Holistic financial planning should ideally be done in a specific order. In a recent blog, we wrote about temporary and permanent disability income protection as the foundation of a sound financial plan.
The next component is a will. It is estimated that approximately 70% of working South Africans don’t have a will. If you don’t have a will you die intestate which means that the Intestate Succession Act determines who inherits what.
This should be avoided!
A will is a crucial document which contains your wishes as to who should inherit your assets in the event of your death, It should also contain a provision for a testamentary trust for minor children in the event of the simultaneous passing away of both parents or the passing away of a single parent,
Wills should be regularly reviewed because people’s circumstances change.
Please speak to us with regard to drawing up or reviewing your will.