Why estate planning is essential for every South African

When South Africans think about planning for the future, the focus often falls on major milestones, buying a home, investing in education, or finally driving the car of our dreams. Yet one of the most vital steps in financial planning is frequently overlooked: deciding what happens to our finances, assets, and personal belongings after we pass away. Estate planning is not just about paperwork; it’s about ensuring that our loved ones are cared for and our wishes respected.

Earlier this year, the Financial Sector Conduct Authority (FSCA) revealed a staggering figure: more than R88 billion in retirement, severance, and death benefits remain unclaimed in South Africa. In parallel, the Association for Savings and Investment South Africa (Asisa) reported that R33.5 billion in life insurance policies and investment proceeds are similarly unclaimed by policyholders, beneficiaries, and heirs.

According to the FSCA, one of the key reasons for this is the absence of valid wills and the failure to disclose critical financial information before death. The consequences are often devastating: families torn apart by disputes, children displaced, and assets lost in legal limbo.

Organised by the Law Society of South Africa (LSSA) in partnership with the Department of Justice and Constitutional Development, the campaign offers South Africans free access to attorneys who will draft basic wills. It’s a practical and inclusive way to make estate planning accessible to all, while reinforcing the role of legal professionals in safeguarding assets and promoting fairness.

The FSCA says that without a valid will, estates are distributed according to the Intestate Succession Act, which may not reflect the deceased’s intentions. This can lead to delays, additional costs, and emotional conflict among surviving family members. A professionally drafted will is therefore far more than a legal formality, it is an act of care, foresight, and responsibility. It protects loved ones, preserves legacies, and ensures that one’s final wishes are honoured.

The FSCA’s Consumer Education Department (CED) has long championed initiatives that promote financial literacy and informed decision-making. “Our mission is to empower South Africans with the knowledge and tools to build financial resilience and avoid unnecessary hardship,” the FSCA stated. “Estate planning is a critical part of that journey, and National Wills Week is a powerful example of how practical financial education can make a real difference.”

The campaign also challenges the misconception that wills are only for the wealthy. In reality, anyone with assets, whether it’s a home, a car, savings, or even personal items with sentimental value, should have a will. As the FSCA notes, consumer education is not just about sharing information; it’s about equipping individuals with the confidence and skills to manage their financial lives responsibly. For young people, this means developing sound money habits early. For families, it means securing stability and peace of mind for the future.

The FSCA says it continues to work toward making financial knowledge accessible and inclusive, reaching communities across South Africa, from urban centres to rural villages. It says the goal is simple: to help every South African plan wisely, avoid costly mistakes, and protect their financial well-being.

The regulator says this September, take the opportunity to secure your legacy. Visit a participating attorney and have your will drafted free of charge. Protect your assets, give your loved ones peace of mind, and make your mark for generations to come. 

PERSONAL FINANCE