The dangers of dying without a will

20 April 2010

As a wealth management business we take a holistic view on helping you manage your assets in every stage of your life. This includes ensuring that those you leave behind are properly taken care of through careful estate planning.

The consequences of dying without having a valid will in place was recently highlighted when Swedish crime writer Stieg Larrson passed away without having made a will. As a result, the author’s posthumous millions have gone to his father and brother, while his partner of more than 30 years (who he never married) has received nothing to date. The ensuing legal wrangle has made headlines worldwide.

Larrson died unexpectedly aged 50 just months before his first book was published. Since then The Girl with the Dragon Tatoo, The Girl who Played with Fire and The Girl who Kicked the Hornet’s Nest have become world best-sellers. The ensuing legal proceedings, negotiations, bitterness and accusations could have been easily avoided simply by having a will in place.

This cautionary tale has special relevance for South Africans in view of the high divorce rates and the growing trend toward living together as a lifestyle choice. Provision for children, life-partners and former partners can be complex and a valid, clear and concise last will and testament will help avoid any unnecessary confusion.

Once you have a will in place, keeping it updated is equally important, especially as your circumstances change. Your job status, your residence, increased wealth, marriage, children and divorce are just some of the things that warrant a review of your will. It is also sensible to address the ever-changing regulatory and tax environment on a regular basis.

Regardless of your age or circumstances, we cannot predict the future and it is important to take the time to plan ahead to ensure that your loved ones are looked after when you are no longer around.

BJM Trust can help you with this process and provide you with peace of mind. Please contact one of our advisors for a full consultation.