Estate planning Is essential for your peace of mind as well as the wellbeing of your loved ones.
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The start of the new year is an opportunity to set deliberate financial and wellness intentions for you and your family and to ensure that your affairs are in order, including estate planning.
Carin Meyer, product head of Wills and Deceased Banking, FNB said: "This should be our priority and by neglecting our estate planning affairs we not only place our families at risk but also place unnecessary stress during an already difficult time."
"We are all guilty of leaving things to the last minute. So why not make it your 2025 resolution to get your financial affairs and estate in order, through these essential tips."
You are never in control of the changes that life brings, therefore you should ensure that your will is updated.
You should perform this exercise regularly on an annual basis or when you experience a life event such as a change of job, getting married, divorced, having children, or acquiring more assets.
It is crucial that you update your beneficiary list as relationships change or if someone has passed on.
If one of your beneficiaries passes away before you do, then you will need to find a substitute beneficiary or rethink the allocation of your assets to your beneficiaries.
You need to consider the various fees and taxes that are involved with the administration of your estate. You should also ensure that all of your liabilities are settled.
Failing to consider these expenses can be a mistake that could result in your beneficiaries being left with very little or nothing after all costs and liabilities are paid before anything is distributed according to your wishes.
Considering the changing and dynamic regulation landscape it is advisable to think about regular consultation with your bank or advisor who will ensure that your estate plan and any changes you have are properly drafted.
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