Four reasons parents need to have a valid will

MBOMBELA – Planning for your family’s future is not only about making sure your personal property is covered, or finding ways to build your wealth. It is also about planning for unforeseen circumstances and this means having a valid will prepared.

Mr Tony Hakime, head of business development at Standard Trust Limited explains the importance of making provision for your children if you are no longer there.

A valid will ensures that:
1.) What you have built up during your lifetime goes exactly to whom you want, such as your spouse and children
2.) You are able to determine who should look after your children, if you and your spouse pass away before they are 18 years old
3.) Money is set aside for your spouse and for the future care of your children
4.) Someone you trust is appointed to make sure your instructions for the distribution of your assets are carried out.

“These are some of the factors to consider when drawing up your will,” Hakime says. “However, if there are other things that should be included, your financial advisor or bank can guide and assist you.”

It is vital that your will is properly drafted. It should be as simple as possible to understand and reflect your wishes.

It must be signed by yourself on each page and witnessed by two witnesses who may not be beneficiaries in your will. These details are important, as they make the will a legal document.

• Read more on the details of making your final will and testament valid. 

It is important that you update your will especially when your personal circumstances change. This would include new additions to your family or changes to your assets.

“No mother likes to think about how the death of a parent will affect her children,” Hakime says.

“However, it is an important step in any financial plan and will ensure that you, your children, your family and your finances are cared for and protected.”