The Hard Reality of Dying Without a Will

The Hard Reality of Dying Without A Will

Life can be unpredictable and, in the light of the fact that most South Africans do not have valid wills, it inevitably happens that a lot of people die intestate.

“Your assets are then not divided as per your wishes (when you had a will), but according to the Intestate Succession Act 81 of 1987. This Act will determine (in most cases) that your possessions are transferred to your spouse and children,” says Gustav Neethling, director of The Financial Emporium.

He explains that, in some situations this won’t be a problem, but in others it may lead to issues like:

Your assets may not be left to the person of your choice or the person you would specifically not prefer to inherit, might inherit everything.
You will not have the opportunity to nominate an executor of your choice.
It can take a long time to have an executor appointed.
Extra costs might be incurred.
Conflict between family members might happen, as there are no specific guidelines on how assets should be distributed.
You will not have the opportunity to create a testamentary trust for your minor beneficiaries.

In general terms, your intestate Estate would be divided as follows:

A will is one of the most important legal documents as a lifetime's work could be undermined by having a poor or no will. As a result your dependants, family and beneficiaries are those that are likely to suffer the consequences. The Financial Emporium can guide you through customised solutions to eventually achieve financial freedom – for you and your loved ones that stays behind after your death.