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.”​

Key insights from the 2024 Sanlam Legacy Survey include:

1. What motivates people to draft wills? Most surveyed South Africans (57%) believe that creating a will is the right thing to do; 48% felt driven to draft one to avoid family disputes; and 45% were motivated by the fact that they have children.
   
   Bishoon says, “Heartbreak can happen when a family feuds over an estate. Without a will as a guide, conflict can quickly erupt when emotions and financial strain run high. It’s not surprising that children are a major motivator for drafting a will. As a parent, you want to know your children will be safe and cared for should something happen to you. Without a will, you have no say in who will look after them when you’re gone, or how they will be raised – the Master of the High Court will decide. You also cannot necessarily ensure their inheritance is protected should your former spouse remarry, for example. You want the least possible disruption to their lives. A will can help you accomplish that.”
   
   
2. Mind the gap: The need for more accessible consumer education was highlighted by the fact that 21% of respondents said they don’t know a lot about wills. Bishoon adds, “A will is crucial at every life stage. Early on in your family life, your aim could be to protect your loved ones from your student debt. Or, later on, you could be getting a divorce. Then the risk is that if you don't update your will, your ex-spouse could still inherit, even if you didn’t want them to.
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3. Biggest Barriers: One of the biggest barriers to having a will was individuals not believing they own enough, with 60% of those without a will saying they could be convinced to draft one if they owned more assets. Bishoon says, “27% of those surveyed believe you need to own at least R500,000 in assets to justify having a will, whereas 14% believe you need to be worth more than R5 million. Neither of these, by the way, are true. It doesn’t matter how little material possessions you have to your name, if you are aged 18 or older, you should have a will.” Those with wills who were surveyed were more likely to be white, property owners, business owners, or have income of more than R30,000.
   
   Bishoon adds, “We need more consumer education about what happens if you pass away without a will: The state winds up your estate according to the Intestate Succession Act – dividing your assets between surviving spouse, children, parents or siblings – which can be a lengthy, costly and impersonal process.
   
   ​ “If there is no life insurance and it takes a long time for inheritances to be distributed, your loved ones could come under severe financial strain. No matter how much you have, a will can help expedite the estate administration process, which could alleviate potential financial burdens on your loved ones, and give them more time and space to grieve.”
   
   
4. Where are wills stored? Of those with wills, 21% of people do not store them with an institution. Bishoon says, “If you have your will at home, it’s critical to keep it somewhere safe, and ensure your family knows where it is, so they can access it easily if something happens to you. Think of Aretha Franklin. When she died in August 2018, her family thought she had no will, only for several handwritten wills to be uncovered – one reportedly under a couch cushion. This caused serious conflict and her estate is yet to be settled, more than five years later.”
   
   
5. Connection between leaving a legacy and having a will: Bishoon says, “51% of respondents said it is a high priority for them to build generational wealth; 72% want to leave their kids being better off than they were themselves; and 71% want to leave a legacy of financial security for their dependents; yet, only 38% had drafted their wills. This shows wills are not recognised as essential tools for wealth building, whereas wills are, in fact, the foundational documents for solid estate plans that map out the transfer of wealth between generations. By securing this inter-generational wealth transfer, your will ensures that your legacy lives on and does not get lost from one generation to the next.”
   
   
6. Who’s the go-to? 61% of respondents said they would trust financial advisers to draft their wills, followed by banks (54%) and big financial institutions (37%). Bishoon adds, “This shows the crucial role financial advisers can play in encouraging clients to draft their wills. A will requires two witnesses and a wet ink (pen on paper) signature to be valid. It can be a complex thing to think through, especially when it comes to questions around guardians and trustees, for example. This is where an intermediary can make a meaningful difference.”​