The pandemic has touched every facet of our lives, forcing us to think differently about life. The resultant illness, death and disability caused many to address healthcare and financial needs like never before. One aspect receiving significant attention is Last Wills.
One of our partners, Capital Legacy, conducted a survey recently. An encouraging statistic from the survey is that 77% of respondents are thinking about having a Last Will drafted. Approximately 57% do not have a Last Will, which is somewhat improved from before Covid-19 statistics.
We highlight five consequences clients want to avoid by not having a Last Will.
- Assets distributed according to South African law and not according to your wishes. We call this, passing away intestate, not a pleasant experience for surviving family members.
- Estates taking years to wind up, leaving surviving family members destitute. We know very well what happens when Government controls the process.
- In the absence of a Testamentary Trust, the inheritance of minors is passed on to the Guardian Fund. Even worse, appointed Guardian/s that squander the minor children’s inheritance.
- Often, we find the spouse or partner left with nothing when the deceased was previously married without updating their Last Will.
- Family feuds are rife as disagreements ensue with the distribution of the deceased assets.
Reflecting on the survey, we share some of the other results.
- 49% said they did not have time
- 15% said they don’t know where to have a Last Will drafted
- 58% want to finalise their Last Will in the future.
An alarming statistic is that 83% of respondents between 18 and 24 years did not have a Last Will.
We all have fundamental rights and wishes, for example.
- Do you want to be buried or cremated?
- Do you want to be an organ donor?
- What about a Living Will? Decide up front, in which circumstances would you refuse medical treatment when you cannot communicate? Don’t leave this decision to your family.
Noteworthy, the value of your Estate has no bearing on your final wishes.
Phoenix can help you finalise your Last Will. Consultations, drafting and changes are at no cost and conducted in the privacy of your home or virtually. In addition, we consult and educate your nominated Guardians, co-Trustees & co-Executors regarding their roles and responsibilities.
Complete your details on the contact section on your right for a no-obligation free consultation. We are independent and accredited with four of the leading fiduciary service providers in South Africa.
We look forward to hearing from you. Our mission, supporting you to leave a legacy, improving the quality of life.
Author: Clayton Samsodien
Group CEO
