Fiduciary Services
#WillsMonth: Secure your legacy with a will
Proper estate planning, especially drafting a valid will, is essential for safeguarding your assets and ensuring your loved ones are taken care of after you’re gone. Yet, more than 70% of South Africans don’t have a will, often due to misconceptions that it’s costly, complex, or only necessary later in life.
Why should you have a will?
Without a will, your assets are distributed according to the Intestate Succession Act, which might not reflect your wishes. For example, if you’re in a long-term partnership without being legally married, your partner may be left with nothing. A will allows you to define how your estate should be divided, to provide for special circumstances like caring for young children or disabled family members, and to avoid complications for your loved ones.
Key benefits of having a will
- Control and clarity: You decide how your assets are distributed, reducing family conflicts and avoiding unnecessary red tape.
- Appointing guardians: You can name a trusted guardian for minor children, ensuring their care aligns with your wishes.
- Tax and debt planning: A will enables you to manage tax obligations and debt settlement, easing the burden on those left behind.
- Peace of mind: Knowing your loved ones and chosen causes are provided for brings comfort and reassurance.
Drafting your will
While legally you can draft your own will, it’s advisable to consult an expert. A professional will ensure your will is legally sound, aligns with estate planning documents, and addresses tax regulations and complex matters like retirement funds.
Sanlam Legacy is free of charge, unlike lawyers, banks and other institutions that charge for the service. You can make an unlimited number of amendments, and storing a will is free of charge with Sanlam Legacy. You can ask your financial adviser to set up a consultation with an expert. Such a consultation shouldn’t take more than an hour of your time.
September’s Wills Week is a perfect time to discuss estate planning with your Sanlam financial adviser.
Sanlam Life Insurance Limited is a licensed life insurer, an authorised financial services provider and a registered credit provider (NCRCP43).
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