6 Reasons why everyone needs a will, including you

Published on 21st October, 2024 at 11:50 am

If you think a will is only for the rich or famous or that drawing up a will is an expensive or complicated process, think again.

Reading time: 5 minutes

In this article you will learn:

• Why a will is for everyone, no matter your wealth.
• Key insights from the 2024 Sanlam Legacy Survey.
• How wills are the foundational documents for solid estate plans.

More than half (51%) of South Africans surveyed in the 2024 Sanlam Legacy Survey don’t think they need a will because they don’t own enough to justify having one; 40% admit they want a will, but they have not yet gotten around to drafting one.

The truth, says Amrith Bishoon, Executive Manager at Sanlam Legacy, is wills are not only for people who have a lot of money or assets. “In fact, not having a will can profoundly impact the future of your family when you pass away, irrespective of whether you owned a lot or not.”
Think of a will as a legal document that not only describes who should get what when you pass away, but as one that also clearly states your wishes about who will look after your children after your death.

Bishoon cautions further, “There is the potential for conflict if you have not clearly stated who is to inherit your family home, or other items that may be of monetary or sentimental value to you. A will is more than a legal document – it is a roadmap that helps your loved ones avoid conflict and confusion, and it protects your legacy.”

Following Wills Month, we share key insights from the 2024 Sanlam Legacy Survey:

1. Protect your children’s and your spouse’s future

Most surveyed South Africans (57%) believe that creating a will is the right thing to do; 48% felt driven to draft one to avoid family disputes; and 45% were motivated by the fact that they have children.

Bishoon says, “Heartbreak can happen when a family feuds over an estate. Without a will as a guide, conflict can quickly erupt when emotions and financial strain run high. It’s not surprising that children are a major motivator for drafting a will. Without a will, you have no say in who will look after them when you’re gone, or how they will be raised – the Master of the High Court will decide. You also cannot necessarily ensure their inheritance is protected should your former spouse remarry, for example. You want the least possible disruption to their lives. A will can help you accomplish that.”

2. Why updating your will is vital

21% of respondents said they don’t know a lot about wills. Bishoon explains, “A will is crucial at every life stage. Early on in your family life, your aim could be to protect your loved ones from your student debt. Or, later on, you could be getting a divorce. Then the risk is that if you don’t update your will, your ex-spouse could still inherit, even if you didn’t want them to.”

3. Why you don’t have to be rich to have a will

One of the biggest barriers to having a will was individuals not believing they own enough. Bishoon says, “27% of those surveyed believe you need to own at least R500 000 in assets to justify having a will, whereas 14% believe you need to be worth more than R5 million. Neither of these, by the way, are true! It doesn’t matter how little material possessions you have to your name, if you are aged 18 or older, you should have a will.”

Bishoon adds, “We need more consumer education about what happens if you pass away without a will: The state winds up your estate according to the Intestate Succession Act – dividing your assets between surviving spouse, children, parents or siblings – which can be a lengthy, costly and impersonal process.”

“If there is no life insurance and it takes a long time for inheritances to be distributed, your loved ones could come under severe financial strain. No matter how much you have, a will can help expedite the estate administration process, which could alleviate potential financial burdens on your loved ones, and give them more time and space to grieve.”

4. Who keeps your will safe?

“If you have your will at home, it’s critical to keep it somewhere safe, and ensure your family knows where it is, so they can access it easily if something happens to you,” says Bishoon.

“Think of Aretha Franklin. When she died in August 2018, her family thought she had no will, only for several handwritten wills to be uncovered – one reportedly under a couch cushion. This caused serious conflict and her estate is yet to be settled, more than five years later.”

5. How a will builds generational wealth

Bishoon says, “51% of respondents said it is a high priority for them to build generational wealth; 72% want to leave their kids being better off than they were themselves; and 71% want to leave a legacy of financial security for their dependents; yet, only 38% had drafted their wills.

This shows wills are not recognised as essential tools for wealth building, whereas wills are, in fact, the foundational documents for solid estate plans that map out the transfer of wealth between generations. By securing this inter-generational wealth transfer, your will ensures that your legacy lives on and does not get lost from one generation to the next.”

6. Who can write up a will for you?

“A will requires two witnesses and a wet ink (pen on paper) signature to be valid. It can be a complex thing to think through, especially when it comes to questions around guardians and trustees, for example,” concludes Bishoon. “This is where an intermediary, such a Sanlam Legacy can make a meaningful difference.”

As a Sanlam Corporate client, you get access to a wealth of benefits by Sanlam Reality. One of those benefits is Online Wills: Draft your will online, and have it finalised, collected, safely stored, and make unlimited will amendments – all free of charge! A consultant will draft your will and calculate the potential fees your estate will incur upon your passing and your will will be safely stored, with a copy available on request.

About the survey: The 2024 Sanlam Legacy Survey was conducted amongst 1 200 online respondents on the Ovatoyou research platform. For details on the full sample, you are welcome to contact Amanda Reekie at ovatoyou.