Where there’s a Metropolitan Will, there’s way less drama

The importance of having a Will and estate planning.

Have you ever thought about what will happen to your loved ones and your belongings after you're gone? Beyond the policies and pension payouts that will cover the bond and tertiary fees, Estate planning is not something we like to think about, but it's important that we do. And considering that more than 70% of the adults living in South Africa do not have a Will when they die, now is the best time to consider stating your final wishes so that all the drama can be avoided at the untimely occasion of your death. 

This is where a Last Will and Testament, more commonly known as a Will, makes all the difference. Having a Will is essential for making sure your wishes are respected, your assets are bequeathed to the individuals you intended, and your loved ones are taken care of after your death. 
 

Why having a Will matters 

Imagine for a second, the worst happens, you pass away unexpectedly, and you don’t have a Will. Your family is left wondering who needs to take care of your dependents, how to divide your property, who will pay your home or car loan, who gets what, or what your true intentions were. This is where a Will becomes your voice even when you're not around. It's a legal document that outlines exactly how you want your assets to be distributed. It also helps to expedite the execution and finalisation of your Will. 

What the law says 

In South Africa, the Wills Act of 1953 is the key law governing Wills. If you don't have a Will, the court decides who gets your property. This is called the law of intestate succession. This process might not align with your wishes and could lead to disagreements among family members and loved ones. By having a Will, you're ensuring your loved ones receive what you want them to have and you avoid potential family feuds. It's your way of providing for your family's future and reducing any potential stress for them. 

To make sure your Will is valid, there are a few requirements you need to meet.  

• You must be at least 16 years old and mentally capable of understanding the consequences of creating a Will.  
• Your Will must be in writing and signed by you and two witnesses who are present at the same time. These witnesses cannot be beneficiaries or their spouses. 

Introducing Metropolitan Will - Get your free, legal Will drafted and stored securely 

Writing a will may seem complicated and time-consuming so many people procrastinate or never get around to it. There is however an easy, guided solution for you to do it online and in your own time. Metropolitan, with Wills expert partner, Cliqtech now offers a FREE online Will service, allowing you to complete a valid Will in just a few easy steps. 

Key considerations when drafting your Will 

The guided Will writing solution helps those who don’t know where to start. Here are a few things that we provide guidance on. Keep them in mind when drafting your Will: 

• Choosing an executor: This is the person who will make sure your wishes are carried out. It's important to choose someone trustworthy and responsible. 
• Guardianship of children: If you have minor children, your Will is where you can name a guardian who will take care of them if you're not around. 
• Assets and liabilities: Make a list of all your assets, like your house, car, investments, and bank accounts. Don't forget to include any debts you may have. 
• Who gets what: Make a list and name who you want to inherit your property, money, and possessions. Be as specific as possible to avoid confusion. 
• Special gifts: If you want to leave something specific to someone, like a family heirloom or a sum of money, include it in your Will. 
• Funeral wishes: You can include your preferences for your funeral arrangements – burial, cremation, or other details you want to be followed. 
• Hidden costs: These might include capital gains tax, transfer fees for properties, rates and taxes, Estate duties and executor fees. By planning for these you can help ensure your loved ones don’t need to take a loan or sell assets to cover these costs. 

Remember to update your Will regularly. Life changes and so should your Will. Make it a habit to review once a year or after any significant life events like marriage, divorce, or having children. 

Prin Munsamy, Head of Metropolitan Digital, explains

Proper Estate planning is a critical part of any financial plan,

“As a business that has stayed committed over the past 125 years to empower and uplift our clients and their collectives in the journey to financial freedom, we understand the importance of protecting your family when you’re no longer around. Through our partnership with Cliqtech, we’re providing our clients with an additional solution to protect and look after their loved ones,” he says. “With a proper Will you can remove delays in winding up an Estate and with a free Metropolitan Will, you can avoid having to make appointments, visit lawyers and the associated fees for drafting a Will,” he concludes.

Start drafting your free will here.  

You and Metropolitan, together we can.