The 13th September marked the start of National Wills Week, an initiative that enables South Africans to consult with an attorney, who will assist with the drafting of a will at no cost.
Jaya Leibowitz, senior legal adviser at Allan Gray, says that this week is the opportune time to talk about the importance of having a will.
“Without a will, your assets will be divided amongst your family members using the rules of intestate succession, which limit inheritance to family members,” says Leibowitz, adding that failing to think about what will happen to our assets when we are gone can have dire consequences for our loved ones.
She says that overwhelmed by the idea of death, many investors overlook the importance of good estate planning when thinking about their broader financial plan.
“When considering estate planning, it is important to understand the death claims process for each of your investment products and make sure that you have taken the necessary steps to make the process as easy as possible for those you will leave behind.”