Wills
Getting your Will in place is one of the most responsible things you can ever do for your loved ones, it provides directions and guidance when you are no longer around. Crafting a Will in the right way is important, which is why you should trust a professional to help you.
The No. 1 misconception that most people have about making a Will is that “Only a lawyer can craft a Will.
There is no such legal requirement within the Wills Act that states that a Will must be drafted by a lawyer. There are countless of articles and sources that have indicated the same.
In fact, you can even do a Will on your own. But should you?
Your Will tells everyone what should happen to your hard earned wealth after you no longer around (this is referred to as your ‘estate’). If you do not leave a will, the rules in the Intestate Succession Act decides how your estate is to be distributed and this might not be in line with your wishes.
| Event | ISA Distribution |
|---|---|
| Surviving spouse only | 100% to spouse |
| Surviving spouse and issue only (Parents may be around) | 50% to spouse 50% to issue per stirpes |
| Surviving spouse and parents only | 50% to spouse 50% to parents |
| Surviving parents only | 100% to parents |
| No surviving spouse, issue and parent | 100% to siblings |
| No surviving siblings or their children | 100% to grandparents |
| No surviving grandparents | 100% to uncles and aunties |
| No surviving uncles and aunties | 100% to Government |
** ‘Issue’ refers to lineal descendants
*** ‘Per Stirpes’ (‘by roots’ in Latin) refers to inheriting a share of an estate by right of representation
ENGAGE A PROFESSIONAL
We lived most of our lives building up our wealth as well as the people we love, and it is important that we set aside time and make some effort to plan a Will to protect our loved ones.
Advantages of engaging a professional to prepare your Will:-
- Compliance with legal formalities
- Clear, unambiguous with no loose ends
- Tailored to your and your family’s requirements
- Less likely open to challenge