Why you should have a will and what happens if I die without one

 

 

Why have a will?

Make your wishes known

• Take care of those you leave behind.
• You can save your Estate thousands of rands
• Protect your estate from being contested
• Appoint a professional executor
• Protect the assets you wish your children to inherit.
• Appoint guardians and a Trust to care for your children
• You control who benefits from your life’s work.
• Set out exactly how you want to be buried
• Get peace of mind that your wishes are known.

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What happens if I die without a will?

Your estate would be administered 'Intestate'

Roughly 1287 people die in South Africa every day. If you were one of those who died today without a will your estate would need to be administered in terms of the Intestate Succession Act 81 of 1987. In Layman’s terms this means that the courts will take over and create a ‘Will’ on your behalf, according to the laws of the country, and then divide your assets accordingly.

Why is an Intestate Estate a problem?

Delays, Expenses, limited choices

Intestate Estates are problematic as your wishes of who would benefit from the legacy of your estate are no longer important. Your entire Estate will be left to individuals who you may or may not want to inherit your legacy. Other problems include:

• Executors are court appointed they might not have been your first choice
• Could cause the estate to pay thousands in unnecessary expenses
• All Inheritances for children under the age of 18 will be placed in the Guardians’ Fund which is administered by the Master of the High Court. These funds may only be accessed by the minor for specific limited purposes and the Master has implemented stringent requirements and processes in this regard to prevent abuse and fraud.

+/-70% of People don’t have Will’s in South Africa, as a result there are delays in the appointment of executors especially for smaller estates. There are simply too many Intestate estates.

Why are delays a problem?

The processes of finalising your Estate involves a number of legislative steps that can’t be escaped and this process inherently takes time. However, without a will your estate will have further delays resulting in:

Bank accounts and assets being frozen resulting in financial distress and anxiety for the family.

The longer it takes to finalise the Estate the more it will cost your estate in the end. Executors are legally entitled to charge a fee on any revenue generated from your late estate up until the Estate is finalised.  

There is an emotional toll that your family and loved ones will carry while the estate is being finalised. Delays make this worse, people simply can’t move on.

An Executor has finally been appointed now what?

Once the Executor has been appointed the first step is for the family to gather as much information relating to your estate this includes a list of all your assets, liabilities, policies, details of your marriage, children, properties to name only a few. This can result in:

• Increased stress and anxiety for your loved one’s while trying to compile the documents
• Delays while trying to gather the information
• Unknown policies being missed resulting in these benefits being lost to the family
• The increased risk in further delays should their be unknown claims from creditors on your Estate.

 

 

What some of our customers think.

 

"The process of updating my will was so overwhelming that I had snoozed the reminder on my to-do list since my my second child was born... and he is almost three. Then I found SmartWill.
The website is so intuitive and extremely simple. I found myself wondering whether it was too simplistic! The website guides you through an easy, step-by-step process that you can complete in your own time, in the comfort of your home. It takes an overwhelming task, and breaks it down into easy-to-answer questions. The cost is nominal, the quality is extraordinary. You don’t need to make an appointment with a lawyer, yet your will is reviewed by a lawyer. The whole process was so streamlined, I really can’t fault it. I strongly recommend that you just take the first step. The rest is easy." - Tanya Hanekom

"A will is always the lowest item on most people's daily priority list, but SmartWill helps make it as easy and seamless as possible. With the ability to dip in and out of the website when you have time to complete the details. With constant but not overbearing email reminders, and good advice from real people when you need it, the overall adds up to an excellent service for the price. Thanks SmartWill I can sleep a little easier now!" - Charles Edwards