05 Sep 4 Reasons you need a will
September is Wills Month which provides a reminder that it is important to have a will. Brandon Benatar from Apio Wealth put together these four reasons you need a will.
- A Will gives you a say even after your death as to how your estate should be distributed or who should benefit from it, and sets out:
- A plan as to how your estate will be handled after death
- Who will oversee your estate as executor, to carry out its distribution?
- The responsibilities and powers your executor will have.
- Who will inherit what?
- Who will serve as legal guardian for minors until they become adults?
- If you don’t have a Will in place when you pass away, you die ‘intestate’. What then happens is the courts take over and create a ‘Will’ on your behalf, according to the laws of the country, and divide the assets in terms of the law of intestate succession. This might include beneficiaries you wanted to be excluded getting your estate and/or result in the people you prefer to get your estate being left with nothing.
- A Will helps you avoid a lengthy probate process. A Will speeds up this process by telling the courts how to divide up your estate, therefore the courts do not have to make this decision
- Lastly, a Will allows you to convey any last wishes you may have and wish to be carried out in the event of your passing.