Having a will goes beyond simply managing financial assets.
It is about ensuring your legacy, securing your family’s future and guaranteeing that your wishes are honoured with the same care and foresight you apply to your career and investments.
However, it is surprising how many people, even strategic thinkers, procrastinate when it comes to drafting a will.
A will is a legal document that captures your instructions relating to all your assets, in case of your death.
It ensures your wishes are honoured and your loved ones are protected, and it gives peace of mind that there will be no disputes over your assets. In essence, a will is an opportunity to shape the future even after you are gone.
Despite its significance, many people still fail to prioritise estate planning.
Whether it is due to procrastination, misconceptions about the process or the belief that it is unnecessary at a certain stage in life, not having a will in place can create unnecessary complications for those left behind.
Failing to plan your estate can lead to excessive stress and conflict for your loved ones during an already emotional time.
What is more, the risks of dying intestate (i.e. without having made a will) can be even greater in Namibia, where traditional family structures and communal systems intersect with modern legal frameworks.
Without a will, your estate will be distributed according to the laws of intestate succession.
The government decides how your assets are divided according to the Intestate Succession Ordinance.
Your wishes may not be honoured, and family members could find themselves arguing over property, inheritance and the guardianship of children.
For parents, the stakes are even higher.
A will is essential to appoint a guardian for your children in the event both biological parents die.
Without this provision, children could be placed under the care of individuals who may not align with your values or wishes.
Even if there is no immediate family dispute, the legal processes of intestate succession can delay the distribution of assets, adding financial strain to an already difficult situation.
Globally, there is a growing awareness of the importance of estate planning. Governments, financial advisers and legal professionals are working to educate the public about the need for a will.
In some countries, estate planning has become a mainstream conversation, with efforts to encourage individuals to think about how they want their assets distributed and to consider their legacy.
A professional can help ensure that your will complies with Namibian laws, minimising the risk of disputes down the line.
The biggest mistake people make regarding their wills is not thinking about the practicality of their wishes, and not consulting a professional.
By seeking professional advice, you can ensure that your estate planning is comprehensive and legally sound, offering you the peace of mind that comes from knowing everything is in place.
Ultimately, a will is not just a legal formality but a deliberate step toward safeguarding your legacy and your family’s future.
In an increasingly complex world, the importance of clear, intentional estate planning cannot be overstated.
- Melandi Farmer is a fiduciary manager at First National Bank Namibia
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