Few financial topics carry as much emotional weight as deciding how you divide your estate. That’s why it’s so important to have a clearly written will.
In this article we look at some important considerations in crafting a will, and how to come up with something that both accords with your values and reduces the risk of conflict among your heirs.
“We make a living by what we get, but we make a life by what we give.” (Winston Churchill)
Writing a will isn’t only about dividing assets – it’s about expressing your values, protecting your family, and reducing the risk of conflict after you’re gone. Yet many South Africans put it off. According to the Master of the High Court, most estates in South Africa are still administered without a valid will, leaving the law to decide who gets what.
That’s rarely the outcome anyone would want. If you don’t have a will, your estate is distributed according to South Africa’s rules of intestate succession. This can lead to delays, extra costs, and heirs receiving assets in a way you might never have chosen.
A carefully structured will, on the other hand, ensures your wishes are carried out, and it gives your loved one’s clarity in a time that will already be difficult.
Aligning your will with your values
Your will is more than just a legal document. It’s a reflection of what matters to you.
For some, that may mean making sure a surviving spouse is financially secure. For others, it may be about ensuring that children’s education is funded, or that a family business can continue into the next generation. You might also want to leave something to a cause or charity that you feel strongly about.
Often, people think that “splitting things equally” is the best way to satisfy their desire to leave something to different people or causes. But, while equal distribution may sound fair, it isn’t always the most meaningful or optimal.
For example, if one child has taken on the role of caregiver for an elderly parent, you might feel they deserve recognition. Or, if one child is already financially secure while another is just starting out, an equal split may not match your sense of fairness.
Balancing fairness and family feelings
Of course, fairness is often in the eye of the beholder. What you intend as generosity could be perceived as favouritism by others. This is why communication is crucial. Where possible, it helps to talk to your family about your intentions. Explaining your reasoning now may prevent hurt feelings and conflict later.
Families are also becoming more complex. Second marriages, blended families, and dependents with special needs all add layers of consideration. In such cases, it is even more important to be clear in your will.
Also consider setting up a trust if you want to ensure that vulnerable dependents are cared for, or that specific assets are managed according to your wishes.
Avoiding conflict
Vague instructions are one of the biggest causes of disputes. “My jewellery to be shared among my daughters” may sound reasonable, but without detail, it can spark arguments. Specificity is your ally. Name the beneficiaries, describe the assets clearly, and appoint an executor who is both capable and impartial.
It’s often wise to appoint an independent executor rather than a family member. That way, administration of the estate is handled by someone without personal interests in the outcome. This can go a long way in keeping the process smooth and fair.
Another important consideration is that the amount your heirs eventually receive may be less than you expect. Estate duty applies to estates over R3.5 million, and capital gains tax is triggered when assets are disposed of on death. On top of that, executor’s fees and administrative costs must be paid.
Without planning, these deductions can significantly reduce the value of your estate. But with the help of a financial planner, you can structure your estate in ways that minimise these costs and ensure more goes to the people and causes you care about.
Professional guidance
No two families are the same, and no two wills should be either. A good estate plan takes into account your unique circumstances, assets, and values. Working with a professional can ensure that your will is not only legally valid but also practical and tax-efficient.
It’s also wise to revisit your will regularly. Life events – such as marriage, divorce, the birth of a child, or acquiring new assets – may mean your wishes need to be updated. A will should evolve as your life does.
At its core, a will is not about wealth. It’s about legacy. It’s about leaving behind a message of care, consideration, and fairness for those you love. Done properly, it reduces uncertainty, minimises conflict, and ensures your wealth is used in a way that truly reflects the life you’ve lived.
To discuss your estate planning, speak to us.
Disclaimer – *The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice. ©FInDotNews