Benjamin Franklin spoke the truth when he said "in this world nothing is certain but death and taxes." Is this a cliché saying? Yes. Is it true? Also, yes. Do we prepare accordingly? Clearly not.
A 2021 survey found that more than 70% of South Africans do not have a valid will and testament in place. The culprit for this shocking revelation could be ignorance, lack of information, unqualified or improper assistance, or perhaps just a lack of time on the part of the individual to prepare a last will and testament.
Default (but arguably inadequate) position - Intestate Succession
Luckily, South Africa has a very neat Intestate Succession Act, No. 81 of 1987 (“the Act”), which operates as the default position. In terms of this Act, your estate will be divided amongst your surviving spouse, children, parents, siblings, or furthest blood relatives, according to a set formula. However, and this is important, this piece of legislation was drafted with 36,119,333 people in mind.
That was the South African population in 1987 when the Act was drafted and promulgated. Today, in 2023, our population is 60,414,495 people. The point? This Act is very general and must accommodate 60,414,495 people. That’s almost double the people that the legislature had in mind.
If you have no valid will and testament the Act and its set formula will apply. However, your individual circumstances and family's financial requirements will definitely not be the same as the remaining 60,414,494 people, and the Act may not cater fully for your final wishes.
Superior benefits of a valid last will and testament
Even if we are to accept that the Act caters for your needs, albeit in a mediocre manner, the benefits of a last will and testament far outweigh the Act’s general set formula.
In a last will and testament you get to decide who to appoint as the executor to administer your estate; there’s obviously no such provision in the Act and your intestate heirs will have to make such appointment. You can also set up a testamentary trust and appoint trustees if you have minor heirs; in terms of the Act any minor heir’s inheritance will go to the state’s Guardian Fund and no trust can be set up.
These are just a few of the benefits, but ultimately, in your will and testament, you take control and are able to achieve proper estate planning objectives and ensure that distribution of your estate takes place in a manner planned and approved by you.
Don't be part of the statistics
If you are part of the 70% who do not have a valid will and testament, after reading this, ignorance or lack of information can no longer be an excuse. We have all the knowledge and are definitely qualified to assist you. So that excuse is also no longer available.
The only possible excuse left? You have no time. No problem because we do.
Take ownership of your estate and contact us today for proper estate planning and to
draft your customised, valid, practical, and effective last will and testament.
*Disclaimer: The articles on our website are provided for general information purposes only. Whilst care has been taken to ensure accuracy, the content provided therein is not intended to stand alone as legal advice. Please arrange for a consultation or consult an independent and suitably qualified attorney on any specific legal matter.