A will is effectively your last set of actions on this earth, make them count...

Far too often when I ask people (young or old) if they have a will in place the answer is "No". Alternatively, they might say that they had a will drafted about 10 years ago but that they haven’t given it much thought since then.
I have always found it interesting that most people will review their short-term insurance fairly regularly in order to ensure that it is current, but then be quite happy that a will/or estate plan drafted 10 years ago will still be relevant…
Most of the time this is simply down to a lack of awareness of both the importance and function of a will, so let's explore these topics together.
Importance of a will
Your will forms an integral part of proper estate planning. In many respects it acts like the spine around which your estate plan is built. The estate planning process is an absolute must in order to:
Ensure that the assets which your loved ones require (such as your house) do not need to be sold in order to settle liabilities and claims against your estate;
Protect and provide for your family’s financial future and inheritance via detailed and unambiguous planning; and
Saving on estate duty as well as other estate costs.
Please refer to my blog post about estate planning for a more detailed description of the process of estate planning.
What is the function of a will?
Your last will and testament is a legal document in which you specify the following:
Who will inherit specific assets and/or the residue (balance) or entirety of your estate;
You can also provide for secondary heirs who will then inherit should your primary heirs either predecease you or pass away simultaneously;
Nominate who will assume charge of your estate. This person is called your executor/executrix and will wind up your estate in line with your wishes as well as the applicable laws;
The responsibilities and powers that your executor/executrix will have will also be included in your will;
Nominate who will be the guardians of your minor children until they reach adulthood; and
The establishment of a testamentary trust which will house the assets from your estate until the beneficiary/ies thereof reach a particular age, and the nomination of the trustees which will administer this trust.
So what would happen if you were to pass away without having a will in place:
The government appoints an executor to wind up your estate;
The other parent of any children you have will automatically become their guardian. Should this parent have predeceased you or passed away simultaneously, the government will appoint a guardian. Who might well not be who you would have wanted to be the guardian of your children;
Any funds left to your minor children will be administrated by the guardian’s fund which is effectively a government department;
Your estate will be awarded to beneficiaries in line with a per-determined formula. Thus you would have no choice as to who would inherit your entire estate or specific assets; and
The winding up of the estate, and ultimately the hand-over of your assets for the benefit of your loved ones becomes a long and draw out process.
Review
The drafting of a will and process of estate planning is not a one hit wonder. Your plan as well as your will should be reviewed at least annually. This doesn’t necessarily mean that you will have to redraft a new will every year or make big adjustments to your plan.
At the bare minimum there are certain life events that necessitate an immediate review of your estate planning:
Marriage or divorce;
The birth of a new child;
You have children with special needs;
You start a new business or buy into a business;
You acquire a foreign asset/s; and
You are cohabiting with your life partner.
Contact me today so that we can put an estate plan, including the drafting of a will and living will, into place for you.

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