Secure your legacy today with a valid last will and testament

Most people know they need a will and testament should anything happen to them, but statistics show that one of SA’s major weaknesses is procrastination.

The statistic of South Africans without a last will and testament is extremely high, at more than 70%. Loved ones are left behind with the stress that comes with an estate that isn’t in order. 

That is why Capital Legacy, a wills, estate administration and life insurance provider, is supporting the Law Society of SA’s National Wills Week.  

Every year, for a week in September, participating firms offer basic will drafting for free. This year National Wills Week will be September 12 to 16.  

But at Capital Legacy, every day is Wills Day and every month is Wills Month because those services are a part of the company’s DNA.

Capital Legacy has been drafting wills for free for 10 years and, to date, has helped more than 500,000 South Africans get their wills in order.

The Capital Legacy team drafts wills on public holidays and after hours to accommodate clients. They also have a courier service that collects the signed wills, free of charge, to ensure safe custody.

The company, which is the largest provider of wills in the country, helps an average of 10,000 clients a month, which is indicative of the need for this service in SA. 

Not only does Capital Legacy draft wills, but it has one of the largest estate administration teams in the country, handling more than 100 new estates a month. 

With years of winding up estates, Capital Legacy has seen the reality of families battling to deal with the loss of loved ones. This struggle is made even more difficult when the loved one’s affairs are not in order.

The Law Society of SA says it’s important to have your will professionally drafted as “often, a will is not valid because the person who drafts it does not have the necessary legal knowledge to ensure the requirements of the law are met. By drafting a will, you ensure that your assets are disposed of in accordance with your wishes after your death”.

Whether you’re a parent, breadwinner, homeowner or want to ensure your affairs are in order, it’s important you have a valid will drafted by a professional. A valid will allows you to state your last wishes; who should inherit your assets and property; who you would like to act as executor for your estate; and who you wish to nominate as guardian/s for your minors — younger than 18 years old.

A valid will enables you to protect the interests of your loved ones and helps ensure there are no unnecessary delays in settling your estate after your death.

Disadvantages of not having a will

If you pass away without having a last will and testament, you die intestate, and the master of the high court will appoint an executor to see to the administration of your estate.

Because minors are not allowed to inherit assets, the assets due to them will be put into the Guardian’s Fund. The government created this fund to receive and manage money on behalf of persons legally incapable or who cannot manage their own affairs — this includes minors and mentally disabled people. The court will also appoint a guardian for your children.

The guardian may then claim against the Guardian’s Fund for the children’s expenses.

For most people, this is not the option they would want with their estate; it is a cumbersome process with all claims being scrutinised to eliminate false claims — which causes further delays. If there are any assets left by the time the children turn 18, they may apply to the Guardian’s Fund for their assets to be released to them. 

Even if you do not have children, without a will you forfeit the opportunity to decide who inherits what and your estate is distributed according to SA law. This means people you may not have wanted to benefit from your estate may inherit your assets and family heirlooms.

Advantages of having a last will and testament

1. The parent nominates guardians for the children, people the parents and the children know and trust. It is not guaranteed the children’s court will appoint your nominated guardians as permanent, as a social worker will interview them and thoroughly investigate their circumstances. However, it serves as an excellent guide for the social worker on where to start and, in most cases, the nominated guardians are appointed by the court.
2. Assets meant for the children may be left in a testamentary trust that is managed professionally through an attorney or a trust company such as Capital Legacy. This will safeguard the children’s future and address difficult issues such as property left for your children; who will take care of and manage their funds; and what the appropriate age will be to remit all the monies to the children.
3. Having a last will and testament with a testamentary trust for minors makes it significantly easier and faster to access funds for the children.
4. A last will and testament avoids confusion and fighting among relatives as far as assets are concerned, as you can clearly document who inherits what and appoint a trusted executor to manage the estate.

Over the past 10 years of helping South Africans get their wills in order, Capital Legacy has improved and refined its processes to make things easier, hassle free and accessible to all. And, 500,000 clients later, the company is still working hard to make the loss of a loved one easier by ensuring that more South Africans get their wills done.

This Wills Month, do not procrastinate: act now, spread the word and secure your legacy today. 

This article was paid for by Capital Legacy.