A large percentage of the South African population does not have a last will and testament or an updated estate plan in place.
In honour of Heritage Month, we focus on the importance of securing a legacy for future generations through estate planning.
Understanding your will and estate plan
In simple terms, a last will and testament is a legal document outlining the fate of your estate – including assets and liabilities – upon your passing or incapacitation. This document is a cornerstone for safeguarding a meaningful legacy for your family, loved ones, or business endeavours.
In addition to the will, an estate plan encompasses guardianship and beneficiary designations, healthcare power of attorney, durable power of attorney, and a personal letter of intent.
Typically, people think about drafting up a will or starting the full estate planning process during a life-altering event, such as a wedding, a new business, a serious illness, or a divorce.
When do you need to set up a plan?
While the above life junctures are good times to address your last will and testament, it is crucial to be prepared for emergencies. Leaving this plan to the last minute can easily rob you of your peace of mind if something unexpected should happen.
At any point in your life, you should ask yourself the following questions:
- Do I know what resources, financial or otherwise, there will be for my family?
- Who will be the guardian of my underage children?
- Do I have a comprehensive estate plan in place and, if yes, do I understand it?
- Do I know if my estate might incur executor’s remuneration liability?
- Is there someone who can make decisions on my behalf if I am unable to do so myself?
If you are unsure about these questions or do not have an estate plan set up, take some time to consult with an Enslins firm near you. Anyone, regardless of age, net worth, or health, should begin the process to ensure their loved ones and their assets are protected in case something happens to them. Once you’ve set up your plan, our experts are ready to help you on a yearly basis to make sure that plan is regularly updated.
Contact your nearest Enslins firm to find out more about how we can assist you.