Estate planning as a topic, like many money conversations is often met with cynicism and negativity because talking about death is uncomfortable for many households. Failure to adequately plan and get your estate planning affairs in order can, however, result in many feuds where family members fight over your estate.
The financial planning industry celebrated National Wills Week from Monday, 11 to 15 September 2023 (today), encouraging people to draft wills and take care of their estate planning needs, this article discusses why Basotho should prioritise having wills.
What is a will?
A will is a written document that sets out how you want your estate to devolve upon your death. When drawing up your will, it is important to have a comprehensive list of all your movable and immovable properties and to work with a lawyer. For a will to be valid, it must be signed voluntarily, witnessed by two people.
What do you need to draw a will?
As discussed in chapter 10 of the book โLetโs Change the Script: Chelete Ha Se Parcel!โ you should set an appointment with a lawyer or visit Alliance Legal for assistance with the following documents. This list below is not exhaustive and additional documents may be required.
- A comprehensive list of all your properties (movable and immovable), including lease numbers or details of vehicles.
- Your personal information i.e. name, identification document number (ID) and date of birth etc.
- Full details of all your heirs including their full names, ID numbers and genders.
There are different types of wills to consider as discussed in the article [1]โUnderstanding Wills: Interview with Adv. Rethabile Mathealira-Molapoโ. Depending on your individual situation and needs, a lawyer will provide legal advice when drafting your will.
Another estate planning strategy is setting up a trust. A trust is legal entity where the trust founder establishes a trust and transfers assets to the trust. There are different types of trusts and like drawing up a will, there are many factors to consider when establishing a trust, which are not discussed in this article. I, therefore, recommend that you meet with your lawyer for more professional advice on this.
What are the benefits of drawing up a will and planning your estate?
There are many benefits for drawing up a will and planning your estate which I discuss below.
- You are in control of your finances. Having a will can help protect your assets, allowing you to decide how you want to distribute them.
- You can protect your minor children if you are a parent and ensure their future is secured.
Who can assist draw up your will?
With [2]legal insurance cover from Alliance Legal or as a member of a pension or provident fund administered by Alliance Employee Benefits as discussed in the article [3]โLegal Insurance Benefits for members of retirement fundsโ, you can register a trust or draw up a will.
Let us take care of our financial affairs and continue to build Leruo. For additional information visit www.alliance.co.ls Likhomo!
Nthebe, T 2021, โUnderstanding Wills: Interview with Adv. Rethabile Mathealira-Molapoโ, The Reporter, 6 October 2021, viewed 13 September 2023, https://www.thereporter.co.ls/2021/10/06/understanding-wills-interview-with-adv-rethabile-mathealira-molapo/
[2] Nthebe, T 2023, โWhy You Need Legal Insuranceโ, The Reporter, 29 July 2023, viewed 13 September 2023, https://www.thereporter.co.ls/2023/06/29/why-do-you-need-legal-insurance/
[3] Nthebe, T 2023, โLegal Insurance Benefits for Members of Retirement Fundsโ, The Reporter, 7 July 2023, viewed 13 September 2023, https://www.thereporter.co.ls/2023/07/07/legal-insurance-benefits-for-members-of-retirement-funds/
