Tag: estate planning

The passing of a loved one is always a traumatic experience. Not being prepared for the financial realities can add more anxiety to an already painful and stressful time in your family’s life. According to Statistics South Africa, more than 70% of South Africans don’t have a last will and testament. I suggest that you get your estate plans in order as soon as possible. You never quite know when your time is up.

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. 

Estate planning involves structuring and managing your assets while you are alive, and putting measures in place to ensure your wishes are carried out after you pass away. It also ensures that there are no unexpected surprises your family will have to deal with.

The number of people living into their late nineties and early hundreds is growing by the day. The notion that you have to retire at 65 is becoming outdated and, more importantly, impractical and even financially hazardous.

When considering purchasing property overseas make sure you have the correct Will to cover your offshore assets.

According to the University of South Africa (UNISA), South African households’ real net worth increased by over R1 trillion from the second to the last quarter of 2020, despite the economic contraction due to the pandemic. Consequently, more people are inclined to make offshore property investments in popular destinations such as Portugal and Mauritius.

Estate planning means making a plan for taking care of your nearest and dearest and dealing with everything you own and owe when you pass away. A will or testament is a legal document where you leave instructions on how you want your family to be taken care of, and who will inherit assets like property, jewellery, cars or investments that you own.

The last few months have been nothing short of a whirlwind of unprecedented events for our country. As a nation we have had to navigate another level 4 lockdown and watch helplessly as friends and family lose their assets and experience the stresses associated with the recent destructive riots.

South Africa has one of the lowest household savings rates in the world. To encourage the culture of savings, the government introduced tax-free investment and tax-free savings accounts in 2015 to incentivise good savings habits.

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.