Category Life Insurance

Does your family structure change how you draft your will?

12 September 2023 Sanlam Trust

From the Kolisis to the van Jaarsvelds, South Africa boasts beautiful families of all shapes and sizes.

Whether it’s you and your partner, you two plus a few, you plus a fur-child, or just you, Moremadi Mabule, Head of Sales: Beneficiary Fund at Sanlam Trust, says it’s important to have a signed will so that your final wishes are known, and your family is fairly provided for.

“There is a mistaken belief that wills are only necessary for people with lots of assets. If you have a minor child (under 18 years), pets, a car or house, savings or investments of any size, cryptocurrency, photos or music in the cloud, or sentimental items such as jewellery or art – even if they are not very valuable – then you need a will,” says Mabule. A recent Sanlam survey of digitally active, working South Africans found that 98% of people had one or more of these assets, but 45% don't have a will.

If one considers the full population, about 80% of South Africans don’t have a will. “Many see it as a complex and expensive process, but it isn’t! The process of drafting a will is always the same, but there are subtle nuances to consider, depending on your unique family structure. It’s also vital to keep your will current, changing it whenever there’s a major life event, like marriage, divorce, the birth of a child, the death of a beneficiary, or a change in financial circumstances,” explains Mabule.

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