Estate planning is a crucial yet often overlooked aspect of financial responsibility, and it's time we shed some light on this topic, especially for our South African readers.
The Legacy of Love: Unlocking the Power of Wills
With a staggering two-thirds of South Africans lacking a will, according to the 2025 Sanlam Legacy Wills Survey, we find ourselves facing a critical issue. David Thomson, Senior Legal Adviser at Sanlam Trust, steps in to address some common concerns and misconceptions.
But here's where it gets controversial...
Forging the Future: Preventing Will Fraud
While you can't stop someone from attempting to forge your will, there are measures to ensure such attempts are futile. If a will is suspected of being fake, the Master of the High Court can be notified, and the courts can declare it invalid. Handwriting experts and witnesses play a crucial role here. If the witnesses weren't present during the signing, the will is automatically deemed invalid.
Executors: Your Trusted Allies
An executor is your appointed guardian, responsible for carrying out your wishes, from settling debts to distributing assets. The Master of the High Court formally appoints them, ensuring they are competent and provide adequate security. While you don't necessarily need multiple executors, it's wise to name an alternative in case your first choice is unable to serve.
Timing is Everything: Reading the Will
There's no set timeline for reading a will. It can be done as soon as possible after a person's passing, and heirs have the right to know its contents. However, be cautious with funeral instructions. Wills are often read after the funeral, so share your wishes directly with loved ones while you're alive.
Sanlam Legacy Survey Insight: The Importance of Communication
An intriguing finding from the Sanlam Legacy Survey is that 45% of those with wills haven't shared their contents with their loved ones. Having open conversations about your will is crucial and provides an opportunity to discuss important matters like organ donation.
Storage Solutions: Should You Pay for Safe Custody?
Some providers charge monthly fees for safe custody of your will, but it's essential to verify this.
DIY Wills: A Valid Option?
Absolutely! As long as your DIY will complies with the Wills Act, it's valid. It must be correctly signed with a pen, witnessed by two people at the time of signing, and clearly express your intentions. The source of the will, whether a lawyer, bank, broker, or stationery store, is less important than its compliance with legal requirements. However, seeking professional help is highly recommended to avoid costly errors.
Contesting a Will: Rare and Difficult
Contesting a will is a rare occurrence, and at Sanlam Trust, only one or two wills out of a thousand estates are challenged at any given time. It's a costly and lengthy process, involving a High Court application and potentially taking months or years to finalize. You must prove invalidity based on fraud, duress, or non-compliance with legal formalities. Mere unhappiness or exclusion is not sufficient grounds.
The Importance of Wills: Beyond Assets
Despite the risks and misconceptions, only 34% of South Africans currently have a will, according to the Sanlam Legacy Wills Survey. Many believe they don't own enough assets (43%), or they procrastinate (27%). But a will is not about the quantity of your assets; it's about the people you love. It ensures your children have guardians, your assets are distributed as you wish, and your last wishes are respected.
Thomson emphasizes, "The credibility of a will lies in its compliance with the law and its reflection of your intentions. It's a simple yet powerful tool to protect your family and build generational wealth."
So, South Africans, let's take control of our estates and leave a lasting legacy of love and security for our families.
PERSONAL FINANCE
