05 Nov Protect Your Loved Ones: Why You Need a Will
A will empowers you to take control over what happens to things important to you, like your children and house, after you pass. Having control over your assets provides you peace of mind knowing that your wishes are fulfilled, and your loved ones peace knowing that you have expressly communicated what you want.
Plus, without a will, your estate will fall into what’s called intestacy. This is what happens to your estate without a will. This means your estate will be distributed according to intestate succession laws (the state will distribute your assets). The laws dictate who will have guardianship over your children, how your assets will be distributed, and what happens to your house and digital information.
Let’s discuss the legal implications of not writing a will and how it might affect your loved ones.
The Implications of Not Having a Will
When you perish without a will, it’s called dying intestate. Their estate will be distributed according to the Intestate Succession Act of 1987. The Act establishes a hierarchy of inheritance based on family relationships, ensuring a fair and systematic distribution of assets. The system prioritises spouses and children, then parents and siblings, then other blood relatives.
Spouse and Descendants
This is how your estate is distributed to your children and spouse.
If you have a spouse but no descendants, your spouse has claim to the entirety of your estate. However, if you have children and no spouse, the estate is distributed equally among your children (per stirpes). If you have a spouse and children, the spouse inherits an equal share of what your children would inherit or an amount set by the Minister of Justice, whichever is more. Your descendants inherit the remaining portions.
In these regulations, the term “spouse” refers to a life partner that had supportive and equal responsibilities to you.
Parents and Siblings
If you have no spouse or descendants, but both of your parents are alive, they inherit your estate in equal shares. If only one parent survives, they inherit half the estate. The other half goes to the deceased parent’s descendants (the deceased’s siblings). The surviving parent inherits the entire estate if there are no surviving siblings, or it goes to their descendants.
If neither of your parents are alive, your estate will be equally distributed to their descendants, half to your father’s side, the other half to your mother’s side.
How to Distribute Your Estate According to Your Wishes
If you don’t like how the Intestate Succession Act distributes your assets, you should plan your will. Note that the Act doesn’t account for modern issues, such as digital assets or what happens to your pet after your passing.
It’s important to write a will to maintain control over what’s important to you and what you’ve worked for, even after you die. If you would like to get help writing a will, consult Credit Boost. Our will and estates attorney is one of South Africa’s best and would love to help you write a watertight will.
Contact Credit Boost today and discover the power of a well-structured will.