Top reasons to have a will

Huibré Lamprecht

Did you know that approximately 86% of South Africans have not made plans
for their death? For some reason setting up our last will and testament makes
us think about our own mortality, and so we tend to put it off. During this
season of COVID 19 the world as we know it is turned on his head, and we are
directly confronted with the impermanence of our existence on earth.
Having a will is arguably one of the most important things you can do for
yourself and your family. Not only can a will legally protect your spouse,
children, and assets, it can also spell out exactly how you would like things
handled after you have passed on.

While each person’s situation varies, here are the top ten reasons to
have a will. Please see the TAG for critical elaborations on the 10 listed
topics.
1) You decide how your estate will be distributed.
2) You decide who will take care of your minor children.
3) To avoid a lengthy probate process.
4) Minimize estate taxes and provide for liquidity in your estate.
5) You decide who will wind up the affairs of your estate.
6) You can disinherit individuals who would otherwise stand to
inherit.
7) Make gifts and donations.
8) Avoid greater legal challenges
9) Because you can change your mind if your life circumstances
change.
10) Because tomorrow is not promised.
Adv. Huibré Lamprecht is the founding director of HLBK(Pty) Ltd.
She and her team specialize in the drafting of wills, administration of
deceased estates, trusts and “special trusts”, independent trustee
appointment, tax advice and -planning, drafting of legal agreements
and documents and company secretarial services. They can be
contacted in Potchefstroom on 018 294 3722 or [email protected]

 

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