Tag: estate planning

South Africa’s family law is set for a significant shift. The proposed amendments could impact how property and other assets are divided in the event of divorce or death, even when there is an antenuptial agreement in place. This is one of the most substantial adjustments seen in matrimonial property law in some time.

'One day when I’m big!' How many times have we uttered those words as children when dreaming about our future? Then, quite suddenly, we find ourselves “adulting.” We begin reflecting on the lessons we have learned and considering the legacy we will leave for the next generation.

Estate planning is not just for the wealthy or the elderly. It’s a crucial part of anyone’s financial plan, regardless of age, assets or family situation. When done properly, it ensures your loved ones are taken care of. Estate planning also ensures your wishes are followed and your estate is handled with minimal stress or confusion.

For many South African farmers, a farm is more than an asset – it is a family legacy, a business and often the entirety of their net worth. However, when it comes to estate planning, one critical factor is often overlooked: liquidity. Without adequate liquid assets, heirs may encounter financial strain and operational challenges. In some cases, they may even be forced to sell the family farm to meet estate commitments.

The value of a well-drafted, updated will is in the spotlight again due to uncertainty surrounding Gene Hackman’s fortune. His estimated $80 million estate has raised questions about inheritance since his will does not name his three children.

It is that time of year again when you are swapping out your summer wardrobes for your festive season attire. You are having a long-overdue de-clutter and booking annual check-ups for the family. While you are at it, take the opportunity for your annual personal estate review to re-evaluate your estate documents and give the administrative side of your life a thorough spring-clean too!

Divorce, while undoubtedly difficult, is a common experience that many of us go through. Amid the emotional turmoil and the seemingly endless checklist of tasks, there is one crucial undertaking that often gets overlooked: and that is updating your will. This oversight can lead to unexpected consequences, especially when it comes to inheritance rights.

When discussing the value of the financial profession, financial advisers are often compared to medical doctors and are sometimes even called ‘financial doctors’. The reason behind this is that financial advisers look after the financial challenges of clients in much the same way that doctors look after the health issues of patients. This is not a perfect analogy, but there are certainly some comparisons to be drawn.

In today’s complex financial landscape, business owners need more than just insurance policies. Business owners need the comprehensive, unbiased advice that can only come from an Independent Financial Adviser (IFA) to create a holistic financial plan. It is important to understand the distinction between a ‘tied agent’ and an IFA.

When we think about estate planning, we think of a plan outlining a tax-efficient way to deal with our assets when we pass away. Instead of viewing this as a ‘death plan’, try to think of it as a ‘life plan’ – a strategy created during your lifetime to ensure that your wishes are fulfilled, and that your loved ones benefit as intended after you pass away.