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.
- 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.