(By Champ Thekiso and Zale Hechter)
The Covid-19 pandemic highlights the importance of drawing up a Will, and keeping your children’s inheritance safe…
The Covid-19 pandemic has forced more of us onto our laptops and into remote working environments. We are spending more time on mobile phones and tablets and those of us who were unfamiliar with operating technological devices have now been introduced to the convenience of smart technology.
At the same time, we are living through tremendous changes and financial uncertainty. Some of us are faced with new suffering and deaths of family members and we have had to face the truth of it – we may get sick and pass away sooner than we expected. But there is a lot you can do to ease the load for your family.
Will’s Month – Ensure your children are properly covered
This month is Will’s Month and the Covid-19 pandemic is a strong motivator to draw up a Will, especially if you want to ensure that your children are taken care of properly and provided for if you happen to pass away prematurely.
Studies have shown that an increasing number of women are becoming breadwinners in South Africa. For this reason, it is critical that every woman who is providing for dependants has a personalised Will.
The most important and simple financial tool we all have at our disposal is a Will
When it comes to getting your finances in order, everyone should start with a Will. It is the cornerstone for ensuring your financial legacy, but it is often neglected or postponed.
If you don’t have a Will and you pass away ‘intestate’, the assets you’ve worked so hard for won’t be distributed according to your wishes, but according to the decisions of the state.
What happens if you pass away suddenly?
When a person passes away their bank accounts are frozen and this affects family members significantly. Wrapping up an estate is probably not something most people are familiar with because we don’t usually deal with someone passing away too often. A Will allows your wishes to be made known and followed even after you pass away.
With that said, it can be detrimental to simply use an ‘off-the-shelf’ Will even from an FSP (financial services provider). A Will needs to be catered for according to your specific needs and estate. Also, you may be unaware of simple errors that can be made in the drafting of a Will. For example, if you have a beneficiary of your Will sign as a witness, your Will becomes null and void.
We (the authors) have lost family members too
Both of us lost family members and inheritances because the documentation from their Wills was not done correctly and their Wills weren’t updated accurately. It caused our families additional stress and trauma, and drawn-out and difficult financial challenges. This is why we started a tech company, Cliqtech and developed SmartWill, to protect the legacy and inheritances of generations to come.
Draw up your Will online
With the online Wills platform, SmartWill you can draw up your Will and ensure that everything is taken care of online. You can do it in your own time and stagger your sessions to come back and complete something at a later stage.
SmartWill is also presented in an understandable, easy-to-digest way, and gives you and your family a digital snapshot of all of your assets, policies and investments. It is also built around your individual needs because everyone’s financial needs are unique. The process is affordable, cost-effective and covers all aspects of your financial legacy in one place, so your children are not left wanting.
This month, we are offering all All4Women readers of this article, a 50% discounted SmartWill if you use the voucher code ‘all4women’ at checkout.
Don’t wait until it’s too late. Use your time online to sign up for a SmartWill today and make sure your children’s inheritance stays intact.
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