3 reasons why you should update your will

While South Africans continue to self-isolate during the next few weeks, here are three reasons why you should make sure you have a valid and up-to-date Will in place, notes Capital Legacy.

1. It’s simple, quick and free – you can even do it over the phone

“Most Wills are drawn up during a face-to-face consultation with an advisor but thanks to technology the whole process can be done over the phone and online.” says Alex Simeonides, CEO of Wills and estate administration company, Capital Legacy.

This includes using email to validate the Will, ensuring this important document is witnessed and signed correctly, so that it’s legally valid.

2. It’s the responsible thing to do

A Will provides a list of instructions on how you want your money, investments and property to be distributed.

If you die without a Will, the Master of the High Court will appoint an executor of its choosing and your estate may take a long time to wind up with your assets being distributed according to law, not your wishes.

It is also a far lengthier process and makes it difficult for your family to access funds to cover the legal and administration costs associated with death. “A valid Will means protecting your legacy and your family.” said Simeonides.

3. It’s about preparing for the worst but expecting the best

Practising basic hygiene and self-isolation during lockdown means you can help curb the spread of the virus and protect the health of your family and the communities in South Africa. While at home, take the opportunity to clean up your financial admin.

“This is not a time to panic,” said Simeonides, “Instead, put in place the plans you have always wanted to, but never got around to.”

Read: A comprehensive 25 point checklist to prepare for the inevitable – death

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3 reasons why you should update your will