|FedGroup Financial Services Press Release|
The importance of setting up a will
|Issued by: Headlines|
[Johannesburg, 16 August 2016]
Wills are something we don't like to think about. We don't like to face the reality that in a moment, our lives can be cut short. We especially don't like facing what that might mean for loved ones. Should you die, a will helps to ensure that your family's needs are met according to your wishes. Die without one, and the state decides who gets what, without any regard to your wishes or family's needs.
Lynne Serfontein, Fiduciary Services Manager at FedGroup, looks at the benefits of having a will and what should be considered before drawing one up.
Did you know, approximately only 10% of South Africans have a will? While the average South African is prepared to spend a couple of hundred rand for a night out on the town, they are not prepared to pay the equivalent to have a will drafted.
Benefits of a will:* Choosing your heirs. Without a will, the Law of Intestate Succession will determine your heirs.
* Nominating an executor. When you draw up a will, you can nominate a person or company whom you trust as executor.
* Choosing a guardian for your minor children. This allows you to nominate a person who has the best interest of your children at heart.
* Setting up a trust to protect the inheritances of your spouse and children.
* Plan your will to be as straightforward as possible.
There is more to a will than buying one from the local stationers and filling it out. It is important that you consult a reputable financial services provider to prepare a will for you. After all, a will is probably the most important document that you will ever sign and represents financial peace of mind to those you leave behind.