The 26th to 30th of October marks National Wills Week in South Africa. Wills Week is an annual nationwide initiative that invites people to have basic wills drafted free of charge at any of a number of participating firms across South Africa.
You can visit the Law Society of South Africa’s website (lssa.org.za) to get a list of participating firms in your area.
National Wills Week is a great opportunity to review your will or, have your will drafted for free.
The importance of a will
You need a will to make sure your estate is distributed according to your wishes. Without a will the rules of intestate succession come into effect as there is no guide in place as to the distribution of your estate. This means that your estate will be divided amongst your surviving spouse, children, parents, siblings, even distant relatives in some cases, according to a set formula.
The importance of reviewing your will
Many investors fail to update their will once they have one in place, but having an updated will is a key part of having your financial affairs in order. A will should be reviewed periodically to make sure it reflects your current financial situation and chosen beneficiaries.
My estate planning file
An estate planning file is a document in which all of the information required in order for your loved ones to take control of your affairs in the event of a medical emergency or your passing is kept.