3 REASONS WHY EVERY COUPLE SHOULD HAVE A PROFESSIONAL WILL
May 14, 2018
Whether you’re married or in a long-term relationship, drawing up a will is one of those necessary ‘grown up’ things every couple should take care of. When you’re in the throes of romance with stars in your eyes, the last thing you want to imagine is the possibility that your loved one may be taken away from you, but the reality is that we all have to be prepared in case something unexpected were to happen.
Here are three important reasons why every couple should have a professional will drafted:
Have your assets divided according to your wishes
If you pass away without a will, the Master of the High Court will appoint what is known as an executor-dative, who will be responsible for administering your estate (your money, assets and belongings, etc.). In this case, you have no control over who this person (most likely a family member or attorney) will be, and no guarantee that they will know what your wishes were for the division of your assets, since there is no will to give them guidance and instructions. E.g. They may not realise that you promised your jewellery to your sister, or that you intended to provide for a child from a previous marriage.
Ease the hardship for your loved ones
In the event that you should pass away, your loved ones who remain behind will be grieving your passing. If you don’t have a will and testament in place, you will be adding to their hardship by leaving them with a mountain of tough questions regarding your estate. Ease their burden by providing clear instructions.
Save everyone a lot of time (and money)
If you don’t leave a will, your partner and family will still be required (by law), to search for one among your belongings. This can take a lot of time, and in the meantime, someone has to service your bond and other monthly expenses, which can put your partner or family under a lot of unintended financial strain. But more importantly your estate is frozen until it is decided who is to be appointed to oversee it. That means any funeral policy, retirement savings or Stokvel contributions you may have held will not be accessible until things are finalised.
These are just three of the reasons why it is absolutely vital to have a professional will and testament drawn up when you’re in a long-term relationship. We realise it’s no fun thinking about potentially life-altering situations, but it’s always best to be prepared.