While many South Africans don’t hesitate to drop thousands of rand on a lavish evening out, they often balk at spending a similar amount on drafting a Last Will and Testament.
I recently questioned a client about his willingness to spend more on a gourmet meal than on having his Will drafted. He responded immediately, “Absolutely, the meal is worth it, and drafting my Will should be free since my estate isn’t complex.”
Prioritizing Expenses: Will vs. Meal
The cost of creating a Will might be minimal or based on a professional fee structure. The fee often depends on who is designated as the executor. While some attorneys may draft Wills for free, it is typically with the understanding that they will be appointed as the executor and compensated through executor’s fees.
Consider Luke Dale Roberts’ famed restaurant, The Test Kitchen in Woodstock, Cape Town, which offers a tasting menu with wine pairings ranging from R2,250 to R3,500 per person. Prior to the pandemic, reservations at The Test Kitchen were made months in advance.
DIY Wills: Economical but Risky
Opting for an online Will kit or a ready-to-use form from a local stationery store is undoubtedly cheaper than hiring a lawyer. However, these standardized Wills may not cater to individual needs and complexities. A skilled Will drafter is equipped with knowledge about legal requirements, marital implications, and tax laws affecting your estate.
The Value of Professional Estate Planning
The expertise required to accurately draft a Will justifies the cost of hiring a professional. When you pay for a Will, you’re not just buying a piece of paper and ink; you’re investing in the security provided by a qualified professional who ensures that your Will meets all legal standards and truly reflects your wishes.
Investing in professional estate planning services ensures that your assets are protected, and your legacy is preserved exactly as you intend.
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