Most people don’t often think about closure, not even older people. Few of us like to consider our mortality or that of those we love. However, we will all eventually pass away. As we recently saw during the COVID pandemic, this could be sooner than expected. With effective estate planning, you can ensure that your loved ones will have closure when you are gone.
Advantages to Closure
Free to Grieve – When closure is accelerated through efficient estate administration, the family is free to grieve without the additional concerns of a prolonged winding-up process. The family can grieve their loss and members are free to live their lives without the burden of complicated estate administration.
Positive Legacy – By gaining closure through effective estate administration, family members can enjoy positive memories of their deceased loved one. The deceased’s wishes are honoured and the family is left with a positive closure experience and fond memories of their loved one.
Closure through your estate is therefore an important consideration that, once planned for, brings peace of mind to you and your loved ones. You need to ensure that the most important aspects, such as your will, are correctly in place, and thereafter keep your estate information regularly updated and have your executor manage it once you are gone. Your executor should be chosen carefully and be someone with sufficient expertise and experience to ensure that your Will is valid and your estate administration will be effectively managed when you are gone.
Failure to Plan
Where a family member has passed away intestate, i.e. with no will or estate plan in place, there will usually be personal issues to sort through, especially where your family member died suddenly without leaving any guidance. In addition to empathy, your administrator must have the competence to ensure that the process runs as smoothly as possible. It is advisable to choose a professional to administer the estate if no family members can manage matters at the time. Even so, the Master of the High Court may request that a professional be appointed to assist with the estate administration where certain circumstances are present, for example, where there are minor beneficiaries.
Points to consider regarding your estate documents
Wording your Will – Ambiguity in the wording of a will can lead to uncertainty within families and delay the administration of an estate, often leaving the family with strained relationships. This can be avoided by giving sufficient attention to the updating of documents on a regular basis, especially at times when your life circumstances and assets change drastically.
Personalized legacies – Consider compiling personal communication, such as videos, voice recordings or photographs, that will be meaningful to loved ones. These enable a softer legacy, ensuring wishes will be communicated to your loved ones should the unexpected happen to you. It is important to note that these are separate from your Will. Read more about our Letter of Wishes template HERE.
Goodwill amongst beneficiaries – Estate administration can take several months, even years, to finalize. A general feeling of goodwill among beneficiaries will allow a smoother process, for both the executor and the family. This will leave the family with positive memories of the administration experience for years to come.
In summary, the process of winding up your estate will be greatly enriched by your consideration and planning. Planning effectively will give you and your loved ones peace of mind.
Contact us at [email protected] to get your Will and estate planning in order. Our team is well-equipped to ensure a smooth estate administration process resulting in closure and peace of mind. See more about us and our services at www.marshfidelity.co.za.
