Solving the challenges of validating a Will during Lockdown
Alex Simeonides
The burden of Lockdown has caused many to question the validity of their Wills, as they struggle to have their Wills printed and witnessed by two independent witnesses. However, Capital Legacy has pushed the boundaries to find innovative ways to ensure that your Will, the most important document you should sign even while in lockdown, will be honoured despite lockdown regulations. This is a first-of-its-kind solution to meet the challenge that has been created by Covid-19, lockdown and social distancing rules.
Many have read the article by FISA explaining the challenge being experienced by many and the notice by Cliff Dekker encouraging all to sign a declaration that states why your Will does not meet the signing requirements. If a Will is not printed and signed in wet ink by two independent witnesses, the Will is deemed invalid in accordance with legislation. If something were to happen to the Testator/ix during lockdown, without having signed their Will correctly, it can be a costly exercise to have it ratified. A High Court application to get a Will accepted as the valid Last Will and Testament can cost up to R30 000. As a solution to cater for these additional costs, we have boosted cover for all our Clients.
“We have seen the need created by lockdown and have provided all our Clients with a solution,” comments Alex Simeonides, CEO of Capital Legacy. “Due to our unique approach through indemnification and integration we are able to provide an additional R30 000 to each Client, at no additional cost to the client, to cater for the legal costs of petitioning the High Court to accept their Will that is signed during lockdown and which doesn’t meet the legal signing requirements. This unique benefit is available to all premium-paying Clients who have drafted or amended their Wills from March the 1st until the end of Lockdown, as part of their Estate Overheads Protector benefit,” explains Simeonides.
“In addition, we are attaching an addendum to each Will drafted and amended during lockdown that will allow the Testator/ix to sign the Will and make a declaration that it has been signed under circumstances that do not allow for it to be printed, signed and witnessed in wet ink as legislation dictates.”
“Our vision at Capital Legacy is to meet the needs of our Clients, at the time of death. Whether this is providing them with a solution to meet the financial needs of their family at the time of their death or whether it is to make sure that the Will they sign during lockdown will be the Will that is honoured should they pass away while we are still in lockdown.”
Being agile, as a company, has allowed us to be able to adapt and meet the challenge of Covid-19 head on. “We have been able to quickly adapt our bespoke system to automate this process, ensuring this benefit is automatically allocated to each Client without delay,” comments Simeonides.
Covid-19 and its consequences have presented an opportunity to everyone to adapt and do things differently. This allows each financial advisor and company to be innovative, creative and make positive changes to their normal processes and services to meet the needs of their clients, ensuring longevity of the business relationship.
