It never ceases to amaze me how many people either do not have a valid Will or have not updated the one they have. If one only knew what misery and chaos can be avoided by having an up to date, valid Will. Anyone over the age of 16 and who owns anything of value should make a Will.
It never ceases to amaze me how many people either do not have a valid Will or have not updated the one they have. If one only knew what misery and chaos can be avoided by having an up to date, valid Will. Anyone over the age of 16 and who owns anything of value should make a Will.
You may well ask, “What can a 16 year old have that is of sufficient value to warrant a Will?” These days teenagers own cell phones, laptops, ipods etc. Many do purchase these themselves out of saved pocket money, birthday gifts and payments for chores. There is no guarantee that should the worst happen, and the young person dies, that the parents can simply take over the treasured items. There is always the possibility that the parent does not want them anyway. Rather, encourage the young person to make a valid Will and leave the items to whomever they choose.
Not only does this mean that, if it becomes necessary, you know that you are carrying out her/his wishes but it is also teaching them a very important lesson for the future. Life Orientation is now a compulsory subject at school and has to be passed for promotion but I yet to meet a school-going child who has been taught the importance of making a Will, in this course or, in fact, by anyone else.
Just as important as having a valid Will, is to ensure that it is updated on a regular basis, particularly when circumstances change within a person’s life. If one starts with the most simple Will at the age of 17 by the age of 23 that same person will have finished school and probably tertiary education. He/she is probably living away from home and purchased other items so the Will should be updated. As one continues through life, there are continuing changes – marriage, children, sadly, sometimes divorce, death of family members who may be mentioned in the Will and so on.
Possibly one of the situations when one forgets or just does not get around to it is following divorce and/or remarriage. There are so many other things happening that this is the last thing on one’s mind. Should it not have been updated it can easily result in family feuds.
If that is thought to be a bad outcome, it can be even worse if one dies intestate – without a valid Will. The Intestate Succession Act covers this situation but it can leave a family in difficult circumstances. Generally, the division would be similar to the one above; 50% to the spouse and the balance divided between the children if the estate is >R125 000. Remember that this includes all children whether illegitimate or from previous, customary, common law or polygamous marriages. There are various permutations and it is worthwhile going to the link for more detail.
A tragic example is where the father of 2 children was killed in an accident in which his 2 daughters were critically injured. He died intestate. The mother of the girls was his partner of 18 years but they had never married. In between arranging his funeral and battling with her 2 daughters so ill in hospital she had to furnish proof of her common law marriage so as to have the estate correctly divided. When did she have a chance to mourn her ‘husband’?
This was no great subject to bring to your attention but hopefully it has made you think a bit and so make valuable and essential decisions.