In recent weeks, the topic of wills has gained significant attention, as more individuals come to realise the profound impact a will can have on their loved ones. From preparing necessary documents to understanding where to seek professional help, awareness around this vital subject is growing.
However, real-life scenarios continue to unveil the heartbreaking consequences of not having a will in place. One such story was shared through a recent television programme where a mother’s untimely death left her child at the mercy of a step-parent, that sold their shared property without distributing any of the proceeds to the child. This searing tale serves as a painful reminder of the importance of proper estate planning.
This mother, having married in community of property, inadvertently left her child vulnerable due to her lack of a will. In South Africa, where marital dynamics can significantly influence inheritance rights, understanding the implications of different marriage contracts is crucial, especially for those with children from previous relationships. The contract you choose sets the financial landscape for your family’s future.
Statistics South Africa's 2022 report sheds light on the shifting face of marriages in South Africa, revealing that civil marriages have decreased by almost 30% between 2013 and 2022, while divorces rose by approximately 11% from 2021 to 2022. These trends underscore the necessity for thoughtful discussions regarding estate planning — particularly in marriage.
David Thomson, a senior legal adviser at Sanlam Trust, emphasises the importance of candid conversations with your partner. He advocates for financial independence, suggesting that both partners maintain separate financial advisers, estate planners, and wills. “Each person’s wishes should be known and respected,” he notes. This advice becomes even more relevant when navigating a divorce, where a partner’s welfare may hinge on well-defined legal arrangements.
“It is essential,” Thomson explains, “to understand that having a will is critical, regardless of the type of marriage contract you enter into.” If a couple marries out of community of property without accrual but the will stipulates that everything is left to the spouse, then by law, that distribution will remain valid unless there are competing claims from children of a previous marriage. However, Thomson also warns of the potential difficulties that can arise from maintenance obligations, which may persist even after one’s death.
Had the aforementioned mother created a will, it's conceivable her child could have been spared the anguish of being left devoid of support, not even having the resources to pursue further education. Such narratives remind us of the critical implications of failing to make these plans.
Thomson further advises that even unmarried individuals should prioritise crafting an up-to-date will and ensure that family members are aware of its location. “Each partner should ideally have their own document outlining their wishes. In the event of a death, a joint will goes to the Master of the High Court, making it challenging to retrieve,” he explains. This emphasises the necessity of having a proper estate planner to oversee the process, alleviating stress for grieving families.
Annual engagements with an estate planner can ensure that your plans remain aligned with your current life circumstances, argues Thomson. He stresses the importance of openly discussing commitments with partners to avoid rushed decisions that could lead to future complications.
A healthy dialogue around estate planning not only prepares couples for the future but ensures that legacies—both emotional and material—are thoughtfully crafted for forthcoming generations. The decisions we make today about our estates have lasting ramifications for our loved ones.
As the heart-wrenching tale of the mother and child tragedy shows, it is essential to protect your interests and, more importantly, the interests of your children. Ensuring you have a will in place, along with an informed understanding of marriage contracts and estate planning, is not merely a legal obligation; it is a profound responsibility towards those you care for.
PERSONAL FINANCE