It’s January. The month of back-to-school, resolutions and fresh starts. Visions of easing into 2024 are long gone as most of us are back in full swing.

And all the personal admin you put off doing last year ends up back on a long list of things to do. But what to do first? What’s most important? One is always amazed at how many families don’t have a last will and testament in place. South Africa’s largest provider of wills gives us the low-down on possible reasons.

Capital Legacy’s 11-year track record of over 650 000 wills and thousands of estates administered has given them deep insights into the world of wills. They regularly conduct surveys to understand the consumer psychology behind why the majority of South Africans put off this important task and pass away intestate (without a will). Their desire is for every South African to have an up-to-date and valid will in place to avoid unnecessary drama, heartache and sometimes even financial ruin for the loved ones left behind when they pass away.

Capital Legacy recently ran a survey asking what the main reason was for people not yet having their will in place.

The results were interesting; a theme that stood out was lack of time, with the main causes related to this being:

• 50% – work pressure
• 25% – parenting
• 25% – loadshedding

Sound familiar? Understandably, loadshedding was blamed for stealing people’s time as they rush to get home before the lights go out. Important admin like getting your will sorted gets pushed down the list of priorities.

In the same survey, the question was posed to those with a will in place as to what the main life event was that prompted them to get their wills drafted.

The main reasons were:

• 36.1% simply wanted to get their general affairs in order
• 13.9% purchased property
• 13.9% experienced the loss of a loved one
• 11.1% got married
• 8.3% became a parent
• 8.3% fell ill
• 2.8% went through a divorce
• 5.6% indicated other reasons

With lack of time being the predominant cause for procrastination when it comes to getting a will done, Capital Legacy was inspired to build a simplified online will drafting tool that takes only three simple steps to create your will with the aim of securing your legacy.

Simply visit the Capital Legacy website, click on ‘draft your will’, follow the three steps and Bob’s your uncle – unless Bob’s not actually your uncle and you don’t want him to inherit anything.

Because a wet signature (signature made in ink) on a will is still required by law in South Africa, your online will draft is ‘not final’. You’ll be introduced to one of their expert consultants to finalise it and have it signed and witnessed correctly. Remember, an unsigned will is an invalid will.

Capital Legacy explains that even though they have an online solution, they still believe strongly in the importance of expert consultation when it comes to finalising your will, especially for more complex estates as there are additional considerations. This can be done in person, virtually or on the phone with you.

A few of the important considerations that will be covered when finalising your online draft will:

1. Kids: As parents, we know you would like to provide for your children in the event of something unforeseen happening to you. When speaking to their consultants, you have the opportunity to chat about the details behind making specific provisions for your children in your will in the form of a testamentary trust, as an example. In your will, you can also nominate preferred guardians to take care of your children in the event of both you and your spouse passing away.
2. Property: Another reason a consultation is important is property and the inheritance thereof. Let’s suppose you want to purchase a property in another country and want to leave it to somebody specific when you pass away. You will need to consider each country’s relevant jurisdiction in terms of the laws on inheritance and how they apply tax, as not all countries have the same laws. Globally, most countries’ inheritance legislation either strictly follows or is influenced by either common or civil law. Common law rules inheritance law in countries such as South Africa and Britain and provides for freedom of testation. This means that you may leave your inheritance to whomever you want to, as long as it doesn’t infringe on other legislation concerning inheritance. Civil law rules in countries like France and Portugal and forced heirship is part of this legal dispensation. Forced heirship basically guarantees an inheritance for the family of the deceased according to a strict set of rules.
3. The unexpected costs of dying: A personal consultation also ensures that no details or considerations have been missed, which could save your family a lot of drama if anything were to happen to you. For example, you may not be aware of the legal fees and costs associated with dying and that there is an insurance policy that you can opt for, integrated with your will that pays for the fees and costs when you pass away so that your family isn’t left with unexpected expenses. This is Capital Legacy’s Legacy Protection PlanTM, and has saved families millions in legal fees and expenses.

You can rest assured that Capital Legacy’s wills consultants have the expertise to tailor your will to your specific needs and all the legal and technical requirements applicable to your unique situation.

They recommend signing two drafts, keeping one and letting them send a courier at no cost to you for them to keep a copy safe for you.

Before January rolls into June, why not kick-start your year by making sure your affairs are in order, for your family’s sake? So, here’s the challenge – seize the new year and get your will sorted! Simply speak to your financial advisor or contact Capital Legacy today. Alternatively, go to the link below for the simple, 3-step online will to help you on your way to complete peace of mind:

https://www.capitallegacy.co.za/draft-my-will