Recent studies in South Africa have revealed a startling statistic: over 70% of South Africans don’t have a last will and testament. Why is this the case? Many individuals tend to delay creating a will until they reach their 50s, but as time passes, those years can slip away. The truth is, there’s no specific age that marks the right time to begin estate planning and establish a will. At Curemed, we firmly believe that the earlier you start preparing your will, the better. In this article, we’ll delve into five compelling reasons why it’s crucial to have a will in place before you reach the age of 30.
1. Life is uncertain, and that’s why having a will is important
Life is unpredictable. None of us can predict when our journey will come to an end. While contemplating one’s own mortality may not be the most pleasant thought, preparing for the unexpected with a will is an act of responsibility and love for those you leave behind. By creating a will early on, you ensure that your wishes are known and your assets are distributed according to your desires, sparing your loved ones the burden of navigating a complex legal process during a time of grief.
2. Having a will minimises family drama
During times of loss, emotions run high, and family disputes can easily arise. Without a will in place, your loved ones may face confusion and disagreements over how to divide your assets. Furthermore, having a will eliminates South African law having to dictate how assets are distributed when there is no will. This can lead to additional paperwork and a lengthy waiting period. By creating a will, you can provide clear instructions, limiting the potential for beneficiary conflicts and ensuring a smoother transition during a difficult time.
3. Having a will isn’t limited to individuals with children or substantial wealth
A common misconception about creating a will is that it’s a task reserved for those with children or substantial wealth. However, this couldn’t be further from the truth. Regardless of your family situation or financial status, having a will serves as a crucial tool for ensuring that your wishes are honored after your passing. Even if you’re in your twenties and haven’t accumulated significant assets, a will can still outline how you’d like your personal belongings, no matter how small or sentimental, to be distributed. Having a will in place eases the administration process of registering, concluding and finalising your estate.
4. Protecting your digital legacy with a will
In today’s digital age, we accumulate a significant online presence, including social media accounts, emails, and digital assets like cryptocurrency or online businesses. If you’re under 30, chances are your digital footprint is substantial. Creating a will allows you to specify how you want your digital assets to be handled after your passing. This ensures that your online presence is managed in accordance with your wishes and prevents potential complications or disputes among your loved ones regarding your digital legacy by having a will. It’s a forward-thinking aspect to include in your will that’s increasingly important in our tech-savvy world.
5. Establishing a will is easier than it sounds
Many people put off creating a will because they believe it’s a complex and time-consuming process. However, with the guidance of financial advisors at Curemed, establishing a will is a straightforward and manageable task. The experts at Curemed, can help you navigate the legal requirements to draft a will that reflects your wishes, and ensure that it is properly executed. The peace of mind that comes with having a will far outweighs the effort required to create one.
The financial advisors at Curemed, work alongside accredited lawyers to ensure that your wishes are legally binding and that your loved one’s are well taken care of as indicated in your will.
Contact us today to get started on creating your will and securing your loved one’s future
