Succession planning is standard practice in business. Boards insist on it. Investors expect it. Risk committees scrutinise it. Yet when it comes to personal estates, many professionals leave succession to chance. The absence of a valid will remains one of the most overlooked governance failures in private life.
A will is often treated as a private, even uncomfortable document. In reality, it is a core part of responsible financial planning. It determines how your estate is distributed, who administers it, and, crucially, who will care for your minor children if you are no longer able to do so. Without one, those decisions are left to statutory processes and, in some cases, to the courts.
For parents, the stakes are particularly high.
If a person dies without a valid will, their estate is distributed according to the Intestate Succession Act. While the law provides a framework, it does not account for the nuances of blended families, dependants with special needs, informal obligations or the practical realities of modern households. More concerning is the impact on minor children. Funds due to them may be paid into the Guardian’s Fund, administered by the state, until they reach majority. While this system exists to protect minors, it can create administrative delays and restrict access to money needed for school fees, healthcare or daily expenses.
Beyond financial implications, the absence of a nominated guardian can trigger family disputes and legal uncertainty. In emotionally charged circumstances, disagreements over who should care for children can escalate quickly. A clearly drafted will reduces that risk by setting out the testator’s wishes in advance.
The conversation about wills is also, at its core, a conversation about financial literacy and
intergenerational planning. In many communities, discussions about death and estate planning are avoided, sometimes out of cultural sensitivity, sometimes because assets are perceived as too modest to warrant formal planning. This is a costly misconception.
Estate planning is not reserved for the ultra-wealthy. If you own property, have a retirement fund, hold life insurance, run a business or have minor children, you have an estate. Even modest assets can become a source of conflict or financial hardship if not properly structured. Increasing awareness and education around wills is therefore not simply a legal issue, but an economic one. It shapes how wealth, however defined, is preserved and transferred.
From a technical perspective, certain elements are essential for a will to be valid. It must be in writing, signed by the testator, and witnessed by at least two competent witnesses who are present at the same time. The witnesses should not be beneficiaries under the will, as this can create complications. The document should clearly identify the testator, revoke any previous wills, and set out how assets are to be distributed.
Equally important is the appointment of an executor. This individual or institution is responsible for administering the estate, settling debts and taxes, and ensuring that distributions are made in accordance with the will. Choosing someone with the requisite competence and independence is critical, particularly where businesses or complex assets are involved.
For parents of minor children, two additional provisions deserve careful attention. First, the
nomination of a guardian. Second, the possible creation of a testamentary trust to manage inheritances until children reach an age of maturity determined by the testator, rather than defaulting to the statutory age of majority. Trust structures can provide greater flexibility and protection, especially in safeguarding assets from mismanagement or external claims.
“The real issue is not access to legal services. It is awareness,” says Wendy Mosetlhi. “Many families underestimate the administrative and emotional burden that follows when there is no will in place, particularly where minor children are concerned. Education around estate planning should be part of mainstream financial literacy.”
Ultimately, drafting a will is less about preparing for death and more about exercising agency. It is a statement that you intend to reduce uncertainty for those you leave behind. In a country where economic resilience is uneven and family structures are diverse, the discipline of estate planning is an act of stewardship.
For business leaders and professionals in particular, the question is not whether you can afford to have a will. It is whether your family can afford for you not to.
