Voice when you’re gone: Make your final wishes known during Wills Month

We don’t like to think about our death or how it will affect our loved ones, but Covid-19 has forced us to do just that.

Many organisations draw up free wills, and are especially committed to doing so during the month of September – which is Wills Month.

Many people do not realise the importance of having a valid will in place at the time of their death – and sadly, a massive 75% of South Africans die without one.

Your will is probably the most important document you will ever sign, because it speaks for you when you are no longer here.

We all know of the wife or husband of someone who has died, and who are now living it up with their new love interest – on the inheritance intended for the children (ek draai om in my graf!).

There are many families who have been fighting for years over a family home or estate.

I posed the following questions to Capital Legacy, leaders in the areas of wills and estates.

Why do many people still die without a valid will?

• Superstition: People feel that if they think about writing a will, they would actually cause their death or misfortune.

• Trust: Others genuinely feel that their children are responsible enough to share their estate amongst themselves, and in accordance with their wishes. Therefore, they don’t think they need a will. But, we have all seen how inheritance money can turn people into monsters.

• Too young: Some people feel they only those on their deathbed should be drawing up a will.

• Property isn’t valuable enough: Others think their property just isn’t worth enough for them to have a will drawn up.

What are the most common consequences of not having a will?

• You lose the opportunity to decide who inherits what, and your estate is distributed according to South African law. This means people who you may not have wanted to benefit from your estate can do so now.

• Your partner may be left with nothing if you are not married, or your will is not updated from a previous marriage.

• Your children’s inheritance could pass to the government Guardian’s Fund, which falls under the administration of the Master of the High Court.

Family feuds often occur when final wishes are not clearly documented in a will.

Winding up your estate can take years. If you have not appointed a professional executor, the government is essentially in control of the process.

Can I use one of those “will kits” I have seen on the internet, and just do my own will?

• It is always wise to consult a professional to draft your will.

• Your will must be clear, concise, represent your true intentions and meet certain legal requirements for it to be valid.

Is it necessary to regularly update my will?

• Yes, especially in the case of an event like the birth of a child, the death of a beneficiary, or the acquisition of a new property.

What if I am Muslim – does the Shariah mode of inheritance not automatically kick into place when I die?

In Islam, it is obligatory for a Muslim to have a will that will ensure that their estate is administered in terms of Shariah Law.

This is especially important when the Islamic laws of inheritance is NOT the law of the land, as is the case in South Africa.

If it is your wish to follow Shariah law, then you must have your will drafted accordingly, so that when you die, your estate will be seen to, in those terms.

If you don’t have this in place, your estate will automatically be administered in accordance with the South African Law of Intestate Succession.

What are the costs of dying that people are most unaware of?

• Immediate expenses: When you pass away, your bank accounts could be frozen and your family might have limited access to immediate money for funeral costs and ongoing expenses like food, electricity etc.

• Fees: Executor fees, Testamentary Trust fees, conveyancing attorneys fees, Master’s fees, correspondence fees, clearing fees. The fees attached to winding up an estate can run into the hundreds of thousands of rands and catch most people by surprise.

• Finalising an estate: Estates can take years to wind up and families may experience financial hardship.

• Taxes: Capital Gains Tax and other legal fees and taxes are triggered in certain instances.

When you draft a FREE will, is it standardized – or can it be tailored to my situation?

• We consider all the circumstances of the individual, and will draft a free will according to their unique needs and situation.

What do you wish more South Africans knew about wills?

• There are products available – conventional and Shariah compliant – which can cover the costs and fees related to your estate when you die.

You can have a will drafted for free and save your family immense trauma and hardship when you are no longer here.

For more important information on free wills, visit www.capitallegacy.co.za.

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