Having a Will is one of the most important decisions that a person can take in their lifetime. In South Africa, having a will is particularly important due to the complexity of the legal framework and the potential for disputes over inheritance.
A Will is a legal document that outlines how a person's assets and property should be distributed after their death. It may also include instructions for the care of any dependents or pets, funeral arrangements, and the appointment of an executor to manage the estate.
One of the biggest risks of not having a Will is that the distribution of assets may not align with the wishes of the deceased. In the absence of a will, the Intestate Succession Act of 1987 will determine how the deceased's estate is distributed. This may result in assets being distributed in a way that the deceased would not have wanted, or to individuals who were not intended to receive them.
Another risk of not having a will is that the distribution of assets may be delayed due to legal disputes or challenges from family members. This can be a lengthy and costly process, and may result in assets being tied up in legal proceedings for years.
Having a will can also provide peace of mind for the deceased's loved ones, as it ensures that their wishes are carried out and reduces the potential for family disputes over inheritance. It can also simplify the distribution of assets and minimize the time and costs associated with settling an estate.
In conclusion, having a will is crucial for anyone who wishes to have control over the distribution of their assets and ensure that their wishes are carried out after their death. Not having a will can result in assets being distributed in a manner that the deceased would not have wanted, delay the distribution of assets, and potentially lead to legal disputes and family conflicts.
Therefore, it is important to consult with a legal professional and create a will that accurately reflects your wishes.
Legal Champions can make it possible for you to have a Will of your own. No one knows the day they'll depart from this earth, contact us to have your Will drafted by one of our experienced Legal Professionals.