A valid Will is the most powerful document you'll ever sign

Bank accounts, investments, a car or a home - almost everything we build over a lifetime has a value on paper. Add to that the things with real personal meaning: art, family photographs, letters passed down through generations, a business built from nothing. Together, these make up an estate. And by default, an estate is serious business.

Yet Master of the High Court statistics show that more than 70%* of South Africans do not have a valid, up-to-date Will. That single slip can turn a lifetime of careful planning into unnecessary cost, delay and uncertainty for the people left behind.

A Will gives you choice

Even without a Will, South African law doesn't leave your estate unattended. The Intestate Succession Act ensures that assets, possessions and liabilities are dealt with in a structured way, distributing your estate among a surviving spouse, children, parents or siblings according to a fixed formula and pecking order.

The problem is that the formula may not be what you had in mind, as it can't reflect your specific circumstances, relationships or wishes. Only a valid Will can do that.

"We're all unique, with personal circumstances that differ from the next person. A Will isn't just an important part of estate planning - it's a genuine opportunity to make sure your last unique wishes and requests are honoured," Harry Joffe - Head of Legal Services at Discovery in Johannesburg

The advantages of choice you stand to gain

For many young South Africans today, upward mobility depends almost entirely on personal income. That income makes:

• Beneficiaries beyond your bloodline: You can leave assets to people outside your family bloodline, or to causes and organisations you care about. Remember that you always have a legal liability to maintain a spouse and children, and your marital regime overrides your bequests.
• Precision: You decide exactly which assets, and how much value, go to each beneficiary.
• Conditions on inheritance: You can place lawful conditions on an inheritance, such as releasing funds only for education or a first home.
• Protection for minors: A minor cannot inherit cash or movable assets directly. Without a trust, these go to the Guardian's Fund until they turn 18. A Will, however, circumvents this and lets you set up a trust instead, on your own terms.
• Guardianship: You get to choose a guardian for your minor children.
• Your executor: You choose who winds up your estate, and how much authority they have to do it.
• Tax efficiency: A well-drafted plan allows estate duty and Capital Gains Tax deductions to be used efficiently - something that simply isn't possible without a Will.

What it costs to get this wrong

Without a Will, winding up an estate is rarely quick or cheap. It can take up to three months for an executor to be appointed by the Master of the High Court, during which assets are frozen. Executor fees can run up to 3.5% (plus VAT) of the estate's value, and estate duty of up to 25% may be due on the net value of a worldwide estate. Without planning for these costs, assets often have to be sold - under pressure, and for less than they're worth.

Introducing the Discovery Estate Preserver

The Discovery Estate Preserver is designed to ensure that a solid estate plan is put together, and that a person's specific wishes are properly met. It indemnifies the legal and fiduciary costs of winding up an estate through four benefits: the Fee Indemnity Benefit, covering executor, testamentary trustee and property conveyancing fees; the Liquidity Benefit, paying out within 48 hours of death for immediate costs like funeral and travel expenses; the Contribution Protector, providing a monthly payment for six months while bank accounts are frozen; and the Estate Planning Benefit, providing liquidity for estate duty and capital gains tax on the death of the last surviving spouse.

"This plan provides the necessary cover and liquidity for executor's, conveyancing and testamentary trustee fees, so that your beneficiaries don't have to inherit only what is left over once they are settled. Your family is assured that these costs will be taken care of at a time that's likely to be difficult for them, following the loss of a loved one, when liquidity might be tight," - Harry Joffe.

Clients who integrate the Discovery Estate Preserver with Vitality or Vitality Active also receive upfront and ongoing premium discounts of up to 20%, along with PayBacks of up to 20% of premiums every five years - rewarding the same healthy, engaged behaviour that Vitality has always encouraged.

Discovery Wills and Trust Services: built to protect your legacy

Discovery Wills and Trust Services was created to provide holistic estate planning through professional services crafted by industry experts, so that a client's legacy is fulfilled exactly as intended. A broad range of high-quality fiduciary services ensures that clients and their families plan appropriately for when a loved one passes away, so that when the time comes, the estate is wound up efficiently, with real peace of mind during a difficult time.

These services include:

• The drafting of a legally valid last Will and testament, at no cost
• Secure storage of the Will, so it can be found when it's needed, also at no cost
• Appointment of a professional executor and trustee
• The administration of a deceased estate and testamentary trust
• Access to bespoke and offshore Will drafting for more complex estates at an additional cost.

Clients who complete and store their Will with Discovery also earn 10,000 Vitality Money points - a further reward for taking one of the most important financial decisions of their lifetime.

"Together, Discovery Wills and Trust Services and the Discovery Estate Preserver, with the Discovery Estate Planning Benefit added on, provide a holistic, comprehensive solution to estate planning, so that every one of our clients' needs is catered for." - Harry Joffe

Speak to your financial adviser about Discovery's holistic estate planning today, and make sure your legacy is protected.

*Master of the High Court, 2022