Is your legacy secure? How to protect and pass on your success

Success isn't just about what you build today; it’s also measured by what you leave behind. Estate planning is the bridge that transforms your life's work into a legacy, giving your wishes lasting direction and your loved ones greater certainty.

True success lives on by design. When your family's future can count on the decisions you make today, the people, wealth, and causes that matter to you remain secure, even when you're no longer around.

Inspired by the power of Womentum - the principle behind #SheOwnsHerSuccess - this six-step guide will help you secure your final wishes and ensure your legacy is protected.

Why every woman building success needs to secure their legacy

According to Statistics South Africa’s 2024 General Household Survey open_in_new, women head 42.4% of households, highlighting their vital role in building wealth and supporting families. Yet, the Sanlam Legacy Survey open_in_new reveals a stark reality: 66% of South Africans do not have a valid Will, leaving their loved ones vulnerable to legal and financial hardships.

While many believe a Will is the beginning and end of securing a legacy, it is just one piece of the puzzle. To truly protect what you’ve built, you need a strategy that brings together legal, financial, and practical arrangements.

The following six estate planning steps explain how to secure your legacy and create a plan that gives your loved ones greater certainty for the future.

Step 1. Draft a legally executable Will

Your Last Will and Testament is the critical starting point but it is only effective when it can be carried out. Minor mistakes, like improper witnessing or ambiguous wording, can render it invalid under South African law. Without a valid Will, your estate is distributed according to the laws of Intestate Successionopen_in_new. If that happens, the state dictates who inherits your assets and the outcome may not reflect your intentions, could delay the administration of your estate, add costs and may create unnecessary stress or conflict for your loved ones. A professionally drafted Will ticks every legal box, leaving no room for error, ensuring that your wishes are protected.

Step 2: Store your original Will safely

In a world where almost everything is digital, your Will remains a strict physical exception. Scanning and saving PDF copies of your Will isn't enough; the Master of the High Courtopen_in_new requires the original, physically signed paper document. If that single piece of paper is lost, damaged in a home mishap, or misplaced during a move, the legal system views it as non-existent. Securing it in a specialised, fireproof vault through a professional safe custody service - much like renting a highly secure deposit box - guarantees that your actual, physical signature is protected from life’s unpredictable moments and remains instantly accessible to your executors.

Step 3: Calculate the true costs of your estate

Many people assume that if they own R5 million in assets, their beneficiaries will receive exactly R5 million. In reality, dying is expensive. Before your family inherits a single cent, your estate must settle unavoidable expenses that can rapidly strip away your hard-earned wealth:

• Executor fees: Up to 3.5% (excl. VAT) of your total asset value.
• Taxes: Estate Duty is automatically triggered by death plus potential Capital Gains Tax (CGT).
• Administrative expenses: Master’s Office fees, mandatory legal notices, and expensive property transfer (conveyancing) costs required just to move title deeds into your beneficiaries' names.

Step 4: Ensure your estate has enough liquidity

What you’ve built should live on with purpose, not be liquidated in a forced court sale.

If your wealth is tied up in ‘hard’ assets like a family home, vehicles, or business equity, your estate could suffer from cash shortfalls. If there isn't enough cash sitting in the estate to cover the taxes and fees mentioned in Step 3, the executor is legally forced to sell off your assets - often at a discount, just to foot the bill.

Step 5: Protect vulnerable beneficiaries with a Trust

Your family should inherit clarity not questions. Leaving a significant inheritance directly to minor children or dependents with special needs can create massive complications. Minors cannot legally inherit substantial property or cash directly; instead, those funds are often paid into the government Guardian’s Fundopen_in_new until they turn 18. Setting up a Testamentary Trust ensures your assets are managed by professionals and distributed to your children responsibly over time.

Step 6: Choose the right executor

Winding up an estate is a complex legal process that can take anywhere from several months to a few years. Appointing a grieving spouse or family member as your executor places an immense administrative burden on them during a time of intense pain. A professional executor understands the statutory requirements, speeds up the distribution process, and remains objective during potential family disputes.