By Letitia Du Plessis
NONE of us really likes to think about our own death or the possibility of being unable to make decisions for ourselves. This is exactly why so many families are caught off-guard and unprepared when incapacity or death does strike.
Don’t wait; use experts within Standard Bank as they will be able to provide critical guidance and peace of mind that your estate plan and will are prepared properly.
An Estate Plan and Will are not only for the wealthy or retired, but for everyone who own assets. People tend not to do estate planning because they think they don’t own enough, they’re not old enough, or they don’t realise the consequences of not having an estate plan and will in place. Estate planning does not have to be complex. Start with a will, your assets, health care decisions, and life insurance to take care of debts and your family. You might also need a trusted person or trustee to manage the money and property you leave to your beloved ones which include minor children on your demise or who may need protection from future creditors or divorce.
If you’re self-employed or the sole owner of a business, you should have a succession plan or if you own a business with others, you should have a buy and sell agreement. Thus, let your estate planning develop and expand as your needs change and your financial situation improves. Remember, your family needs to continue with their daily life when incapacity or death strikes. Letitia Du Plessis is the manager of Standard Bank’s Executors and Trustees
Confidente. Lifting the Lid. Copyright © 2015