What will happen to your assets when you die?


Does setting up your last Will and Testament make you think of your mortality? This is the reason why many South Africans delay writing their wills; it’s something many only think of when confronted with a life threatening illness or accident.

However, if you don’t prepare a will it could cause unnecessary stress and conflict for your family when you pass away - a time that is already filled with sadness and trauma. 

These are some of the problems that may arise if you die without a will:

  • Your assets might not be left to the person of your choice.
  • It can take a longer time to have an executor appointed. The executor who is appointed might not be somebody you would have chosen.
  • There could be extra and unnecessary costs.
  • If you have children, the surviving parent would continue as their guardian. However, if both parents die at the same time, the courts will appoint a legal guardian for your child.

Some basic information about wills:

It’s your right to decide who should inherit your assets. Should you pass away without a will, it means you die ‘intestate’. This means that the courts will write a will on your behalf, take over your assets and properties, and divide them between your spouse and children. Apart from the time-consuming hassle and inconvenience for your loved ones, dying without a will could also cost the estate thousands in unnecessary expenses. The delays in dealing with your estate could also mean your family won’t be able to access the funds which they might need for day-to-day living in your absence.

Some of the things to consider when thinking of getting your will written is; who must get what, who should be the legal guardians of your minor children, and who should be the executor of your will? More importantly, have your will drafted by an Attorney, who will have the necessary knowledge and expertise to ensure your will complies with all the legal requirements in the Wills Act and that it complies with your wishes.

Give your family peace of mind and make an appointment to draft your will FREE with attorneys registered with the Law Society of South Africa during Wills Week 17-31 September.

Up Next

A fixed deposit account can secure a financial legacy
If you’re an adult with dependants who rely on you, it’s important to start planning for the future and finding the highest fixed deposit interest rates to secure a financial legacy for your loved ones.

Publish Date: 17/09/2019
Read more
Manage kids’ pocket money with a joint account
Giving your child pocket money and depositing it into a joint account, is an excellent way to teach them the value of money.

Publish Date: 16/09/2019
Read more
Get the best loan for your side-hustle
You don’t have to rely solely on the income earned from your job alone. There’s instant loans and ways of getting more money flowing through your bank account.

Publish Date: 19/09/2019
Read more
Savings options for retirement planning
Want a mini-retirement? First grow your wealth with the best savings interest rates and create smaller goals rather than just one big retirement goal.

Publish Date: 23/09/2019
Read more
Stay financially disciplined with online banking
Building discipline when it comes to finances isn’t always easy, but the rewards are worth it. Start slowly using your online banking app, we show you how in this blog.

Publish Date: 02/10/2019
Read more

About African Bank

Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.