Dying Without a Will

Your family should not have to guess what you would have wanted.

No one likes to think about what will happen after they die. It is easy to tell yourself that you will make a will “one day” – when you are older, when you have more assets, or when life is less busy.

But having a valid will is not about how old you are or how wealthy you are. It is about making sure that your wishes are known and that the people you care about are properly provided for.

If you die without a valid will, you die intestate. Your estate will then be dealt with according to the law, rather than according to your personal wishes.

And the result may not be what you expected.

What Happens If You Die Without a Will?

When there is no valid will, you cannot choose who inherits your estate or how your assets should be dealt with.

The Intestate Succession Act determines who your heirs are and how your estate is distributed.

This may work adequately in some circumstances, but it does not take into account the individual wishes and circumstances of every family.

You may have intended your spouse to inherit your home. You may have wanted certain assets to go to particular children. You may have wanted to make specific provision for a child or other family member.

Without a valid will, you lose the opportunity to make those decisions yourself.

Your Home and Other Property Need Special Consideration

For many families, their most valuable asset is their home.

If you own a house, farm, vacant land, investment property or other immovable property, it is important to consider what should happen to that property after your death.

If your property is inherited by several heirs, practical questions can arise:

• Who will live in the property?
• Should it be sold?
• How will the proceeds be divided?
• What happens if one heir wants to sell and another does not?
• What happens if one of the heirs is a minor?
• How will the property be transferred?

These issues can become particularly complicated where there are minor children, blended families or multiple heirs.

A properly prepared will allows you to consider these matters in advance and structure your estate in a way that is appropriate for your circumstances.

If You Have Children, a Will Is Even More Important

For parents, estate planning is not simply about deciding who gets your assets. It is also about protecting your children.

A will allows you to nominate the person or people you would prefer to care for your minor children if you and the other parent are no longer able to do so.

You can also make appropriate arrangements for assets inherited by minor children.

Without proper planning, assets inherited by a minor may be subject to additional legal and administrative requirements. This can make it more difficult for those responsible for caring for your child to access and manage those assets.

Your will can therefore form an important part of your overall plan for your children's future.

What About Your Spouse and Blended Families?

Not every family looks the same. You may have:

• Children from a previous relationship
• Stepchildren
• A second marriage
• A former spouse
• A long-term partner
• Minor children
• Dependent family members
• Assets that you want to leave to particular people

The law provides rules for dealing with an intestate estate, but those rules cannot reflect the personal arrangements and wishes that make your family unique.

A will gives you the opportunity to make those wishes clear.

Dying Without a Will Can Also Mean Delays and Additional Complications

Administering an estate can be a complex process even when a valid will exists.

Where there is no will, identifying the heirs and determining how the estate should be distributed can add further complexity. This can be particularly challenging where there are minor children, disputes between family members or complicated family structures.

Your loved ones are already dealing with the loss of a family member. Good estate planning can help prevent them from also having to deal with unnecessary uncertainty about your wishes.

Your Will Should Not Be a Once-Off Exercise

Making a will is important – but so is keeping it up to date. Your circumstances can change significantly over the years.

You should consider reviewing your will after important life events such as:

A will that was appropriate ten years ago may no longer reflect what you want today.

Don't Leave Important Decisions to Chance

You have spent your life building your family, your home and your assets.

Take the time to decide what should happen to them when you are no longer here.

A valid will gives you control. It gives your family clarity. And it can provide valuable protection for the people and assets that matter most to you.

Our team can assist you with preparing or reviewing your will and considering the broader estate-planning implications of your family, property and financial circumstances.

Don't leave your family to make these decisions for you. Make your wishes known while you can.