September 13-17 is National Wills Week; it’s time to put your house in order.
“… Death and taxes.
We all know the popular idiom: death and taxes (“the only two certainties in the world”). The subject of wills is often avoided because, let’s be honest, it isn’t always pleasant to think about what would happen if you died.
Making proactive plans to protect your loved ones and make sure your legacy is left as you planned, doesn’t have to be a pessimistic subject. It is the responsible thing to do and we should discuss it more openly and often.
Your will is probably the most important document you will sign, and the consequences of dying without a valid will can be dire. Without a will, whatever you leave is distributed in accordance with intestate inheritance law, which is generally not in accordance with your plan of inheritance that you will one day leave with your loved ones.
If you have assets in the form of money, jewelry, property, investments, etc., or if you have minor children, you must have a valid will.
“75% of South Africans die without a valid will. “
Each year, the Law Society of South Africa (LSSA) promotes National Wills Week, where it encourages law firms to offer free will writing to raise awareness of the importance of wills. There is an inconceivable statistic that over 75% of South Africans die without a valid will.
Why is this number so high, you will ask? The results of an independent poll conducted by Primedia Broadcasting this month helped us get to the bottom of it! The survey asked the question of why consumers had not yet set up their wills. The result was as follows:
- 49% of respondents: “I did not succeed. “
- 15% of respondents: “I don’t know where to make my will. “
- 15% of respondents: “I think it might be expensive to get a will. “
- 13% of respondents “I don’t think I need a will. “
- 8% of respondents: “Other”.
As you can see, procrastination was the number one reason why a will was not put in place, so most consumers surveyed understood the need for a will, but just didn’t. rendered.
“When you consider the impact on your family, estate and inheritance when you die without a will in place, you would think this would be a top priority – and yet we still only see 1 in 4 South Africans who have died with a will. valid in place, ”said Brandon Garbutt, Managing Director of Capital Legacy
In the survey, participants were also asked if the Covid-19 pandemic made them think more about their estate planning and what legacy they would like to leave one day? The result was a resounding “yes”.
“This year has shown that it is especially important to focus on leaving a lasting legacy for our children and future generations. In the face of adversity, and as the death toll from Covid continues to rise, we are reminded that life can be unexpected. We must prepare accordingly. notes Alex Simeonides, CEO of Capital Legacy
“Is your will in order? “
It’s time to get our communities to talk about wills and encourage those around us to take action. Writing your last will and will shouldn’t be a difficult task. This week, you can do it free of charge at participating law firms. At Capital Legacy, we offer free will consultations year round and have made September “Wills Month” to put more emphasis on this important topic.
National Wills Week is a great time to get your affairs in order. Don’t read this and put it off until another day. Take an hour of your time and accomplish this important task; you will have such peace of mind. Don’t procrastinate – resolve your will today!
For more information and to organize your free will consultation, visit: www.capitallegacy.co.za/willsmonth
Your will is the most important document you will sign
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