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Top 6 Consequences Of Not Having A Will

By 6th Oct 2021Mar 7th, 2023No Comments

More than 75% of South Africans pass away without a valid will in place.

To help combat this statistic, Inkunzi Wealth Group promotes National Wills week, every year, encouraging more people to take this task seriously as Corvid 19 has showed us that life is unpredictable and can very short.

The Law Society explains that it is important to have a professional draft your Will as “often a Will is not valid because the person who drafts it does not have the necessary legal knowledge to ensure that the requirements of the law are met. By making a Will you ensure that your assets are disposed of in accordance with your wishes after your death”.

Without a Will in place when you pass away, you effectively give up your rights to say how you want your estate to be executed. You’ve spent your life building up your assets, so you should be the one to decide what happens to them once you’re gone, not the State. In your Will you decide who gets what (your beneficiaries) and who will carry out your wishes (your executor).

TOP 6 CONSEQUENCES OF NOT HAVING A WILL

  • You can’t decide who inherits what and your Estate is distributed according to South African law that can leave your family in serious financial challenges.
  • Your Children’s inheritance could pass to the Government Guardian’s Fund or the appointed Guardian who may squander the inheritance.
  • Your Partner may be left with nothing, based on your marriage contract, if you are not married, or your Will is not updated after your previous marriage ended.
  • Family feuds often occur when family members argue over your assets and when your final wishes are not clearly documented in a Will.
  • Winding up your Estate can take years, as without a Will appointing a professional Executor, the government is essentially in control of the process.
  • You lose the ability to nominate a Guardian of your choice for your minor Children or leave your children from previous marriages or relationships in despair.

Contact Inkunzi Wealth Group TODAY to find out how we can help you draft a FREE Will and Last testament.