A last will and testament is the cornerstone of a well-considered estate plan that takes care of loved ones left behind and makes sure legacies last from one generation to the next.

Capital Legacy has been pushing the concept of September being Wills Month, a spin-off of the Law Society of South Africa’s National Wills Week, with the intent of creating a month of topical conversations around this vital, often uncomfortable, subject.

During Wills Month 2024, Capital Legacy was able to place 39 566 signed wills in safe custody – each of those nearly 40 000 signatures representing a legacy secured, inheritances protected, loved ones provided for, and distribution of assets and final wishes made clear.

It all starts with the will

‘A will is often the most neglected part of financial advice, while in reality it is an absolutely critical piece of the personal-finance puzzle’ says Lesley Coetzee, Executive Manager of Distribution at Capital Legacy. ‘Thankfully, we are making strides at improving this picture through continuous consumer education and working with thousands of financial advisors across the country, who support our mission of making the loss of loved ones easier and informing South Africans about the importance of having valid wills in place.’

During Wills Month 2024, Coetzee and her team launched an awareness campaign where financial advisors were engaged to pledge the number of legacies they would secure – the number of signed wills they were aiming to get into safe custody during the month of September. The uptake was tremendous.

‘Along with the pledges, we also provided our network of financial advisors with a Wills Month toolkit of information and resources to share with their clients. This sparked meaningful conversations, encouraged wide-ranging engagement, and generated super-positive feedback. None more memorable and heartening than a financial advisor who found out his own mother did not have a will. He could take immediate corrective action to get it sorted for her, giving her the peace of mind she desired,’ Coetzee says.

Why do so few South Africans have wills?

The founders of Capital Legacy realised that the complexity of will consultations discourage many financial advisors from assisting clients with drafting their wills. This led to the ‘You refer, We fulfil’ model where a financial advisor whose client wants to draft a will, refers that client to Capital Legacy and an expert Testamentary Consultant then meets with them to provide a well-drafted will. These consultations offer holistic will-drafting services that consider each set of personal circumstances and delivers meaningful advice by way of calculations of actual costs associated with that individual passing away. Testamentary Consultants can also make sure that wills are signed and witnessed correctly, and placed in safe custody, housed in Capital Legacy’s fire- and water-resistant vault at no cost to the client.

Who can ‘afford’ to die?

Very few of us understand the intricacies of winding up a deceased estate, the complexities of the admin involved, and least of all the unexpected costs associated with dying.

‘The stories we could tell about challenges with NaTIS documents when transferring vehicle ownership, the tricky details of tax abatements, the nuances of usufruct clauses… the list is long!’ says Coetzee.

‘There are also heart-warming, rewarding stories of our solutions making a positive difference to someone’s life, for example our Estate Overheads Protector keeping the Wi-Fi on at home, or paying for a school trip or a cricket tour, ensuring small semblances of normality at emotionally difficult times in people’s lives,’ she adds.

This is when a well-drafted will makes a world of difference, and why it is one of life’s most important documents.

Advocating for advisors to prioritise wills

When someone dies without a will (intestate), it makes life complicated for dependents and heirs. This is one of the major reasons why Capital Legacy is amplifying its message to financial advisors, about the strategic importance of making sure their clients have well-drafted wills. ‘We understand that advisors do not necessarily want to handle that themselves, nor are they wills and estate experts. However, we are! And we’re here to help with this crucial piece of forward-planning that really must form part of every client’s personal finance plan,’ says Coetzee.

A well-drafted will can determine the direction of the journey an advisor takes with a client by making the legacy they want to leave the starting point instead of the end destination. This allows for clear guidance and advice to be provided, ultimately giving the client complete peace of mind that their financial advisor is helping them live with purpose and protect their legacy.

Doing fiduciary differently

‘I’ve personally taken calls from widows who have just lost their husbands and don’t know where to start or what to do next,’ says Coetzee. ‘In these circumstances, I can confidently assure them that they are in good hands and that a dedicated estate consultant will meet with them in person to explain the process and what to expect.’

Capital Legacy realised that an email or a phone call is not enough when someone has experienced loss. It has created industry-leading processes that make the experience less overwhelming for dependents and heirs, including a custom-built online portal where the progress and status of a deceased estate can be tracked in real time.

Capital Legacy is leading the change on post-death conversations. ‘Our strength is our signed will rate and our expert in-house estate administration. When that dreaded call comes through of a loved one passing, the family should know that the deceased’s wishes have been clearly outlined, and their legacy protected by way of a well-drafted last will and testament,’ Coetzee concludes.

Written by Capital Legacy