By Sydney Sekese

I am adopting the phrase “Where there’s a Will, there’s a Way” to challenge readers to intentionally think about creating a will, especially considering that September is commonly known as a “wills month” in South Africa.

We spend years building wealth, investing wisely, and planning for the future. Yet, one of the most overlooked aspects of financial planning is what happens to our assets when we’re no longer here. A will is not just a legal document—it’s a final act of care, clarity, and control. As Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.” This rings especially true when it comes to estate planning.

Why a Will Matters

A will ensures that your wishes are respected, your loved ones are protected, and your estate is distributed according to your intentions. Without one, your estate falls under the laws of intestate succession, which may not align with your values or family dynamics. In South Africa, this can lead to delays, disputes, and unintended consequences—especially in blended families or where minor children are involved.

Consider the case of Thabo, a Johannesburg-based entrepreneur who passed away unexpectedly without a will. His estate, which included a thriving business and multiple properties, was subject to intestate succession. His estranged spouse, from whom he had separated but not legally divorced, became the primary beneficiary. His children from a previous relationship were left with limited recourse, and the business faced months of uncertainty. A simple will could have prevented this turmoil.

The South African Context

In South Africa, the Master of the High Court oversees the administration of deceased estates. If there is no will, the estate is distributed according to the Intestate Succession Act, which follows a fixed hierarchy of heirs. This process can be lengthy and emotionally taxing for families already dealing with loss.

Moreover, without a will, the appointment of an executor becomes more complicated. The master may appoint someone who lacks the financial literacy or emotional readiness to manage the estate effectively. This can lead to mismanagement, delays, and even legal battles.

Common Misconceptions

Many people believe that wills are only necessary for the wealthy or elderly. This couldn’t be further from the truth. If you own property, have children, or possess any assets of value—including retirement funds or life insurance—you need a will.

Another misconception is that wills are expensive or difficult to draft. In reality, many financial institutions, legal firms, and even online platforms offer affordable will-drafting services. Some banks and insurers even provide free will services to clients.

What Should a Will Include?

A well-drafted will should include:

• Your full personal details
• Appointment of an executor
• Clear instructions on asset distribution
• Guardianship arrangements for minor children
• Funeral and burial preferences (optional)

It’s also wise to include a residuary clause to cover any assets not specifically mentioned and to update your will regularly—especially after major life events like marriage, divorce, or the birth of a child.

The Role of Financial Advisors

As financial planners, we have a duty to encourage clients to think beyond investments and retirement. Estate planning is a critical part of holistic financial wellness. A will is not just about death—it’s about dignity, legacy, and love.

Final Thoughts

Drafting a will may not be the most exciting part of financial planning, but it is undoubtedly one of the most important. It’s a gift to your loved ones—a roadmap that spares them confusion, conflict, and unnecessary costs during a difficult time.