will take your possessions and estate will be divided for you according to the Intestate Succession Act, No 81 of 1987.
Go Legal Law shares ideas on what you need to consider
- Make sure your will is in writing, and signed on each page.
- Witnessed by 2 people who are at least over the age of 14 years and also sign the last page of the will in front of the testator.
- It is also important to sign the date when the will is done.
- Witnesses must not be beneficiaries anywhere in the will.
Having a will gives you a peace of mind in knowing that should anything happen to you, you will leave your parents, children, siblings, friends taken care of and save them the conflict that comes with distributing someone’s belongings or assets.
Also see: Tips on how to manage your black tax
