Drafting a will is crucial for anyone who owns any form of asset. Many individuals mistakenly believe that wills are only for those with significant wealth or property. However, assets can include anything from furniture to share portfolios. The National Wills Week campaign aims to instill the understanding that if you possess anything of value, drafting a will is a necessary step in ensuring your desires are honored after your passing.
Without a will, the distribution of your assets becomes a matter for the court to decide, which can lead to lengthy and complicated proceedings. This situation not only adds stress for grieving family members but can also result in assets being distributed in ways that do not align with your intentions. Mostat highlights the importance of having clear directives regarding your assets, especially when minor children are involved, to ensure their futures are well cared for.
Starting the estate planning process can seem daunting, but it is essential for protecting your loved ones. Mostat advises individuals to seek professional assistance, as financial planners and attorneys can provide guidance through the complexities of estate planning. A well-drafted will, which can be created relatively quickly, can simplify estate management, ensuring your wishes are respected and carried out efficiently.
In an effort to improve estate planning among South Africans, the Department of Justice and Constitutional Development, in collaboration with the Law Society of South Africa, has launched the National Wills Week campaign in Kapokuen, Mpumalanga. This campaign is designed to raise awareness about the necessity of drafting wills to protect one's assets and estates after death. Current statistics reveal that a staggering 70% of adult South Africans die without a valid will, highlighting a pressing need for increased societal awareness and proactive steps towards estate planning. The financial expert Mostat, Franchise Principal and Certified Financial Planner at Consult by Momentum, underscored the significance of this campaign. He explained that anyone who owns assets, be it a vehicle, a share portfolio, or personal belongings, should have a will in place. This is crucial not only for individual peace of mind but also for ensuring that the legal process regarding one’s estate is managed efficiently and according to personal wishes. Moreover, the lack of a valid will can lead to complications for loved ones left behind. Without clear instructions, the courts will take control of how assets are distributed, often resulting in prolonged legal battles and unnecessary stress for surviving family members. Mostat emphasized the importance of having an estate plan that includes a will and consulting with professionals to ensure that one's wishes are clearly documented and honored. This is especially important for those with children, as guardianship arrangements and related financial responsibilities need to be clarified to prevent further complications during an already difficult time.The question should not be who qualifies to make a will. It who should have a will?
