Following another bout of load-shedding I noticed that the clock on the clock-radio in our bedroom was flashing on and off (it needs to be reset each time the power goes off). I was too lazy to reset it (again) and decided to ignore it (maybe my wife would do it if I pretended not to see it). This got me thinking that there are some things in life that can be ignored but there are also some things (especially in our financial lives) that cant be ignored – such as the need to have a valid will if you are married and/or have dependents.
The resistance to drafting a will (that many people experience) is one of those completely irrational fears that we have. We are all going to die (someday) and yet somehow we think that if we draft a will, or even talk about it, we have tempted fate and summoned the grim reaper. The reality is that the consequences of dying intestate (without a valid will) could be devastating for your family. They could be left without access to funds and worse still, your assets could end up in the guardian’s fund (which is in a mess) and your children could end up in state care. Need any more motivation to get it done?
In short, you need 4 things to draft a will:
- An executor – the person who will do the winding up and distribution of your estate
- Beneficiaries – who do you want to inherit if you are no longer around.
- Guardians for minor children – they are the people who will look after your minor children if you are not around. Don’t think into the future but rather appoint the people who are currently the most appropriate. You can always amend this again in a few years.
- Trustees – they are the people who will look after the money for your minor children and need to have a good track record when it comes to dealing with things financial!
Armed with this information you can approach just about any Certified Financial Planner® or attorney for assistance. Typically you could expect to pay between R500 and R750 for the will to be drafted. Once you are satisfied with the wording then you need to sign it in the presence of 2 witnesses, who must not be people mentioned in the will and who also don’t need to read the will. They are just witnessing that you are signing it. They will also need to sign in the appropriate places.
Once signed, either hand it back to your financial planner or attorney for safe-keeping, or put it into a safe place at home/the office. Just make sure that you have told someone else where you have put it – if no one can find it when you die then it would almost be the equivalent of not having one.
Remember, drafting a will is a simple exercise that does not increase the probability of your death and unlike the flashing clock it cannot be ignored!
