A study by Sanlam has revealed that more and more South Africans are drafting their wills to put their estate in order as a result of Covid-19 pandemic. The study stated that at least 35 percent of the people updated their wills while 9 percent of those interviewed wrote their wills for the first time.
Still over 70 percent of South Africans do not have wills in place. That means that they leave it upon government to decide how their estate will be shared upon their death.
With the Covid-19 pandemic, it is estimated that a minimum of 44 percent of South Africans who are economically active have created or updated their wills for the last 18 months. This is towards protecting their families in case they die.
“The prevalence of South Africans without wills is concerning. What has been positive is that we’re seeing a psychological shift, with different demographics, starting to invest in estate planning. It’s no longer seen as ‘reserved’ for the rich,” said Moremadi Mabule, head of Wills Operations at Sanlam Trust.
A will is a document in which a person sets out what must happen to their estate when they die. A person can also nominate executors to administer their estate after their death. So far so good, only a written will is recognized by law. The will has to be signed in from of two independent witnesses.
All wills must be dated to make sure that the latest wishes of the deceased are implemented. In South Africa, anyone above the age of 16 can have a will written.
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