Recently, it has become clear that as many as one million civil servants do not have wills and wills.
The national average for all employment sectors in the country reaches as high as 75% of unwilled employees. Official statistics are not yet available, but the industry almost agrees that the government sector is far behind in this area, with unwilling civil servants potentially reaching 80-90% of the workforce.
“The South African financial services industry has done an inadequate job in educating the public about the importance of having a will for the past two decades,” said Capital Legacy, CEO of SA’s leading provider of will. Alex Simeonides said. “The focus of the industry was on” high-value “products such as life insurance, funeral plans, car insurance, personal loans and mortgages. In reality, without will, the impact on a left-behind family is devastating. “
The results of dying without a will are as follows:
- You lose the opportunity to decide who inherits what and your property is distributed in accordance with South African law. This means that people who may not have wanted to benefit from your property may inherit your property.
- If you are not married, or if your will has not been renewed from your previous marriage, your partner may be left with nothing.
- The inheritance of your child may be passed on to the Government Guardian Fund or an appointed guardian, not a trust that ensures that your wishes are fulfilled.
- Family feuds often occur when a family discusses the distribution of your property when the final wish is not clearly documented in the will.
- Liquidation of real estate can take years. If you do not appoint an executor, the government will basically control the process.
The South African government employs more than 410,000 teachers, 243,000 health care workers and 193,000 police officers, most of whom are homeowners and parents.
Given how many of these experts do not have a valid will, these are horrifying statistics.
The most vulnerable are single parents of minor children. According to a survey conducted by the Human Science Research Council (HSRC) and the Institute of Race Relations (SARRI) over the past five years, 60% of SA children have no father and more than 40% of South African mothers are single. I’m a parent. This is a cool idea if there is no will and the inheritance of a minor child could be passed on to the Government Guardianship Fund.
“I’ve seen a terrible case of a family dying, no valid will, and involving a minor child. The will already brings certainty and clarity to a very emotional situation. “Alex says.
The situation in South Africa is actually very dire, and the National Bar Association has begun promoting National Will Week each year to support the education of South African citizens and the recruitment of support from law firms across the country.
Traditionally, Wills has been considered only for the wealthy. In reality, when we die, everyone is subject to the same legal process, and with a will, that procedure is much more streamlined and often more cost-effective.
Capital Legacy launched a department 18 months ago just to support education and support in the government sector and to help more civil servants organize wills. The results are staggering, with more than 15,000 civil servants already drafting their will at Capital Legacy.
“We knew there was an urgent need, but we didn’t expect our product to be featured so dramatically,” Alex said. “What started as a project we were passionate about quickly became a department, with more than 100 consultants nationwide, helping more than 1,000 civil servants organize their will each month.”
The harsh reality of COVID deaths in South Africa has forced many to stop and plan for unforeseen events so that they can leave their families with heritage.
With so many civil servants at the forefront of COVID, companies like Capital Legacy are making a real difference in turning these catastrophic statistics around.
For more information, please visit: https://www.capitallegacy.co.za/your-cover/keyplan/
Over 1 million South African government officials have no will
Source link Over 1 million South African government officials have no will