Tag: estate administration

When it comes to life insurance, naming your minor child as a beneficiary may seem like the most natural decision. But this well-intentioned move can lead to unintended consequences and even financial risk. Most parents assume that naming their child as a beneficiary guarantees protection of their life assurance benefits. But legally, minors cannot receive policy payouts directly. That’s where things get complicated.

Charitable giving is a powerful way to leave a lasting legacy. You can make an impact that extends far beyond your lifetime. Include donations to causes close to your heart when writing your will. This practice allows you to give back meaningfully. Sadly, it remains underutilised.

Losing a loved one is hard. It’s even more difficult to deal with such a loss in the face of long and complicated estate administration processes. It can become emotionally and financially taxing. In South Africa, it is not uncommon for a deceased estate to take two to five years to finalise.

Although a will is essential, holistic estate planning ensures that the next generation has financial freedom. This may seem obvious and straightforward, but there are many considerations and legalities that can make this process hard to navigate on your own. 

The most recent estimates by the Master of the High Court are that as many as 70% of South Africans do not have a legally executable will. What this means is that for many South Africans, the death of a family member or loved one is surrounded by confusion, disarray and conflict.

National Wills Week will be held this week from 13 to 17 September 2021. This is an ideal opportunity to draft a will or to review an existing will. In recent times, we have come to realise that death can happen to anyone, at any time. Death does not discriminate against age. Whether you’re young or old it is therefore important to ensure your affairs are in order.

As a result of the pandemic, women are more financially exposed than ever. According to our latest Household Financial Wellness Insights, released together with UNISA, women who make up 51.1% of the South African population, were hardest hit by the lockdown.