Many people overlook a critically important aspect of their financial planning: drafting a Will. Whether you’re a young professional, a family breadwinner, or a retiree, a properly drafted Will helps you protect your loved ones and ensures your final wishes are respected. If you haven’t drafted your Will yet, don’t worry. Bidvest Insurance, a trusted name in South African insurance, recognises the importance of this often-neglected aspect of financial planning. Through our Legal Insurance policy, we offer you expert Will drafting services. Bidvest Insurance can help you secure your legacy with confidence.
The importance of leaving a Will
Protect your loved ones
A well-crafted Will stops family disputes before they can start. A detailed Will clearly states your preferences for distributing your assets after you pass away. Your Will can prevent potential conflicts and ensure your belongings are divided among your chosen beneficiaries. Clearly outlining your wishes, you give your family a roadmap to follow during an emotionally challenging time.
Secure your children’s future
Without a Will, the courts will determine who will have guardianship of your children. When you name your children’s guardians in your Will, you ensure your children are cared for by someone you trust. Naming guardians for your children ensures you choose who cares for your children in the case of your demise.
Understanding the elements of a valid Will
Understanding exactly what a Will entails can be tricky. There are 6 important elements for a valid Will:
- As a writer of the Will, or testator, you must be at least 18 years of age.
- You must have testamentary capacity. Testamentary capacity means you can mentally understand the effects of listing your wishes in your Will. You must state in writing that you are of sound mind. You must also declare that you are writing the Will of your own accord.
- A statement declaring the document as your Will must be included.
- An executor should be appointed.
- Your Will must contain at least one provision that names a personal guardian for your minor child and/or at least one provision providing for the allocation of your estate.
- If the Will is typed, you must sign the Will and it must be attested to by two witnesses who are not beneficiaries.
How often should you update your Will?
You should review your Will every three to five years. The frequency of updates, however, may vary depending on your individual circumstances and life events. Regular reviews ensure that your Will remains current and accurately reflects your wishes as your life circumstances change.
Reasons to Update Your Will
You should update your Will immediately after significant life changes. Significant life events include marriage, divorce, childbirth or adopting a child. You should also update your Will if one of your beneficiaries or your executor passes away. Update your Will if your finances change, or you move overseas. Keep your Will up to date, so you can be sure it continues to serve its purpose of protecting your loved ones and distributing your assets according to your wishes.
Other benefits of Legal Insurance from Bidvest Insurance
At Bidvest Insurance, our Legal Insurance policy offers a comprehensive suite of benefits to support you in various legal matters:
- 24 Hour Legal Advice Line: Call our legal assistance line at any time for immediate guidance on legal questions.
- Divorce Cover: We provide the support you need during the stressful and uncertain time of divorce.
- Unlimited Mediation: Benefit from unlimited mediation services to resolve disputes amicably.
- Drafting of Wills: Our experts will help you draft the best Will to secure your legacy and ensure your wishes are adhered to.
- 24 hour Bail Assistance Cover: Get peace of mind with round-the-clock bail assistance when you need it most.
- Cover if you are Retrenched: In the unfortunate event of you being retrenched, our Legal Angel has you covered.
- Antenuptial Agreements: Get unlimited cover for antenuptial contracts to protect your interests before marriage.
- Tax Advice: You get unlimited advice on your tax affairs as part of our Legal Angel cover benefits.
- Legal Document Library: Access our vast Legal document library for reference and guidance.
- Litigation Cover: Our Elite Cover policy option provides litigation cover of up to R200,000.
FAQs
Q: Why is having a Will important?
A: A Will ensures your assets are distributed according to your wishes, protects your loved ones from potential disputes, and enables you to appoint guardians for your minor children.
Q: Can I write my own Will without legal assistance?
A: While it’s possible to write your own Will, it’s advisable to get professional help to ensure it’s legally valid and accurately reflects your wishes. Bidvest Insurance’s Legal Insurance policy offers expert Will drafting services to ensure your Will is properly executed.
Q: What happens if I die without a Will in South Africa?
A: If you die without a Will, you will be considered intestate. Your estate will be distributed according to the Intestate Succession Act, which may not align with your personal wishes for asset distribution.
Choose Bidvest Insurance for your Will drafting needs, and you’ll take the right step towards securing your legacy and protecting your loved ones’ future. Our expert guidance and comprehensive Legal Insurance policy ensure that your final wishes are respected and your family is provided for according to your desires. Complete the form below to get Legal Insurance from Bidvest Insurance.
