By Zanele Songo
Having a final will and testament aids those who remain in carrying out your personal obligations and requests in the manner that you would have desired. Your affairs will come under the Intestate Succession Act if you don’t have a current Will, and things may not go as planned.
Your estate shall be administered in accordance with the Intestate Succession Act if you die without a will or a legal will. The most obvious and uncomfortable consequence of dying without a valid will is that you lose control over your fortune, which will be distributed according to pre-determined legal criteria.
According to Gareth Friedlander, Deputy CEO of Discovery Life, “the number of working South Africans without a legally binding last will and testament remains high.” According to the Master of the High Court, the percentage is still hovering around 70% to 75%, and has been for quite some time.
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Therefore, a will ensures that your assets and personal belongings are distributed to the people you want to inherit them. Your estate will not necessarily be bequeathed according to your preferences unless you have a legally recognized deed stating this.
News24 also states that , the importance of having a legitimate and up-to-date will ensures that your wishes for who should inherit what are carried out. Moreover, it takes a lot of pressure off a bereaved family during a difficult times and removes the uncertainty ,and chaos by providing certainty about how your assets should be distributed.
Floris Slabbert, a director at Ecsponent Financial services , says that a will allows you some control over your assets after death instead of leaving the decision to the state. Therefore ,it’s critical to keep your designated beneficiaries up to date on your desires and where to find copies of your will and other relevant documents.
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It will not only reduce dispute but will also ensure that life insurance policies are paid out quickly. While the procedure may appear intimidating at first, with expert assistance and counsel, it becomes manageable, and you can be assured that your loved ones will be well taken care of.