Why its important to leave a will
Even if you are in good health, it’s important to have an up to date will. It’s especially important if you have dependents or assets, such as a house, money in the bank, savings or investments. It is one of the most important legal documents that you will conclude in your lifetime. It deals with your entire estate and ensures that your family’s needs are met according to your wishes.
Choose your heirs. Without a will, on your death your assets may be distribute in a way that is different from what you would have chosen. Your relatives will inherit from you in strict, predetermined order and proportions without any regard to your wishes or family’s needs.
Nominate an executor
When you draw up a will, you can nominate a person or company you trust as executor. If you don’t have a will, the government will appoint an executor to wind up your estate.
Choose a guardian for your minor children
If you have minor children, you must nominate a person who has the best interests of your children at heart to be their guardian in your will.
Setting up a trust
You can set up a trust in your will to protect the inheritance of your spouse and children.
Tips to consider when you draw up your will
- Plan your will to be as straightforward as possible. Make sure that what you are including is feasible and practical. It’s important to understand the consequences of what you are including in your will. Also, try not to ‘rule from the grave’.
- It’s usually not advisable to draw up your own will. Get expert help if you need a more complicated will. When you are no longer around you will not be able to correct mistakes. An unclear, confusing or badly worded will can be as much of a burden to your family as having a will at all. It can lead to challenges and litigation from who may feel that they are not inheriting what they should be.
- It’s important to get reputable financial advice on the most efficient and tax effective estate planning.
- Most bank, financial services companies, financial planning and legal professionals can help you with drafting and concluding a will.
The information in this communication is for information purposes and is not intended to be detailed advice described in the Financial Advisory and Intermediary Services Act. The fund, administrator and trustees cannot be held liable for damage or loss suffered as a result of any action that you take based on the contents of this communication.