Everyday hundreds of people die without a will, leaving their families and beneficiaries in an administrative and financial mess.
Franzo Friedrich, the head of marketing at First National Bank Insurance, says the time you take now to put your affairs in order will save your family, already distressed during their time of grieving, from unnecessary hardship, administrative nightmares and even the possible misallocation of legitimate assets due to them.
You should keep the following points in mind:
- Upon a person's death all his or her assets are frozen. This includes bank accounts, including stop orders and debit instructions, property, credit cards and accounts;
- The law deems that every person has an estate after he or she dies, and every estate - no matter how large or small - is obliged to have an executor;
- An estate cannot be unfrozen or any of the deceased's requests implemented unless an executor has been formally nominated;
- Without a will, it can often take up to 12 months to sort out the details of a deceased's estate; and
- Even with a will and a nominated executor, administrative formalities can delay the settlement of an estate for months.
It is in your interests to:
- Draw up a will and seek expert advice to ensure that your wishes will be executed properly;
- Appoint a trustworthy and capable executor; and
- Make provision for your family during the period between your death and the settlement of your estate.