Do you have Dependents? You might need a will!!

"Good day FM, I’m a 46 years old male with 2 wives and 6 kids in the south of Johannesburg. My question is : Is it too early to have a will drafted and can you shed more light on the process."

In South Africa’s fast-paced economy, financial planning and wealth management are indispensable parts of the modern lifestyle. However, an often overlooked yet crucial component of this planning is will drafting. A well-prepared will, far from being a morose farewell note, is a powerful tool that allows you to secure your family’s future and ensure that your wealth is distributed as per your wishes. This article therefore sheds light on why you should say a “Yes” to will drafting.

Our economy is a vibrant mix of big coperates, traditional businesses, growing start-ups, and a burgeoning middle class keen on investments, hence the emphasis on financial planning and wealth management is ever increasing. Yet, one aspect of financial planning that is still largely ignored by many is will drafting.

A ‘will’ is a legal document that explains how you’d like your assets distributed after your death. Despite its crucial role, many individuals hesitate to draft a will. It’s time to debunk some myths and understand the profound importance of will drafting.

The primary advantage of drafting a will is the sense of security and peace of mind it provides. Knowing your loved ones will be financially secured and your assets distributed as per your wishes gives you a sense of control, even beyond your lifetime.

Moreover, a well-drafted will can prevent potential family disputes over property and assets. It also helps minimize the chances of your will going into probate, a time-consuming and costly legal process. In essence, will drafting contributes to comprehensive financial planning and is a reflection of financial prudence.

Do you have children or other dependents? If so ,it is imperative that you have a will drawn up by competent legal practitioners to protect the interests of you and your loved ones.

We have about 7 important reasons why you must have a will if you have dependents :

1. Appoint a Trusted Guardian: Without a Will, the court decides who will care for your children. A Will allows you to choose a guardian you trust to raise them according to your values and wishes.

2. Secure Their Financial Future: A Will ensures your assets are distributed to provide for your children's education, health, and well-being, preventing their inheritance from being mismanaged or delayed.

3. Protect Their Inheritance from the Government's Hands: A Will can prevent your children's inheritance from ending up in the Government Guardian's Fund, where it could be susceptible to fraud and mismanagement.

4. Avoid Family Disputes: Clearly outlined wishes in a Will can help prevent potential conflicts among family members about who should care for your children or how your assets should be distributed.

5. Ensure Immediate Financial Support: A Will can include provisions for immediate financial support for your children, helping the guardian cover everyday expenses without delay.

6. Safeguard Their Rights to Your Assets: Explicitly name each child in your Will to ensure they have a legal claim to your estate, protecting their rights even in complex family situations.

7. Plan for Unforeseen Circumstances: A Will allows you to make provisions for unforeseen circumstances, ensuring your children are cared for even in sudden or unexpected situations.

In conclusion, dying is obviously not on your to-do list, but the reality is that every 18 minutes a child loses a parent they rely on financially. Ensure your family and children's futures are protected with a Will that reflects your wishes and their needs.

If you would like to set up a consultation to discuss matters related to drafting up your will, FM Attorneys will be readily available to assist you. Until our next article we say Happy Holidays.