Why professional advice is essential for a legally sound will

A will is considered by many to be a simple, free legal document - something you can easily download online, fill out, and have a few friends sign. While the idea of free will is tempting, it overlooks the fact that a will is not just a simple document, but rather an act of love and a final communication to one's family. It's an assurance to protect your loved ones, not just financially, but emotionally, by preventing conflict and legal complications during what is likely to be a difficult and emotionally charged time. A poorly drafted or improperly executed will, however, undermines this act of love.

While a basic will template might not cost a cent, the true price can be devastatingly high. An improperly drafted risk is being legally challenged or, worse, declared invalid. When this happens, your assets won't be distributed according to your wishes. Instead, they’ll be handled by the state's laws of intestacy, a process that can be slow, expensive, and a source of bitter family feuds.

Imagine your family facing legal costs, frustrating delays, and emotional turmoil at a time when they should be grieving and supporting each other. That’s the potential cost of a “do-it-yourself” will. Without a professional's touch, your final message of care can become a source of confusion and conflict.

Even a well-drafted will is useless if it’s not properly executed. The law has strict requirements for a will to be considered valid, including the number of witnesses and the manner and location of signing. A simple mistake, like a witness also being a beneficiary, can render a will invalid. This is where professional advice becomes indispensable.

An adviser ensures your will is not only drafted correctly but is also legally binding. Advisers have a detailed understanding of the legal requirements and can guide you through the process, preventing oversights that could invalidate your will.

A will should never exist in isolation. Instead, it should form part of the foundations of a comprehensive financial plan. A financial adviser acts as a key partner in this process, helping you integrate your will with your broader financial goals, including your retirement savings, investments, and life insurance policies.

They're not just there to sell you a product; they're there to help you ensure beneficiary designations on your policies and accounts are consistent with your will, preventing contradictions that could lead to disputes. For business owners, an adviser can help craft a succession plan within the will, ensuring the continuity of your business and the protection of your legacy.

They understand complex family dynamics, potential tax implications, and the nuances of trusts, ensuring your plan addresses every detail.

Think of your adviser as a steward of your last wishes. They're the trusted professional who ensure that your "last love letter" is not only heartfelt but also legally sound and deliverable exactly as you intended.

This Wills month, take a moment to reflect on your legacy. Schedule a financial check-up with an adviser to review your will. Not only is it one of the most powerful and responsible things you can do for your family, it’s also an act of care that provides peace of mind, knowing that your final wishes will be honoured, your loved ones protected, and your legacy secured.

* Combrink is the life risk and fiduciary manager at Momentum Financial Planning.

PERSONAL FINANCE