To get a will, put your trust in a loved one or leave it to chance? Thinking about when the ideal time is to make a will differs from person to person, but you can have a last will and testament as young as 16 years old in South Africa. But when is the right time?
As soon as you own anything
Most people think that the only time to create a will is when you are reaching old age, own property or high-value assets. However, you can create a will as soon as you have something you see as something you would like to pass on to a loved one or charity. For example, these could be personal keepsakes, items of clothing, furniture, jewellery, technology or documents. Whatever you deem as valuable can be added to a will which you can create with MiWayLife online or a legal institution.
As part of your estate planning
As we accumulate assets as we age in the form of investments, property, businesses, we want to make sure that when we die these end up in the right hands. The peace of mind that comes with having a will in place can assure you that the financial security nets you have created for the people you care will be legally recognised and carried out just the way you want them to.
When you are planning on having a family
Whether you are planning on having a family of your own one day or already have, a will can be a great way to protect them. As much as we do not want to imagine a life where we won't be around for the people we care about, it is crucial to start thinking of ways you would like to have them protected and what you would like to leave behind for them when you die.
As part of your wish to donate to charity
Not everyone will have children, a spouse, or in some cases, a family to leave their keepsakes and valuables they would love to pass on too. It doesn't mean that these need to go unclaimed. Choosing to donate your assets and investments to a charity of your choice can also be another reason to have a will in place.
When you have no dependants
What happens if you do not have any dependants, especially if you are not planning on having children? A will is still needed if you have assets and policies, you would like other people to benefit from. A golden rule of thumb is to have a last will and testament in place as soon as you start accumulating assets and policies. You can update it as you go to ensure that it stays up to date.
