By Stella Pickard - Quickwill
“A society grows great when old men plant trees whose shade they know they shall never sit in.” - ANON
More than 70% of South Africans don’t have a valid will. The reason for this, we believe, is because people are not educated on why wills are so important and how you can use them to protect your family and save tax.
By drafting a will, you are planting a tree in which shade your family can sit. Let me explain…
If you have money in the bank, or any assets, you should have a will. There is a common misconception that people believe they don’t have enough assets to justify drafting a will. The fact is, if you have any assets that you wish to leave to someone specific, you need to draft a will.
It’s quick, convenient and the end result is a professionally drafted will. Quickwill is an online tool which helps the layman to draft their own will. You can sign up from anywhere with an internet connection and draft your will in minutes. The costs are known to you upfront. The process of drafting a will is divided into 7 easy steps, where each step deals with a part of your will and explains the concepts relating thereto, allowing you to make educated decisions. There is also a lawyer on standby on a chatbot to assist you should you get stuck anywhere in the process.
Of the approximately 20% of people who have a valid will, very few of them are aware of the costs involved in winding up their estate. When they do the calculation to see what these costs are, they are always shocked.
So how does this work? When your executor winds up your estate, there are executor fees, Master’s fees, estate duties, income tax, capital gains tax and possible conveyancing fees at play. There needs to be enough cash in your estate to cover these costs, otherwise your assets will be sold to pay these fees. You can see how the house you wanted to leave to your family suddenly gets sold to pay these expenses - not what you had in mind. In order to prevent this from happening you need to ensure there is enough cash in your estate upon your passing. The Quickwill Estate Plan will help you to ensure these expenses are covered and your family gets the benefit from your estate which you envisioned.
Since starting to read this blog, has your opinion on the importance of having a will changed? I surely hope it has. Sign up with Quickwill - it’s free to get started. Go through the process and then decide whether you think it will add value to your life.