If there’s one thing that 2020 has made us do, it’s to think about how well we are prepared for our futures…
Making a will has always been an important task, but now, perhaps more than ever, we’ve seen just how important it is to have one in place. Over the last year we have seen the devastating effects of the coronavirus (COVID-19) pandemic which are affecting people of all ages.
The virus has shown us that making a will shouldn’t be restricted to the elderly or the sick – it’s an important document for all adults as we never know when the unforseen might happen…
On this note I posed a few questions to Fedgroup who are drafting 100 free wills for anyone this month, regardless of whether they are a Fedgroup client or not…
Why Is Having A Will So Important?
I’ve posed the following questions:
1. As a parent, why is it so important to have a Will?
Firstly, if you have a Will, you can direct that all cash inheritances to minor children can go to a testamentary trust for their benefit. A Testamentary trust looks after your child’s financial needs. If you have no Will, you can have no testamentary trust. Cash benefits for minors will end up at the Guardians Fund.
Also, failing another natural guardian, you can appoint a guardian for your minor children in your Will.
2. What will happen if I pass away and I do not have a Will?
Your estate will be handled in terms of the Intestate Succession Act 81 of 1987. Assets will be inherited by a spouse, children/legally adopted children or bloodline family members if there is no spouse and children. An executor will have to be appointed by the heirs and security will have to be provided by the executor. Cash benefits to minors will have to be paid to the Guardians Fund until they reach the age of 18 years.
3. What does the process entail when drawing up a Will?
Complete an application form, forward same form to FedGroup. A drafted Will will be emailed back to you within 48 hours.
If you require advise you can request that a qualified Will consultant contact you to discuss various options.
4. Do you have to have a minimum set of assets to be able to have a Will?
No, there is no minimum assets required. Even if it is just to appoint a guardian.
Any person 16 years and older can make a Will.
5. Where should I keep my Will?
Preferably with a close family member or a family friend. At FedGroup we keep your original in a fire safe at no extra cost.
Some banks and trust companies charge an annual fee for this.
6. I believe that FedGroup has a campaign running where they will be drafting 100 free Wills – how does that work?
Step 1: Follow the FedGroup Facebook page.
Step 2: Share this post or tag a friend in the comment section and you could be one of the lucky 100, to have your Will drafted by the team.
7. Anything else we as parents should consider when drawing up a Will?
Ensure that there is at least 1 policy payable outside of the estate to cover for costs that are immediate to keep the lights on.
Be clear on your intentions, this will avoid family feuds and uncertainty.
I hope you find this information as useful as I have. Remember, if you’d like to get your will drafted for free then head on over to the Fedgroup Facebook page and comment on the post as mentioned above.
Image credit: Stocksnap