Our own mortality is not something we often ponder and as such we put off taking the necessary steps to ensure our families’ well-being after our passing. This article serves to illustrate why it is important for you to make a will and why the need arises in the first place.
Before you can understand the importance of having a will, it is imperative to note the difference between testate and intestate succession. Intestate succession refers to a scenario were a person passes on without leaving a valid will. This results in the distribution of the person’s deceased estate in terms of the Intestate Succession Act. This means that the deceased person cannot exercise control over how, or to whom, their assets are distributed after death.
In contrast, testate succession refers to a scenario were a person had a valid will. This enables the person to choose exactly how their estate is distributed after their passing, and this exercise is referred to as freedom of testation. This means that a person can decide exactly who may inherit and what they inherit.
With the above-mentioned in mind, the following five aspects serve to illustrate the importance of drafting a valid will:
Firstly, the only way that you can ensure that your estate is distributed in manner that you decide is through the preparation of a valid will. A failure to make a will before your passing means that this opportunity no longer exists and your estate will be distributed under the Intestate Succession Act. This may result in your estate being divided in a manner that you do not agree with.
Secondly, a will serves to mitigate the possibility of family disputes arising after your passing, as it clearly sets out your assets and how they are to be distributed amongst your heirs. This provides your loved ones with a level of certainty and serves to reduce the possibility of arguments regarding your final wishes.
Thirdly, a person has no control over the appointment of their children's guardian if they pass without leaving a valid will. Consequently, a person may be appointed as your children's guardian, despite the fact that you may have wished for someone else to take on the role. As such, the importance of drafting a valid will is reiterated, as it provides you with an opportunity to select the person who you think is fit and ensures that your children are cared for by an individual of your choosing. This allows you to determine whom you trust with the welfare of your children and who should step in when you are no longer there to fill the role.
Fourthly, if you have minor children or even young adults that are incapable of properly managing their inheritance, a will can be used to ensure that their inheritance is properly managed. This is done through the creation of a testamentary trust, followed by the appointment of the applicable beneficiaries. As a result you can limit the access of your heirs to the trust, until such a time that they reach an age of maturity. Alternatively, the assets can be allocated in intervals, over a set period of time. This ensures that your heirs’ inheritance is properly managed, until such a time that they are capable of doing so themselves.
Lastly, a will enables you to appoint an executor of your choice. This means that you are able to choose who manages the affairs of your estate after your death, and removes the need of having one appointed at a later stage. This ensures that the technical aspects of your estate are dealt with correctly, and provides comfort and peace of mind to your family during a time of mourning.
As such, these five points clearly illustrate that the benefits of drafting a will far outweigh the drawbacks. It is therefore advisable for you to start considering this undertaking as soon as possible, as it may have a profound impact on your family at some later but inevitable stage.
