Tag: estate planning

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.

Money matters and finances continue to be a widely talked about subject. The pandemic has not only been onerous and taxing on everyone’s lives, but it has also created undue financial pressure on households globally. Instead of being overwhelmed by unnecessary expenses this year; look at ways or areas where you can save and invest your money. Unplanned finances can push people towards unnecessary short-term debt, which should be avoided at all costs.

The subject of 'finances' may seem as though it’s the antithesis of romance, as we all know that financial problems can act to the detriment of relationships. But working to manage your finances effectively together is often vital to building and maintaining a strong and healthy relationship with your significant other, and can even bring couples closer together.

While we will all face the inevitability of death one day, many of us find it scary to confront our own mortality. But good estate planning is a critical aspect of broader financial planning; without it, our dependants may be left in a precarious financial position. 

Recently, the importance of proper estate planning and specifically the importance of having a valid and up-to-date Will, has gained some attention. What is often not addressed is the unique estate planning needs of consumers at the various stages in their lives, such as retirement.