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File: Gavel in a courtroom.
Legal experts are warning that South Africans who die without a valid will risk having their assets distributed against their personal wishes, potentially leaving loved ones financially vulnerable.
Senior legal expert Sharon Hamman says the perception that estate planning is only for wealthy individuals is misleading.
Hamman says, “So a lot of people think estate planning is something reserved only for wealthy people, and it’s far from it. Anybody who has built up a little something or has group benefits or pension funds should really have an estate plan done with a financial advisor so that they can determine what must happen to the assets while they’re alive and also upon their death. And then to determine the best way to transfer those assets to the next in line.”
Legal experts say failing to draft a will can result in assets being distributed in ways that do not reflect the deceased’s intentions, increasing the risk of financial strain for families.
They add that estate planning should be considered by individuals with any form of assets or financial benefits to ensure clarity and proper management after death.
