Where there’s a will…

By Colin Ford

I recently had a death in the family and was fortunate enough to be named in the will of my great, late Aunt Susan (who many people in the CN&CO network knew). The executors are currently in the process of wrapping up the estate so that her assets can be disbursed to her beneficiaries, as per her wishes.

I am enormously grateful that she had a will in place, especially since she nominated someone from a professional fiduciary services company to look after her estate. (Those who knew Susan can attest to her incredibly strong will, but this is not quite the same thing 🙂)

The process prompted me to relook my own will and, even though I had something in place, there were one or two things that I wanted to change. I asked the interwebs why it’s important to have a will in place in SA. Here’s what I learnt:

Having a will…

… ensures your wishes are respected: A will allows you to specify who should inherit your assets, such as property, money or personal belongings. Without a will, South African law dictates how your assets will be divided under the Intestate Succession Act, which may not align with your personal wishes.

… provides for dependents and loved ones: With a will, you can make specific provisions for dependents, including minor children, elderly parents or other loved ones who rely on you financially. This includes appointing a guardian for minor children, which is crucial to ensure they are cared for by someone you trust.

… minimises family disputes: Clearly stating how assets should be divided can reduce potential conflicts among family members as it leaves little room for interpretation or disputes over inheritance. In the absence of a will, disagreements and disputes can arise, sometimes leading to lengthy and costly legal battles.

… allows for efficient estate administration: A will can streamline the administration process as it allows you to appoint an executor, someone you trust to handle the distribution of your assets. This person will be legally responsible for settling debts, managing assets and ensuring your wishes are carried out efficiently.

… reduces legal and administrative delays: The absence of a will can lead to delays in estate distribution as the court has to appoint an executor, and the estate must be handled under intestate succession rules. This process can be time-consuming and may delay access to important financial resources for your beneficiaries.

… ensures tax efficiency: Proper estate planning through a will can help reduce estate taxes and other costs. By outlining your wishes, you may be able to structure your estate to minimise the tax burden on your heirs.

… protects unmarried or customary law relationships: South African law does not automatically recognise unmarried or customary law partnerships in inheritance without a will, potentially leaving your partner without legal rights to your assets. By having a will, you can ensure your partner is taken care of according to your wishes.

… supports charitable causes: If you wish to leave part of your estate to charities or causes close to your heart, a will allows you to do this effectively. This option isn’t available if you die without a will.

Having a will is essential to ensure your assets are managed according to your wishes, providing for your dependents, reducing potential conflicts and enabling efficient and tax-effective estate administration. Without a will, your estate is subject to intestate succession, which may not align with your preferences and can lead to complexities and delays.