By Tkay Nthebe
The third wave of COVID-19 continues to rampage through our country, claiming the lives of loved ones – family, friends, and colleagues. According to Nacosec’s COVID-19 Statistics dated 7th August 2021, a cumulative of 390 people have died. The scariest part is that the virus does not care whether you are young or old, healthy, or not. It does not matter if you are the breadwinner, providing and taking care of your family or not. As difficult as things are, Basotho need to be intentional about wearing masks, social distancing, and planning for their estates. This week’s article discusses why planning your estate is important.
Planning the estate, including drafting, and updating a Will is often left to chance, where most people procrastinate or forget to make appointments with their lawyers. For some strange reason, people still think that they have time – “I’ll make an appointment next week and work on the Will or I’ll update my beneficiary forms with Human Resources tomorrow” until death comes knocking on the door. In a blink of an eye, your dependents (especially your children if you are a parent) are left vulnerable and financially stressed in the absence of a valid Will.
What is a Will?
A Will is a document that enables you to distribute the assets of your estate, choose the heirs who will inherit your assets and appoint an Executor in the event of your death. A Will is prepared with the help of a legal practitioner, should be duly witnessed, and registered with the Master of the High Court.
What happens when I die without a Will?
Dying without a Will means that your estate dissolves intestate, where your assets (property, clothes, furniture, valuable possessions etc.) will be shared according to the rules of intestacy. This means that your assets might be shared equally amongst family members, even those who did not have your best interests at heart.
What are the benefits of having a Valid Will?
- Protect your children (if you are a parent)
A parent’s responsibility is to provide quality life i.e., shelter, food, clothing, and education for their children (especially minors). Have you considered what will happen to your children in the event of your death? Who will take care of them? Preparing a Will and appointing a Guardian (someone you trust to raise and take care of your children) can give you peace of mind.
- Protecting your assets
You’ve worked hard to build and acquire your assets. Having a valid and updated Will gives you control to decide who inherits your assets should you die. Personally, I’ve seen many family feuds, where members fight over the deceased’s assets or minors being mistreated by relatives who should protect them after their parents’ passing. Life is truly very short, so do not wait any longer. Speak to service providers such as Alliance Legal about your estate planning needs – draft and register your will TODAY! Likhomo
