Cape Town - As National Wills Week draws to a close on Friday, the Provincial Department of Human Settlements has urged all its housing beneficiaries to take advantage of offers such as that from the Law Society of South Africa (LSSA) to draft their Wills free of charge.
Department spokesperson, Nathan Adriaanse said that while people don’t enjoy thinking about or planning for their death, having a Will in place would minimise stress, financial issues, and disputes among loved ones when the time comes.
“Often our beneficiaries have a misconception that since the department hands over Breaking New Ground (BNG) houses, it can be involved when there are disputes in the family in terms of who inherits the house when the beneficiary has passed away without a Will,” he said.
Adriaanse said once a government subsidised house and title deed has been handed over, it is the beneficiary’s responsibility to ensure that they have a Will in place which stipulates who gets to inherit their house.
FNB Fiduciary division chief executive, Aneesa Razack said: “A Will is a detailed plan of how you will leave your accumulated assets and belongings, big or small, to your loved ones once you pass on.”
She said people who made big changes to their lives such as purchasing a house or getting married needed to consider updating their Wills.
Insurance company Metropolitan GetUp client engagement team leader, Liezel Gordon gave the example of 34-year-old rapper and producer Riky Rick whose sudden death earlier this year left his long-time partner and mother of his child to battle it out in court.
Gordon said while some might have insurance to cover debts, education and other costs when they die, there are also hidden costs that must be taken into account.
She said these might include capital gains tax, transfer fees for properties, rates and taxes, estate duty, executor fees, advertising costs, as well as funeral costs.
“Without a solid Will in place and these costs taken into account, family members might end up having to sell assets or even take out a loan to cover costs,” she said.
Legal Aid South Africa provincial Spokesperson, Boitumelo Boshupeng said: “Each year, a number of attorneys participate in the National Wills Week. Interested members of the public are urged to visit Legal Aid SA offices to have a valid and professional Will drafted, at no cost.”