Estate planning is a crucial yet often overlooked aspect of financial responsibility, and it's time we shed some light on this important topic. The reality is, without a will, your legacy could be left in limbo, and your loved ones vulnerable.
David Thomson, a Senior Legal Adviser at Sanlam Trust, has some insightful answers to common questions about wills, especially relevant for South Africans. With a staggering two-thirds of South Africans lacking a will, according to the 2025 Sanlam Legacy Wills Survey, this is a pressing issue.
Thomson addresses some key concerns:
Forged Wills: Protecting Your Legacy
See AlsoFinancial Fallout of Breakups: What Homeowners Need to KnowRetirement Age Changes in 2026: What You Need to Know About Social Security BenefitsCAA Signs Financial Guru Caleb Hammer of 'Financial Audit'!Marjorie Taylor Greene's Resignation Secures Congressional Pension: Full Breakdown- While you can't prevent someone from attempting to forge your will, you can ensure that any such attempts are identified and invalidated. If a will is suspected of being fake, legal processes are in place to declare it invalid. Handwriting experts and witness testimonies play crucial roles here. Remember, if witnesses weren't present during the signing, the will is automatically invalid.
Executors: Your Trusted Allies
- Executors are the individuals or trust companies you appoint to carry out your wishes, from managing debts to distributing assets. It's important to choose someone competent and trustworthy. The Master of the High Court formally appoints them, and you can name an alternative executor in case your first choice is unable to serve. If you appoint a trust company, you don't need a backup.
Timing: When is a Will Read?
- There's no set timeline. A will can be read soon after someone passes away, and heirs have the right to know its contents. However, be cautious with funeral instructions; wills are often read after the funeral, so share your wishes directly with loved ones while you're alive. For instance, if you wish to be cremated or donate organs, communicate this clearly to your family.
Sanlam Legacy Survey Insight: Sharing Your Will
- Interestingly, 45% of people with wills haven't shared their contents with loved ones. Having these conversations is vital, and it's also an opportunity to discuss important end-of-life decisions like organ donation.
Storage: Monthly Fees?
- Some providers charge for safe custody, but it's important to check this. You might want to consider the security and convenience of professional storage.
Credibility: DIY Wills
- DIY wills from stores are valid as long as they comply with the Wills Act. This means they must be correctly signed with a pen, witnessed by two people at the time of signing, and clearly express your intentions. The source of the will is less important than its compliance with legal formalities. Professional help is still highly recommended to avoid potential errors.
Contesting: The Challenge of Challenging
- Contesting a will is rare and challenging. At Sanlam Trust, only one or two wills out of a thousand estates are contested at any given time. It's an expensive, time-consuming process involving a High Court application. You must prove invalidity due to fraud, duress, or non-compliance with legal formalities. Mere unhappiness or exclusion are not sufficient grounds.
Why a Will Matters
Despite the risks and misconceptions, only 34% of South Africans currently have a will, according to the Sanlam Legacy Wills Survey. Many believe they don't own enough assets, or they procrastinate. But a will is not about the value of your assets; it's about the people you love. It ensures your children have guardians, your assets are distributed as you wish, and your last wishes are respected.
Thomson emphasizes, "The credibility of a will lies in its compliance with the law and its reflection of your intentions. It's a simple yet powerful tool to protect your family and build generational wealth."
And here's the controversial part: With the right guidance and understanding, estate planning can be a straightforward process. So, are you ready to take control of your legacy? The time to act is now.
