Most people in South Africa work hard to build up their estates, so that one day they may retire comfortably and leave an inheritance to their children. Therefore, it seems logical to have a valid Last Will & Testament in place to provide protection and welfare to your dependants and family when you die. But few people have a Will in place. Is this because they don’t see the importance of having a Will or because people feel they are young and will deal with this mater later on in life.

The reality is that no-one really knows the day and time they will die and if you die without a Will, your spouse and/or children will be left to pick up the pieces and this can place an unwarranted burden on them.

So whilst you may think that your wishes would remain the same if you died with or without a Will, here is something to think about.

The Intestate Succession Act caters for those who die without a Will, but it is second prize. We all have unique circumstances and different bequests and a “one size fits all formula” cannot adequately address a person’s individual need.

Furthermore, if you have minor children and you die without a Will, then the Intestate Succession Act provides that your surviving spouse will be entitled to inherit the greater of R 250,000.00 or a child’s share of the estate. In other words, if you have two children, then your estate will be divided by 3 and your surviving spouse will inherit the greater of R 250,000.00 or 1/3 (one third) of your estate. As minor children cannot inherit cash, their share of inheritance will be held by the Guardians fund until they obtain the age of 18. However, they can apply for maintenance to cover their monthly expenses prior to obtaining this age. This can be cumbersome and place unnecessary stress on your family.

Another important point to consider is if both parents die in the same calamity and they have minor children, who will be responsible for taking care of the minor children? How will they have access to funds in your estate if you die without a Will? And the most important question is if your family is living abroad; as many people are emigrating according to statistics, who cares for your children until family members abroad can arrive in South Africa and what is the procedure for taking them abroad? These are important aspects to consider and if you have a proper Will in place, these issues can be addressed, and your family can have peace of mind. This provides security for those who you leave behind.

Even if your children are adults, you may need to consider if one child predeceases you, what happens to their share of the inheritance.

The above is just to name a few circumstances that can be dealt with and clarified in a Will. If you don’t have a Will in place, please make an appointment with a professional today.