Many of us spend years putting the right financial protections in place. We insure our cars, protect our homes, take out life cover, save for our children and invest for the future.
But there’s one important question we often avoid:
If something happened to you tomorrow, would your family know what to do with everything you’ve built?
A will is one of the simplest ways to make your wishes clear and give your loved one’s certainty during an incredibly difficult time. Without a valid will, your estate will be distributed according to South African intestate succession laws, which may not reflect your personal wishes or family circumstances.
Simply put, if you don’t have a plan in place, the law will provide one for you.
Life cover provides money. A will provides direction.
It’s easy to assume that if you have life cover, everything is taken care of. But life cover and a will serve different purposes.
Your life cover provides a financial benefit to your beneficiaries when you pass away. A will explains how your estate should be managed and distributed.
A will can help clarify:
- Who inherits your assets
- How your estate should be divided
- Who will care for your minor children
- Who will be responsible for administering your estate
Without these instructions, important decisions may be delayed, disputed or left to processes that don’t take your personal wishes into account.
Making things easier for the people you love
When someone passes away, there is usually one person who takes responsibility for the practicalities. They gather documents, make calls, deal with paperwork and navigate the estate administration process, often while grieving themselves.
A well-drafted will can make this process significantly easier.
For parents of young children, it also provides an opportunity to nominate a guardian and put structures in place to protect their inheritance. For example, a testamentary trust created through your will allows you to appoint trustees and set clear instructions for how assets should be managed on behalf of your children.
These conversations aren’t always easy, but the decisions will need to be made eventually. A will allows you to make them ahead of time, with clarity and intention.
The missing piece of financial planning
Many people see a will as the last item on their financial planning checklist. In reality, it is often the document that brings the rest of the plan together.
“People work hard for the lives they’ve built,” says Yvonne Mojela, Fiduciary Specialist at glu. “A will gives you the opportunity to decide what happens to that hard work and the people you’ve built it for.”
At glu, our approach to fiduciary services is guided by Mutuality and Financial Togetherness ™. That means we’re here not only for our Members, but also for the families they care about most.
The goal is simple: to make the process easier, provide professional support when it’s needed, and help ensure your wishes are carried out as intended.
As Mojela puts it: “Many of the challenges we see in estates aren’t caused by a shortage of money. They’re caused by a shortage of instruction.”
A small step that can make a big difference
Having a will isn’t about expecting the worst. It’s about making things easier for the people you love if the unexpected happens.
So, if you already have life cover, savings, investments or a financial plan in place, ask yourself:
Have I protected my family financially, and have I told them what I want to happen?
If the answer to the second question is no, a will may be the missing piece.
Speak to your Financial Adviser or contact glu Wills & Estate Planning to get started.
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