Estate Planning
Estate planning is an integral component of a successful financial plan, and key to this is having a valid and up-to-date Will in place. Once you are gone, it can offer financial security to the people you love or organisations you want to support. It is what speaks for you when you cannot and it is the physical evidence, the lasting legacy, of the responsibility you took to provide for your loved ones, no-matter what. Aside from including provisions that will secure your family’s future, you also have an opportunity to make a bequest to a charity or outreach program.
Having a carefully thought out Estate Plan ensures that your affairs are in order and enables your wishes to be carried out should you pass away.
What happens if you don’t have a Will?
Should you die without a Will your assets will be distributed in terms of the Intestate Succession Act, and may take years to finalise. If you have a spouse or children, dying Intestate could have life-changing consequences on their well-being. Imagine if your spouse was forced to rely on financial support from family and friends because your bank account and other assets are frozen. If you have children younger than 18, your spouse may only inherit a child’s share and your children’s inheritance will be paid into the Guardian’s Fund, which falls under the control of the Master of the High Court. If you don’t have a spouse or children the court will decide who will inherit your assets, and no one outside your family tree will be considered. Most importantly, dying without a will creates delays and complications that you probably never intended.
