The Most Useful Document You’ll Update This Year - Sort out your Will this week
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Don’t leave it to the state - Create a Will today ⚖️
A Last Will and Testament is a legally binding document that details an individual's (testator's) final wishes for how, upon one's death, their estate should be handled. Even if you plan to live for another 100 years, it’s vital to have all your affairs in order.
So, what does your estate comprise? (The Two Big "O"s):
- Anything you own (including intangible assets such as shares, investments, etc.)
- Anything you owe (debt)
Think about this - why is it important to have a will?
- To ensure that your estate is distributed per your wishes, i.e. to whom YOU want to distribute it;
- You can determine who handles your estate, thus ensuring your loved ones are taken care of;
- To provide for minor beneficiaries – both financially and in terms of guardianship;
- A Will limits the potential for disputes arising out of your assets.
Your business: what happens if you die without a will? 💭
If you die without a valid will, your estate will then dissolve according to the Intestate Succession Act 81 of 1987.
Simply put: Rather than in accordance with your wishes, your estate will be divided amongst your blood relations. It's distributed according to a set formula. Beneficiaries you may never have wished to inherit from you might benefit more than those you genuinely care for.
In some cases, the most important people in your life might be left with no legal entitlement to your estate or assets. If you die 'intestate', it can take a long time to appoint an executor, and the appointed executor officially might not have been your first choice.
Business continuity is impossible until an executor is appointed, resulting in a loss of income.
Get your ducks in a row during National Wills Week South Africa 🦆
National Wills Week in South Africa will run from 15th September 2025 – 19th September 2025. Our firm is well-equipped to assist with estate planning solutions and Will-Drafting, and our team of professionals strive to provide quality service which will give you peace of mind and ensure that your loved ones are well provided for.
We understand that death can be daunting, but you don't have to prepare for it alone. Should you require a consultation, kindly contact our offices on 031 566 5585 / ahansjee@accensis.co.za and we will gladly assist!
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