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4 Myths About Wills
4 Myths About Wills
18 Jan 2022

Having a will can be something that is created by anyone above the age of 16 years in South Africa. It can also be created while you are still growing financially and do not have major assets such as having a house. However, there are dangerous myths that surround creating a last will and testament that can end up costing you.

Wills are only for people with assets

Many people think of a will as something that can be created when you are estate planning for assets that you have accumulated. There is also the misconception that you can only have a will when you are old and wealthy and have assets to pass down to beneficiaries. Everyone has an estate, things that they own or are in their name, that can be listed in a will. This could be in the form of: 

 

  • Bank accounts
  • Furniture, vehicles, jewellery, art 
  • Policies such as life insurance policy
  • Personal items and more

 

Having a will can let you choose who you would like to be the beneficiary of these items. They may seem insignificant when separated, but when you start calculating the value of things you own you will be surprised by how much value you hold. Wills can also be a great way to say your final wishes to your loved ones. 

 

My family will take care of my children

Not choosing a legal guardian who will take care of your child(ren) should you pass away, can leave them vulnerable. It is a common misconception for some parents to assume that their families will take of their child should anything happen to them, but this may not always be the case.

 

Furthermore, it could result in someone who you may not have wanted to take care of your child taking over as their legal guardian. Therefore, having a will should form part of any parents financial planning to ensure that their child will be well taken care of, even when they are no longer around to do so themselves.

 

It is time consuming and expensive

Did you know you can create your own will online? MiWayLife offers online wills that will be protected and kept up to date as you see fit to ensure that what you value is protected. You can get a will drafted for free or online in South Africa that will be legally recognised.

 

My Spouse will get everything when I die, so there is no need for a will

In reality, your spouse may not get access to your assets solely on the fact that you were married. Your assets will be distributed according to the law of succession. It means that for a person without a will your assets will be distributed to your spouse, children and can also include other family members depending on the circumstances. It may also lead to your spouse receiving less than what you intended or having what you have left behind end up in the wrong hands.

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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06