Over 80% of South African families don't have a will in place: 'We have to make plans for tomorrow today'

CapeTalk and 702's Africa Melane interviews certified financial planner Bryan Nicol.

Listen below:

More than 80% of South African families do not have a valid will in place.

According to Nicol, this is due to a variety of reasons. One of the most common is discomfort around discussing death and what happens after a loved one passes away.

For younger individuals, the belief that they are invincible often leads to the assumption that having a will isn’t necessary – the “nothing will happen to me” mindset.

Procrastination is another major factor.

Many people put off drafting a will, telling themselves, “It’s fine, I’ll do it tomorrow.”

"Unfortunately we don't know if or when tomorrow will come, so we have to make plans for tomorrow today."

- Bryan Nicol, Certified Financial Planner

There’s also a general misunderstanding about what is required to create a valid will. 

Nicol outlines the key requirements:

• A will must be written (typed or handwritten).
• It must clearly state the intent to serve as a last will and testament.
• It must be signed by the person making the will.
• It must be witnessed by at least two competent individuals, aged 18 or older, who are not beneficiaries or the executor. A neutral party like a neighbour is often a good option.
• The person drafting the will must have the mental capacity to do so at the time of writing.

Creating a valid will is simpler than many people assume, and having one in place is one of the most important steps in ensuring your loved ones are protected.

Scroll up to the audio player to listen to the interview.