Is a will Really Necessary?

A will is a legal document that dictates the distribution of assets when you die. If you die without a will, state law governs. You definitely need a will if you are married, have kids, or have a lot of assets. A will can help your family avoid conflict when you die, and it is not something you should draft yourself.

Is it still important to write a will?

“If you pass away without leaving a Will, legislation will determine how your assets should be distributed,” says Kobus van Schalkwyk, Head of Corporate Development for Standard Trust Limited at Standard Bank. By writing a Will, you ensure that your belongings are divided among your chosen beneficiaries.

What are the problems with a basic will?

For example, if you pass away with only a will in place: 1) Your financial accounts may be frozen 2) The probate process may be lengthy, with your assets and bequests subject to the claims of heirs and creditors 3) Probate and estate settlement costs may decrease the size of your estate 4) Your will is a public …

Do you need a will if you own nothing?

As a probate and estate planning practitioner, one of the most common questions I receive is, “I don’t own anything, so I don’t need a will, right?” Wrong. If you’re a legal adult, you need a last will and testament – even if it’s just a very basic one.

What is important to have in a will?

A will allows you to select the individuals who will receive what you own when you die. A will includes specific directions on how you wish your estate to be distributed after your death, including provisions for any tangible personal property that you may own.

Do you need an executor for a will?

You need to appoint at least one executor of your will – but you can choose up to four people or professionals. If you’re choosing friends and family, it’s recommended that you appoint at least two executors. This is because there are certain limitations for sole executors that don’t apply to professionals.

Who gets your money if you don’t have a will?

If you die without a will, the probate court will refer to local “intestate succession” laws to decide who will receive your property. The order of succession usually prioritizes your surviving spouse or domestic partner, followed by your children, then parents, siblings, and extended family members.