Johannesburg - The importance of having a will has been stressed as the life expectancy for both men and women has dropped by over three years in the advent of the coronavirus pandemic.
The coronavirus pandemic has claimed over 80 000 lives in the country so far, and on Wednesday, the Department of Health announced that 235 more people have succumbed to the virus.
This takes the total number of virus-related deaths in the country to 82 496, as of Wednesday night.
Stats SA, in a recent report, said the life expectancy among men and women had dropped by about 34% for men: from 62.4 in 2020 to 59.3 in 2021, while for women, it dropped from 68,4 in 2020 to 64,6.
Tracy Muller, the head of fiduciary at Nedbank, said the recent drop in life expectancy and a looming fourth wave of the coronavirus, members of the public had to get their wills in order.
“With South Africa well into its third wave of Covid-19 infections and a fourth wave looming, the constant presence of death serves as a reminder as to how quickly things can change, and sadly, how quickly life can be taken away.
“Arguably, therefore, the most important document we all need to have is a will that reflects our current wishes as this will become our voice when we no longer have one.
“Ironically, however, this is also often the most neglected document. Having a valid will can save your loved ones from added heartache and frustration when you pass away,” said Muller.
She said it was important to prepare for unpredictable events during these “unprecedented times”.
“Having a valid, up to date will ensure your wishes are clear and that the right people benefit from your money and assets,” she said.
It is estimated by the Master of the High Court, she said, that about seven out of every 10 in South Africa's working population do not have wills in place.
Muller warned that not having a will meant that the wishes of the deceased could be ignored and could have the unintended consequence of their loved ones not receiving the money or assets they were entitled to.
In addition, it can also lead to serious and unnecessary delays in the administration of your estate, resulting in financial and emotional stress for your family and dependants.
“If an individual dies without leaving a valid will, their estate will be administered according to the Intestate Succession Act, 81 of 1987.
“As an example, married couples often assume that the surviving spouse will inherit the estate if the first-dying spouse dies without a will. This is correct if the couple had no children.
“But if the deceased had children, the rules of intestate succession say that the spouse inherits the larger of R250 000 or a child’s share of the estate, and the children inherit the rest.
“A child’s share is determined by dividing the monetary value of the estate by the number of children plus one. The spouse will, therefore, inherit only a portion of the estate, and the spouse and the children will become co-owners of the assets, which is often impractical,” she said.
She stressed that estate planning was important as it protected the deceased and their surviving beneficiaries interests.
“Since everyone’s circumstances, family set-ups and needs are different, your estate and succession plan will be different from someone else’s.
“That is why it is important to get personal advice on your specific situation.
“For a will to be considered valid, it must be signed in the presence of two competent witnesses. The witnesses must be 14 or older and competent to testify in court.
“A person who signs the will as a witness, or who writes any part of the will, as well as the spouse of that person at that time, will be disqualified from receiving any benefit from the will.
“Any change to the will must be signed by the testator and the witnesses, too,” she said.
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