Passing away without a Will can create a legal mess for your loved ones, but MiWayLife is here to help.
We spend our lives working hard to build a future for our families, but what happens to everything you've built if you don't have a Will? In South Africa, passing away without a Will means your estate will be distributed according to the Intestate Succession Act and it might not be in the way you would have wanted.
What Is Intestate Succession?
If you pass away without a valid Will, South African law decides who inherits your assets according to a strict set of rules. Typically, your spouse and blood relatives will inherit, but this can create big problems if you have a life partner, stepchildren, adopted children or anyone else you would have wanted to provide for. Without a Will, your passing could leave behind a lot more than grief. It could create a complicated legal mess that takes years to resolve.
Something else many don’t realise? Your bank accounts are immediately frozen when you die. So, even if you did have an understanding with the people you love regarding what would happen to your money, there’s no way they could access it. The only time they could receive any of your savings or assets would be once your estate was wound up, something that can take months.
But Wait, It Can Get Worse!
Wrapping up an estate can take months, sometimes even years, but without a Will, things are likely to move at an even slower pace. This is because one of the main functions of your Will is to appoint an executor, a person you trust to oversee the process of ensuring your money is divided up according to your wishes. Without a Will, the courts will have to appoint one for you. This won’t necessarily be your preferred person and having the court do the finding and choosing creates a big yet avoidable delay. In the meantime, your family can face serious financial pressure and struggle to make ends meet, especially if you are the breadwinner.
Fortunately, having a Will changes everything. It gives you control over who inherits your assets, allows you to nominate a guardian for your minor children and lets you appoint someone you trust to act as your executor and manage your estate. It’s one of the most powerful ways to protect the people you love, prevent family disputes and make sure your wishes are respected.
How Miwaylife Can Help
At MiWayLife, we make it easy to take care of what matters most. When you take out life cover with us, you also have the option to create a legally recognised Will online. Having a life insurance policy in place means that, when you pass away, your family receive a lump sum payout, typically within weeks of submitting the required claim information. This way, while they endure that extremely difficult period where they can’t access anything in your bank account, they’ll still be able to afford the daily bills.
The Bottom Line
Without a Will, you risk leaving your family facing delays, confusion and conflict at a time when they should be focused on healing. Fortunately, MiWayLife offers a simple way to protect your legacy and make sure your voice is heard. By taking out life cover and creating your Will online, you can enjoy real peace of mind knowing that the people you love will be taken care of exactly the way you would have wanted.
Did you know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
