Common Mistakes South Africans Make When Setting Up Their Wills

Did you know that over 85% of South Africans have not done any estate planning, such as setting up a will for their children? Shocking as it may be, people don’t quite like thinking of death and their responsibilities to their families after they have passed away. Many believe that they will only need to set up a will when they are rich or when they are older. Unfortunately, death often comes as a surprise and even if you did set up a will five or so years ago, your financial circumstances and family and/or friend relations change. If you die without a valid will in place, you will die intestate and this means that Government Laws will decide on the process of appointing an executor and will decide on how your assets must be distributed amongst beneficiaries, such as your children, spouse or other family members. This can take a long time and while the process is ongoing your assets – even the smallest ones like a bank account will be frozen. As the result, your family will have to come up with the funds for your burial and will not have any money at hand to pay for expenses you would normally have covered. The entire process is lengthy and will add to the financial burden on your estate, which may mean that your loved ones end up getting nothing from the estate. Many South Africans also think that they can set up a will with their spouse and it will be enough. Regrettably, the country also has a high divorce rate and if the ex-spouse is...