Five reasons to get your will professionally drafted

With this being National Wills Week (7 to 11 October), we at PWM Financial Management in Port Elizabeth would like to emphasise the importance of having your financial or legal advisor draft or update your will.

Although there are numerous free templates available on the internet, here are five good reasons to have your last will and testament professionally drafted.

1. Intestate succession: You may have a will but does it comply with the stipulations of the Wills Act? If not, it may be considered legally invalid and leave your loved ones with the administrative delays associated with intestate succession (dying without a will).

2. Estate planning expertise: Your financial planner will be able to advise you on the best estate planning strategy for you and the tax implications thereof. Letting him or her draft or update your will ensures that your wishes will be executed accordingly.

3. Estate liquidity: A financial consultant will help you determine whether you have enough liquidity – cash or assets – in your estate to cover any outstanding debts or liabilities. If not, your loved ones may be forced to sell some assets to settle these.

4. Your children: The last time you drafted a will you may have been single and childless. It is essential that your updated will include a formally nominated guardian for your minor children. Without it, they may become wards of the state.

5. Business ownership: If you are an owner, partner or shareholder in a business, your personal will may be more complex than a cut-and-paste template allows. Your financial advisor would be well-placed to navigate the complexities of any buy-and-sell or other agreements affecting your estate.

To ensure that your loved ones are adequately protected after your death, contact PWM Financial Management in Port Elizabeth about drafting a legally valid will.

More Info link:: https://www.pwmfb.co.za

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Author: Coetzee Gouws from Full Stop Communications. Originally distributed by MyPR.co.za.

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