Financial Planning with Jurie Wessels

21/04/2021

The importance of proper estate planning and a Last Will and Testament

When talking about estate planning or setting up a Will, most people do not understand the wide-ranging consequences such a document has. The general thought is this document only determines whether you are cremated or buried, who should inherit what and who must be the executor of the estate.

However, there are different aspects to consider when doing estate planning and setting up your Will. Should you pass away without a Will, it is called intestate succession, meaning that the state will take control of your estate and appoint an executor to distribute the assets within your estate.
No, your assets will not go to the state, there is a piece of legislation that sets out exactly how your estate will be distributed, namely Intestate Succession Act (Act 81 of 1987). This will work with a ranking system set out in the legislation with a specific formula to dictate which family members inherit what. If your descendant ends up fighting about who should inherit what, it may result in the sale of all assets and rather splitting the money between remaining members, this can cause that your specific wishes not being met. Worse, bad, or absent estate planning may result in a cash deficit in the estate, which may also lead to all assets being sold to cover costs or shortfalls in the estate.

If there are minor children involved, there might also be a need to appoint guardians, set up a testamentary trust and ensure the proper trustees are appointed to handle the finances of the trust.

You might think that you have enough cash to cover all costs associated with the ex*****on of your estate, but this may not always be the case as there may be estate duty and executor’s fees that you have not considered.

If you think you might need to have a look at your estate planning and Will, speak to your financial planner to set up a meeting and do the proper planning.

15/04/2021

https://www.linkedin.com/pulse/actual-cost-insurance-jurie-wessels

Calculating the actual cost of insurance is tricky, of course, you can look at contributions made over the term of the policy. However, we all know that insurance is generally a grudge purchase, we do not normally go out and shop for insurance like any other products.

15/04/2021

Last Will and Testament, Estate Duty, Income Protection, Group benefits, Pension, Retirement.

These statement are at times confusing, scary and tedious to most. But in actual fact can be simplified.

If you feel the need to have someone explain and help you with your portfolio feel free to contact me. I might be able to save you some monthly expenses, enabling you to create wealth on the long term.

02/07/2020

Ensure your Gap Cover is in place, you may think you are covered fully with your medical aid, but that might not always be the case.

02/07/2020

Make sure you Insurance policies are up to date and adjusted according to your needs.

Please do not get caught in a situation where you are not able to sustain yourself or your loved ones. It is avoidable.

Talk to your Financial Planner/Adviser today.

20/04/2020

The start of a new week provides us with many new opportunities to tackle tasks we usually do not have time for, or just keep on stalling.

Make sure your Last Will and Testament is up to date, review your portfolio to ensure you are covered properly, you might just discover that you are over or under insured. Ensure your savings goals are up to date and in line with your needs.

Contact your adviser and set up a virtual meeting, with technology we have available, now is the time to start gearing ourselves for the "New Normal".