The importance of setting up a Will and the tax benefits of donating to charity

September is Wills Month, and Megan Edwards, host of the Evening Wind Down Show and podcast host of the Wellness Show, speaks to an expert about the importance of having a Will. 

Professor Deborah Tickle, a tax lecturer at the University of Cape Town (UCT) said that in South Africa people enjoy the privilege of freedom of testation. 

This allows people to choose how and to whom we wish to distribute our estate upon death. 

“A clearly drafted Will can ensure that family disputes are avoided, that the testator’s wishes are strictly adhered to and that the descendants of the testator are provided for. It’s important to have a Will because it then allows you to express your wishes,” she said. 

Tickle said that people can donate a portion of their money or assets to a charity of their choice to avoid being subject to tax by the government.

She encouraged people to consider leaving The Children’s Hospital Trust a charitable bequest when drafting your Will.

“A bequest is when you have a will and you put into that will a request or desire that you would like a certain amount to be left to a specified charity.”

“It’s very, very important to have a will. But it’s not the end of the world because if you don’t, then basically the state takes over the dishing up of your assets. And they then distribute those according to a series of who is by law required to receive your assets. So it would be your spouse and your children. The problem is that you don’t then have a choice,” she said.