25 September 2024
More than half (51%) of South Africans surveyed in the 2024 Sanlam Legacy Survey don’t think they need a will because they don’t own enough to justify having one; 40% admit they want a will, but they have not yet gotten around to drafting one.
The 2024 Sanlam Legacy Survey, conducted amongst 1 200 South African online respondents, nevertheless confirmed that while only 35% of respondents have a will, 98% of them expressed a keen desire to leave a legacy for their loved ones.
The truth, says Amrith Bishoon, Executive Manager at Sanlam Legacy, is wills are not only for people who have a lot of money or assets. “In fact, not having a will can profoundly impact the future of your family when you pass away, irrespective of whether you owned a lot or not.”
Think of a will as a legal document that not only describes who should get what when you pass away, but as one that also clearly states your wishes about who will look after your children after your death. If you have children with special needs, or if you have concerns about how your children’s education and the money you leave behind for them should be managed, a will is all the more important.
Bishoon cautions further, “There is the potential for conflict if you have not clearly stated who is to inherit your family home, or other items that may be of monetary or sentimental value to you. A will is more than a legal document – it is a roadmap that helps your loved ones avoid conflict and confusion, and it protects your legacy.“
This Wills Month, the results of the 2024 Sanlam Legacy Survey highlights the legacies we want to leave, and reveals some of the main reasons why so many of us don’t do our estate planning.
Key insights from the 2024 Sanlam Legacy Survey include:
Bishoon concludes, “A will is a way to leave a legacy of care for the long-term. We need to do more to encourage one another to do our estate planning. This means speaking about the legacies we want to leave. The Sanlam Dirtiest Word campaign showed that wills are one of the top five topics South Africans are reluctant to talk about. We’re determined to change this.
“Sanlam Legacy has the experience and expertise to help South Africans get practical with an estate plan that matches their circumstances and wishes. We want to partner with people to empower them to leave their loved ones a lasting legacy of financial confidence, security and prosperity.”