The Importance of an Up-to-Date Will

Newsletter   •   Quarter 3   •   2024

The Importance of an Up-to-Date Will

A valid will is a crucial document that outlines how your assets should be distributed after your death.
Having a valid will ensures that your wishes are respected, and your loved ones taken care of.
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A valid last will and testament is essential to ensure that your assets are distributed as you intended when you die.

If you do not have a valid will, the law of intestate succession decides how your estate is divided among your surviving spouse, children, parents or siblings according to a set formula. This may not match your personal wishes and can lead to disputes among family members and potential financial hardship for those you intended to benefit.

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Download the PDF

Keep your Last Will and Testament up to date

Having a will helps those that are left behind to handle your personal wishes the way you would have wanted.

Read more about your Last Will and Testament here.

The risks of dying without a will

  • Your assets may not be left to the people of your choice.
  • Dependants may be excluded.
  • The process can take a long time.
  • Your estate may incur extra costs.
  • There may be no clear guardian for your minor children, leading to potential legal battles.

Always keep your will up to date

Remember to change your will whenever you have a big change in your life. Examples of life events that may require you to update your will are:
  • Marriage
  • Divorce
  • Birth of a child
  • Tax changes, sale of a property or changes to your financial situation.
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Your Woolworths death benefits

If you were to die while working at Woolworths, there are three benefits that will be paid:
  • 1
    Woolworths Group Retirement Fund Death Benefit
    This comprises an insured death benefit of four times your annual pensionable salary plus your money saved in the fund.
  • 2
    Group Life Assurance (GLA) Insured Death Benefit
    This is an insured death benefit of two times your annual pensionable salary.
  • 3
    Funeral Death Benefit
    This is a benefit of R20 000 paid in the event of your death.
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Download the PDF

Update your Nomination of Beneficiary Form

Always keep your Nomination of Beneficiary Form updated. This will ensure that your Woolworths Death Benefits are distributed according to your wishes in the event of your death.

Having an up-to-date Nomination of Beneficiary Form simplifies the process for trustees and administrators, making it quicker and easier to distribute your benefits. It also ensures that your beneficiaries receive the financial support without delays.

If your Nomination of Beneficiary Form is not up-to-date, the distribution of your benefits may be delayed.

Read more about nominating your beneficiaries here.

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