On my Instagram platform as well on this platform – my blog – I’ve discussed, at length, why having a valid Will in place is important. Granted, the thought of death puts most of us off taking this incredibly important financial step.
While we continue to deal with the COVID-19 pandemic, and self-isolate; I thought I’d share three reasons why you should make sure you have a valid and up-to-date Will in place.
1. It’s simple, free and can be done telephonically
Our movements remain restricted as a result of the nationwide 21-day lockdown announced by our President, however essential banking services remain operational. If your Will is held with a bank, they will be able to assist you telephonically; and the relevant documents can be transmitted electronically.
2. It’s the responsible thing to do.
A Will provides a list of instructions on how you want your money, investments and property to be distributed when you’re no longer around.
If you die without a Will, the Master of the High Court will appoint an executor (of its choice) and your estate may take a long time to wind up with your assets being distributed according to law, not your wishes. It is a lengthy process, and could make it really difficult for your family to gain access to funds.
3. It’s about preparing for the worst but expecting the best
Practising basic hygiene and self-isolation during lockdown means you can help curb the spread of the virus and protect the health of your family and the communities in South Africa. While at home, take the opportunity to clean up your financial admin.
I’d like to reiterate that, there is no need to panic. We all just need to ensure that we adhere to the regulations; and equally important – ensure our financial affairs are in order.
Stay safe. Stay home.