As Wills Week shines a spotlight on the importance of estate planning, FNB is encouraging South Africans to take action in protecting their legacies and loved ones. Over the past two years, the bank has seen a 54% increase in Wills drafted through its platforms, reflecting a growing awareness of the need to plan and secure one’s estate.
Despite this encouraging growth, common misconceptions still prevent many people from drafting a Will. “There’s a persistent myth that Will drafting is only necessary later in life or for those with significant wealth,” says Aneesa Razack, CEO of FNB Fiduciary. “The truth is every adult with assets or dependents should have a Will and our role as a bank is to make that process as simple as possible.”
She adds, “In the past two years alone, we’ve have helped our customers draft close to 100 000 Wills – a testament to the growing demand if estate planning. This trend highlights a key insight: customers value expert guidance, regardless of whether the interaction is digital or face-to-face.
“We’re seeing more customers engage digitally, but what stands out is their preference for assisted support,” adds Razack. “Whether through the app or in-person through an FNB Branch, our customers want to be reassured that they’re making the right decisions when it comes to their legacy and that’s exactly what we provide. However, the need for guidance is often driven by lingering myths and misunderstandings about Wills, which can make the process feel more daunting, than it truly is.”
Carin Meyer, Product Head: Wills and Deceased Banking at FNB, says these misconceptions are a key barrier. “Too many people delay drafting a Will because of outdated beliefs. By addressing these myths head-on, we aim to give customers the clarity and confidence they need to take timely action.”
Meyer highlights a few myths in Will drafting:
- Myth: Wills are for the rich
Reality: If you have anything you want to leave behind, even if it’s only a few assets, you need a Will
- Myth: Having life insurance is enough — I don’t need a Will
Reality: A Will and life cover work together to make sure your loved ones are looked after
- Myth: I can draft my Will later — there’s still time
Reality: Life is unpredictable. A valid and signed Will protects your family now
- Myth: Dying without a Will means my spouse or family can decide how my assets get distributed
Reality: Without a Will, the law decides how your estate is distributed. This can affect children under 18, unmarried partners, and may result in delays while funds are transferred to the Guardian’s Fund
- Myth: Banks charge too much to draft a Will
Reality: Managing an estate is complicated, but drafting a Will doesn’t have to be. FNB offers free digital and in-branch services to ensure your Will is valid and kept safe
- Myth: Life insurance is not necessary for younger people
Reality: Younger people with dependents should consider critical illness and disability cover. If you die, become disabled, or are critically ill, life insurance ensures your family is financially supported
“As Wills Week encourages South Africans to take stock of their estate planning needs, FNB’s award-winning approach offers a timely reminder that succession planning is not just a legal necessity — it’s a powerful act of care. Recognised by Euromoney as the Best in Succession Planning, we remain committed to making estate planning more accessible, flexible, and customer centric. So, get your Will today, it’s never too late to start planning for your future,” concludes Razack.
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