- Capital Legacy
- October 26, 2023
A last will and testament: What’s the big deal?
Our lives are mostly comprised of to-do lists. But very often getting a last will and testament is not an item on one of those lists.
For a 24-year-old, for example, who has their whole life ahead of them, drafting a last will and testament might seem completely unreasonable. But life happens… And when it does, said 24-year-old might leave behind assets that will need distribution, such as a car or a valuable necklace given on a 21st birthday.
A single 50-year-old who has no children, on the other hand, might figure that since there’s no one to leave assets to, why bother? But having a lifetime spent investing in savings go to waste is a dreadful thought. They could bequeath their assets to a sibling for example or if they have none, they could consider leaving CANSA or a charity of their choice a bequest in their will.
Is getting a last will and testament really such a big deal? The answer is a definite yes!
Secure your legacy… and more.
There are many pros to drafting a last will and testament, and there are many cons to not having one. Without a will, your assets are distributed according to the rules of intestate succession, meaning that your estate will be divided according to a set formula.
A will does not only serve as a legal document for asset distribution – it is also a useful planning tool to secure your legacy. Also consider the following if you don’t have a valid will in place:
- Your partner may be left with nothing if you are not married, or your will has not been updated from a previous marriage.
- Your kids’ inheritance could pass to the Government Guardian’s Fund or the appointed guardian who may squander it.
- Relatives might argue over your assets if your final wishes are not clearly documented in a will.
- You lose the ability to nominate a preferred guardian of your choice for your minor children.
Executors: Who, what and why?
An executor is appointed by the testator/trix to oversee the administration of their estate upon their passing. This role involves various responsibilities, such as reporting the deceased estate, handling liquidation and distribution accounts, and distributing assets to beneficiaries as outlined in the will.
Choosing your executor shouldn’t be done without careful thought – this must be someone who is not only skilled but is trustworthy, capable, and willing.
Executorship and a last will and testament are interlinked components of estate planning and play a vital role in ensuring your last wishes are carried out.
We work hard to make it easy for you.
Capital Legacy can help you secure your legacy with a last will and testament in a few simple steps.
First, one of our expert will consultants will meet with you, either at work or at home, during or after office hours, to discuss your will and estate-planning needs. We will send your draft will within 48 hours for signing and arrange for its collection and safekeeping.
During your will consultation, our consultant will also use the approximate value of your assets and debts to make you aware of fees such as executor, conveyancing and testamentary trust fees applicable to your estate when you pass away.
The consultant will introduce you to our unique Legacy Protection Plan™ which indemnifies these fees, resulting in far fewer delays with deceased estates and shields your family from additional financial stress and pressure should anything happen to you. This is optional to you from only R97.40 per month and covers up to 100% of your fees at death, such as executor, conveyancing and testamentary trust fees.
For more information or to arrange your complimentary will consultation, contact us today.
Whether you’re in need of a
will, life insurance, education
or the power of all three, we have got you covered.
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