By Jonathan Campbell
Death is something that is certain, and yet few people know when they are likely to die. It is, therefore, crucial to plan for what will happen to your finances, your children and your belongings when you die.
This can be achieved through what is called estate planning, and the best way to ensure that your wishes are fulfilled after you die is to have a Will drawn up by someone experienced in drafting Wills, such as an attorney. If you die without a Will, your property will be divided amongst your surviving heirs, depending on whether or not you want them to inherit. For assistance drafting a Will or further advice on what to do when someone has died, feel free to contact the Rhodes University Law Clinic or another attorney.
What is estate planning?
Estate planning involves formal planning and preparing for what will happen to your financial affairs, your children and your belongings after you die.
In the same way that we plan for various major milestones throughout our lives (such as marriage, having children, or retirement), we must also plan ahead and make sure that necessary and important arrangements have been made for that final milestone, which is our deaths.
By planning for your death, You are able to decide what should happen to your assets and how your children will be provided for. You will be able to rest assured that you have done everything you can for your loved ones to pave the way for your death and its aftermath. This will also prevent unnecessary arguments between family members, as your wishes will all be set out in detail in your Will.
Executing a valid Will
The most important part of estate planning is being able to decide for yourself what will happen to your assets and family when you die, which you must do by properly executing (signing) a Will which expresses your wishes. This is the only way in which the law will recognise these wishes.
Should you fail to prepare a valid Will prior to your death, you will be said to have died “intestate” (without a Will), and the laws of intestate succession will determine how your estate is divided. (The rules of intestate succession will be dealt with in an article later in this series).
If, however, you leave behind a valid Will, you are considered to have died “testate”, and your estate will be distributed according to your wishes.
Safeguarding important documentation
When preparing for one’s death, it is essential that all important documentation is kept in a safe place. It is also important that this documentation is kept up to date and in order and that your loved ones know where to find them. A common mistake that is often made is failing to store their documents in a safe place. Sorting out your important papers is a vital part of estate planning.
Below is a list of the more important documents that need to be safeguarded:
- Identity Document
- Marriage certificate
- Title Deed in respect of immovable property
- Payslips / UIF card
- Bank and policy documents
- Birth certificates of children
- Your Will
Failure to store your documents in a safe place could result in:
- Your family having to search for papers and documents after you have passed;
- Inability to lodge any claims on your behalf;
- Difficulty in administering your estate.
Keeping your records updated
It is vitally important that you keep your records and documents up to date and replace any documents which you may have lost or misplaced.
Always ensure that you take the necessary steps to obtain new copies of any lost document, as this will save your family a lot of time and effort after your passing.
It is really important that you tell someone that you trust where to find all your important documentation, especially your Will. Should you fail to store your documents securely, they may end up in the wrong hands, and this could result in unwanted problems.
