What will your legacy be?
Whether you choose to look at the United Nations’ statistics, or the anecdotal evidence you hear and see at work and among friends or family, there are increasing numbers of single women in the world. If you are one of them, carefully consider what you would like your legacy to be one day, and put a plan in place that could accomplish it.
Female homeownership
The number of women homeowners is one of the strongest indicators of the economic acumen of women. In June, MoneyWeb reported that almost 60% of South African homes are owned or co-owned by women, and women are increasingly buying property without a spouse or partner. In 2020, South African women were already purchasing homes in their own right at a faster rate than men, according to Lightstone Property figures, and a year earlier the percentage of single female property owners had overtaken their single male counterparts (27% compared to 26% of the national total). Apart from homes, women are also major purchasers of cars and consumer goods in our country.
Wise to plan
The more assets a woman accumulates, the more important it becomes to have a proper personal finance plan, including an estate plan.
As a successful single woman, having made your own decisions throughout life, it would be a bad choice to pass away without an estate plan and a valid will as that would mean the law decides what happens to everything you own and you have no say.
If you pass away without a valid will, the burden of distributing your property and assets falls to someone who may not understand your values and desires, or care to honour your final wishes. That’s why it’s wise to lay out your plans in a last will and testament, and make sure your wishes will be carried out.
A woman’s legacy
The majority of people procrastinate when it comes to making provisions for the transfer of what they own, when they pass away. Single women are no exception as they often live busy lives. We all know how easy it is to get caught up in daily routine, and how hard it can be to find time to pause and think about difficult and important decisions in life. Of course, a subject like death also brings emotions to the surface that one would prefer not to process. This is understandable. But leaving chaos in your wake and not having a say in how your assets are distributed or who inherits your possessions… that is no good at all!
Your will, your way
If you are single and you have no dependents, do not make the mistake of thinking that you do not need a will – it is a very important document, probably one of the most important you will ever put your signature to. The more assets you accumulate over the years, the greater the need for a will. If you own property of any kind, a will is the way to ensure that it will be distributed according to your wishes.
Single women who do not want to leave their assets and possessions only to family members, like brothers and sisters, or women who would like to include more beneficiaries than only nieces and nephews in their wills, could also engage in significant charitable giving through a well-constructed will. There are countless worthy causes that would benefit greatly from bequests. Environmental and animal charities, and academic institutions like schools and universities (think of your alma mater) would all gratefully receive whatever you choose to leave as your legacy. A professional will-drafter can help you put together a meaningful estate plan that could have a positive impact beyond your lifetime.
Another consideration that should be on your list, is your ‘fur babies’, if you have pets. You should think about who could look after them when you are no longer able to, and chat to the person to ensure they would be willing and able to be your pet’s guardian. With an estimated 5 million single moms and 1.4 million pet owners in South Africa who don’t have wills, the importance of having a valid will in place becomes clear.
If you are a divorced or widowed mother of children under the age of 18 (minors), it is critical to have a will as this determines not only how your children are provided for financially, but also how they are raised and who is responsible for caring for them if you are no longer around. Your will is the place to create testamentary trusts for your minor children. It’s also where you should name trustees and nominate your preferred guardian to ensure that your child is brought up in line with your values and beliefs. Remember to review your will and your estate plan at least once a year to ensure it stays up to date in terms of your child’s unique needs and your changing circumstances.
This Women’s Month we want to encourage you to get your affairs in order and it starts with your will. You’ve worked hard for what you have – make it last!
Capital Legacy is South Africa’s leading wills and estates specialists. We will draft your will and keep it safe, at no cost to you. You can also amend your will as many times as you wish, cost free. With more than 70% of South Africans who do not have a will, Capital Legacy is on a mission to help more people in our country get valid wills in place. Let us help you draft yours, today.
