- Capital Legacy
- January 18, 2023
Procrastination can be detrimental to your legacy
Procrastination is the enemy of progress, and this is especially true when it comes to drafting a Will.
Procrastination is the enemy of progress, and this is especially true when it comes to drafting a Will. Your Last Will and Testament is a legally binding document outlining how you want your assets to be distributed after you pass away. It also allows you to nominate guardians for your minor children and make other important decisions about your legacy.
Unfortunately, many people put off drafting a Will for a variety of reasons. They may think they are too young, they may not have many assets, or they may believe that the process is too complicated. However, the truth is that everyone, regardless of age or assets, should have a Will.
One of the biggest dangers of procrastinating the drafting of your Will is that you run the risk of dying intestate. This means that if you pass away without a Will, your assets are distributed according to South Africa’s law of succession, which may not align with your wishes. This can lead to family conflicts and disputes over your property and possessions. In addition, if you have minor children, you forfeit the opportunity to nominate a preferred guardian for your children.
Another danger of procrastination is that if you wait too long to draft a Will, your mental or physical capacity may be impaired. This can make it difficult for you to clearly express your wishes and can lead to your Will being contested.
Additionally, you might miss the opportunity of estate planning that can help to minimise taxes and legal fees associated with dying. It also can help with other financial and legal matters.
Finally, it is important to understand that a Will is not a one-time document. It should be reviewed and updated regularly to reflect any changes in your life (such as marriage, divorce, purchasing a property or having children) and your wishes. By putting off drafting your Will, you miss out on the opportunity to ensure that your loved ones are taken care of and your assets are distributed according to your wishes.
In conclusion, drafting a Will may not be the most enjoyable task on your to-do list, but it is an essential one. It is important to take the time to think about your wishes and to work with a professional to ensure that your Will is legally binding and reflects your desires. Don't procrastinate, as it will only put your loved ones at risk and could lead to legal issues after you pass away.
Capital Legacy has drafted over 500,000 Wills over the last 10 years and can assist you in drafting yours too. Arrange your complimentary Will-drafting consultation and get peace of mind today: www.capitallegacy.co.za
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