No one wants to think about his or her own death, but it is something you have to face if you want to provide properly for your loved ones should anything happen to you.
There are many reasons why you should have a Will, or update an existing Will.
- You have got married recently;
- You have become a parent;
- You have started a business, or invested in a large asset, such as a house.
If you passed away without a Will –
- It could lead to administrative, tax and legal problems and even lead to financial losses for your heirs.
- It could lead to delays in settling your estate.
- Without a Will your estate could end up going to the wrong people.
- Your heirs might suffer and be directly disadvantaged if you don’t plan correctly.
- Your estate or beneficiaries may have to pay unnecessary income tax, or estate duty.
- If you live with someone but aren’t married, the law will not recognise your ‘common-law spouse’ as the beneficiary of your estate unless you have a Will naming them.
It is good planning to draft a valid Will, specifying your exact intentions. The Will itself must comply with certain legal requirements and in it you can decide how your assets should be divided, what bequests must be made. You can also appoint an executor of your choice to make sure that your wishes are properly carried out.
Most importantly, a Will properly documents your wishes.
If you don’t have a will now is the time to give it serious thought. If you have made a will and you want to make any changes do so now because it will be too late to make those changes if something unexpected should happen to you.