US founding father Benjamin Franklin is said to have coined the phrase that “nothing can be said to be certain, except death and taxes”.
But as certain as death is, few are ever prepared for it.
One of the least spoken about documents when people discuss estate planning around a dinner table is a will.
Head of financial planning at advisory firm NMG Benefits, Stian de Witt, says a will is the single most important legal document most people will ever sign. “And it’s not really for you, but for the loved ones you leave behind.”
He says a valid will makes the lives of those left behind easier in times of grief. “It provides certainty, prevents conflict, and ensures your wishes are carried out.”
De Witt says it is a fallacy that one needs to be rich to have a will.
“Everyone over the age of 16 should have a will. It is not only about money or assets but also covers personal wishes, like how you’d like to be buried and whether you want to be an organ donor.”
He says instead of being about being wealthy, the will is about making sure your voice is heard when you can’t speak for yourself, as in a living will if you are ever incapacitated.
De Witt says drafting a will doesn’t have to be costly. “Many financial institutions, fiduciary companies, and even employers offer complimentary will-drafting services.”
He says the key, though, is to ensure it’s done properly “with an estate plan in place, and not just a template document”.
He warns, though, that some companies use “free wills” as a way to sell people products they may not need.
“So, make sure you’re working with a trusted professional who puts your interests first.”
He says these free online will templates can be valid, but there are risks.
“A template doesn’t account for personal circumstances, family dynamics, or unique assets. The validity of a will often hinges on how it is signed and witnessed due to the strict legal requirements. So, while a free template may look simple, it can leave gaps that cause disputes later.
“My advice: rather, use a professional to avoid costly mistakes.”
But then, what should you do with the will once you have it? Share it openly with kin and risk your heirs helping you kick the bucket?
De Witt says these extreme stories are rare but highlight the importance of safe storage.
“The best option is to keep your will with a trusted financial planner or a fiduciary company that offers safe custody. Some pension and provident funds also provide this service.
“As for whether to keep it secret or open, it depends on family dynamics.
“In many cases, open conversations can prevent conflict, but if there are real concerns, professional custody ensures both safety and privacy.”
