The Law Society of South Africa (LSSA) will be holding its annual Wills Week from 9 to 13 September 2024. It’s a significant event that offers a unique opportunity for financial advisers to engage with their clients on the critical subject of estate planning. Wills Week aims to provide free will-drafting services to the public, promoting the importance of having a valid and professionally drafted will. This initiative addresses a significant gap, as many South Africans either do not have a will or have outdated wills that don’t reflect their current circumstances. For financial advisers, this initiative is not just a public service but a strategic touchpoint to enhance client relationships and ensure comprehensive financial planning.
Why Wills Week matters to financial advisers
Client education and engagement
Wills Week presents an excellent opportunity for you to educate clients about the importance of having a valid will. Many clients may not fully understand the implications of dying intestate or the benefits of having a professionally drafted will. By leveraging Wills Week, you can initiate meaningful conversations about estate planning. It’s the opportunity to explain to clients that a will is a fundamental component of estate planning. It provides clear instructions on how an individual’s assets should be distributed after their death, preventing potential disputes among beneficiaries. Explain to clients that without a valid will, an estate is distributed according to the Intestate Succession Act, which may not align with the deceased’s wishes. This can lead to unintended consequences, such as assets being allocated to estranged family members or not being distributed in a tax-efficient manner.
Comprehensive financial planning
Estate planning is a critical aspect of comprehensive financial planning. A well-drafted will ensures that a client’s financial plan is complete and that their assets are protected and distributed according to their wishes. Financial advisers can use Wills Week to review their clients’ existing wills and estate plans, identify any gaps or outdated provisions, and recommend necessary updates.
Strengthening client relationships
Participating in Wills Week allows financial advisers to demonstrate their commitment to their clients’
long-term financial wellbeing. By offering to facilitate the drafting of a will or reviewing an existing one, you can build stronger, more trusting relationships with clients. This proactive approach can lead to increased client loyalty and referrals.
Collaboration with legal professionals
Wills Week fosters collaboration between financial advisers and legal professionals. Advisers can refer their clients to participating attorneys for the free will-drafting service, ensuring that the wills are legally sound and professionally drafted. This collaboration can also lead to a network of trusted legal partners, enhancing your service offering.
Leveraging the opportunity
It’s a great chance to proactively communicate with clients about their wills. This can be done through newsletters, emails, social media, and personal meetings. Advisers should explain the benefits of having a valid will and encourage clients to take advantage of the free will-drafting service.
In addition, hosting workshops or seminars during Wills Week can be an effective way to educate clients about estate planning. Think about inviting legal professionals to speak about the importance of wills and the process of drafting one. These events can provide valuable information and encourage clients to take action. Also, take this opportunity to review clients’ existing wills and estate plans. This can identify any outdated provisions or changes in the client’s circumstances that necessitate an update. Clients can then be referred to participating attorneys for the necessary revisions. Offering personalised estate planning services during Wills Week can differentiate an adviser’s practice. This can include a comprehensive review of the client’s financial situation, identification of estate planning needs, and coordination with legal professionals to draft or update the will.
The Law Society of South Africa’s Wills Week is a vital initiative that underscores the importance of having a valid will. For financial advisers, it is an opportunity to engage with clients on a critical aspect of financial planning, strengthen client relationships, and collaborate with legal professionals. By leveraging Wills Week, you can ensure that clients’ estate plans are complete, legally sound, and reflective of their wishes, thereby providing peace of mind and financial security.
