Sharing your last wishes

JOHANNESBURG – Everyone wants to leave a legacy for their loved ones. But what if that legacy ends up in the wrong hands?

Dying without a will or with an invalid one may mean that your last wishes cannot be fulfilled.

Some people don’t draw up a will, because they believe that their estate (money, house, car, insurance policies and investments) is small enough for their families to manage. All they want is a simple will.

“Drawing up a will does not have to be a complex or an expensive exercise. A trust company or your financial adviser can advise you on how to draft the most practical will that takes into account your personal circumstances and wishes,” says Sanlam Trust Legal Adviser, Clive Hill.

Your will is one of the most important documents in your life, since it ensures your wishes are carried out after your death. If you die without a valid will in place, the law determines who inherits your estate.

“That could have far-reaching consequences for your loved ones because the law, and not you, would determine who your heirs would be. A will stipulates how your estate should be distributed and to whom,” says Hill.

But he also warns that having a will is only meaningful if the will is valid. It is important that your will should be a practical document that is easy to understand and easy to execute. You should review it regularly to reflect your changing life circumstances. For example, a marriage, divorce, the birth of a child, buying and selling large assets such as a house, the death of a family member or heir, and changes in legislation, all affect the content of your will.

“You can’t be too careful when drafting your will. You should be taking advice from a specialist who works with your financial adviser to craft the best possible will – one that will achieve the best results for your loved ones,” says Hill.

As the week September 15 to 19 was South Africa’s National Wills Week, here are some tips on how to draw up a will:

• Inform your family beforehand about your wishes regarding your funeral. A will is usually made public only after the funeral has been arranged.

• When appointing heirs for your non-cash assets, it is advisable to split your estate and specify who inherits what. To transfer ownership of a house or car to two or more people can result in practical problems and family feuds.

• If your children are minors, consider appointing someone to be their guardian when both biological parents have died.

• Appoint your executor while drafting your will. The surviving spouse is often appointed as the executor of the estate. However, by appointing a reliable company as executor, you get the advantage of specialised knowledge of wills and estates, thereby ensuring that your surviving spouse is not exploited by people who do not have your spouse’s best interests at heart.