Death is not easy to discuss. Very few people are comfortable discussing death with their parents or children and it is often approached in a tongue in cheek sort of way.
My purpose is certainly not to instill the fear of death in you, but to motivate you to be prepared for the inevitable. As Benjamin Franklin said, “In this world nothing can be said to be certain, except death and taxes.”
With 2018 just starting, why not tick drafting your Will off your to-do-list right from the start. It will give you peace of mind that your affairs are in order and time to think and reflect on all the other exiting New Year’s resolutions that you have.
It is so important to make sure that you have a legal, updated Will that is kept in a safe place where either your financial planner or your partner can access it in the event of your death. A Will ensures that your wishes after death are carried out according to your instruction, including how your assets will be distributed.
The most important reason to have a legally binding Will is to protect your loved ones. Especially so if you have minor children or family members that rely on you for their financial and emotional well-being.
Unfortunately, statistics in South Africa show that more than 90% people don’t have Wills. This is a scary thought, since we work so hard accumulating assets and wealth while alive; to let it all go to waste upon death. It leaves families and children destitute and impoverished for much longer than is necessary. The state then decides how to distribute your assets and appoints a guardian for your children and this could end up being a very lengthy process.
Drafting a Will is certainly one of the most important documents you will create in your lifetime. You have to make really difficult decisions around allocating a guardian for your children and how to fairly distribute your assets. It dredges up a lot of anxiety, fear and conflict and can lead to many stressful family relationships if these conversations are not engaged in.
Here are some starting tips in planning your Will:
“To die and part is a less evil; but to part and live, there, there is the torment.”
George Landsdowne
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Tel: 011 502 2800
Email: info@kimpotgieter.com