September 14, 2022

You want me to make a will?

Writing a will is not something most of us relish.

Unless you dream of punishing those you leave behind with some odd instruction from your grave.

Like, you can’t inherit this unless you stop drinking. Or you can only inherit that if you don’t marry him or her.

It is best not to attempt to be such a control-freak, as these wills typically only end up entertaining students of estate planning.

The experts who teach this subject ask students to contemplate whether a court would defend the oddball request and who will police your heirs to ensure they aren’t drinking or marrying the “wrong” person.

For the rest of us, making a will is a chore – akin to taking out the rubbish.

We just don’t want to do it.

We don’t want to think about dying and some even fear that thinking about it, invites it.

And we don’t want the hassle of making time to meet a professional and check the draft and sign in front of witnesses – even if some companies now offer to make all this very easy with virtual meetings and couriers bringing you the document.

But not thinking about your own demise or carrying out this admin task typically invites more trouble. Like leaving the rubbish to fester.

Surviving family members are the ones who face it when someone dies without a will or with a poorly drafted one.

Grieving family members who already have a lot to deal with, get more problems in the form of money or property that cannot be transferred and dealt with.

These estates are the ones that take forever to resolve, all the while costing families - who can often ill afford it - additional fees or lost opportunities.

This week is wills week. You will find some law and trust firms offering their services to draft a will for you for free. In many cases, a free will probably beats no will.

But some people need to consider paying for the services of a suitably qualified professional. Because their marriages, or where they or their assets are situated require some careful drafting that may be beyond free or low-cost services.

For some this could bring on a greater inclination to procrastinate. But a messy estate is not something you should leave those you love.

And Covid has taught us we will not all be afforded the opportunity to tidy up our affairs in our last days before laying down gently to rest like the late Queen.

Laura du Preez
Editor Smart About Money

Will power and other ways to find peace of mind

Need to know

Why you absolutely must make a will

It is not about how wealthy you are or who your family is. It is all about adding the least burden to those left behind. And ensuring that your children and other dependants are cared for. Read more: Why is it important to make a will?

The legalities

What happens if you don’t

If making a will is on your to do list get on with it and do it. Because life happens, and without a will the outcome could be the law dictates who will inherit your property and investments. Don’t be the one who thinks it will never happen to me. Look around you. Did you know someone who didn’t make it to 25, to 35 or 45? Could it be you who doesn’t make it to 55? Read more: Who will inherit if I die without a will?

Experts required

What happens when life gets complicated?

Getting a valid will should be your first priority. But if your life is complicated by marriage contracts, properties and investments in different countries or heirs who live all over the world, you may need to consult with appropriately qualified fiduciary experts.

They can advise you how to avoid the pitfalls of drafting a will that fails to take your special circumstances into account. Read more: Beware the will that is too simple for your affairs.

Filling in you return

Can you get tax back because you work from home?

Many employers are encouraging a return to the office but some people will forever work from home and others will do some days at home and some days in the office.

If you are working from home, can you claim a tax deduction for home expenses related to your home office? The answer depends on the space from which you are working. Read more: Can you claim a home office tax deduction?

20-something finances

Make some smart moves in your twenties

In your first job your focus is on getting wheels and your own place. Any one over the age of 35 is ancient and you can’t imagine their problems may one day be yours. But you can make the smartest moves to set yourself up in your twenties so you have no financial concerns later. Reset your thinking by reading this: This should make sense even at age 25.

Do you have near and dear friends and family?

Should the unthinkable happen, how would their deaths affect you? How would their deaths without an up-to-date will affect you or other friends and family members you care about?

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