Do you really need a Will?
The short answer is absolutely yes!
Many people think that because they are either young or do not have many assets of value that they do not need a will. A will is not merely about the sharing out of the property that you have managed to accumulate during your lifetime, but it is probably one of the most important documents that you will write. And because it is one of your most important documents it is worth taking the time and effort to ensure that you do it properly.
Do this right and you will be fondly remembered. Get it wrong (or not do it at all) and you will probably leave behind a problem that will need to be sorted out by your family or beneficiaries who probably will not thank you for it.
Surveys have revealed that the most common reason given for people not having a will is that they “just have not around to it yet”. And when people do, it is usually a fairly quick process.
Some of the consequences of not having as will are the following:
- You do not get to decide how your estate is distributed as your executor will apply the provisions of the Law of Intestate Succession. This means that your estate will be divided amongst your surviving spouse, children, parents or siblings according to a set formula.
- If any of your beneficiaries are minors, their inheritance will paid to the Guardians Fund. Providing for a Trust in your will can easily avoid this
- You can nominate a professional executor who will ensure that your estate is wound up efficiently in a matter of months as opposed to having the court appoint an executor.
- Unfortunately, family disputes are fairly common when it comes to the distribution of estates as members each have their own understanding.
- If you have children and there is no natural guardian, the state will appoint a guardian for your children.
Is you will capable of being executed (and what does this even mean!)
This basically means whether or not you able to settle all of your liabilities should you die (the existing ones plus the ones arising as a result of your passing). As the settling of your liabilities takes priority, if you have not made sufficient provision for them, then your assets will be sold rendering your will redundant.
While you may have life policies etc. if you have nominated beneficiaries payment is made to these beneficiaries – leaving your estate short of cash (liquidity) contributing to this problem.
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