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Will

Will

A will gives you the opportunity to indicate how and to whom your assets are to be distributed after your death. If you die without a will, your assets may not end up with the people you would have wanted them to.

Benefits of a will:

  • Protect the inheritance of children under 18;
  • Ensure that your wishes are carried out;
  • And if you own a business, you will protect your family against debt liability;
  • Can save on estate duty with proper planning.
Negatives of not having a will:
  • You can dictate who inherits your property.
  • Nomination of guardianship for your minor child/children are not recorded.
  • The court could appoint someone you do not approve of to be your executor.
  • Your estate will be dealt with according to rigid and inflexible laws.
  • Your minor child/children's inheritance might suffer, since anything they are entitled to receive, will have to be transferred to the Guardian's Fund in a monetary form, where it will remain until they turn 18. This means that the family home would have to be sold.

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