Your Estate Plan: The Right Time is Right Now

Key Takeaways:

  • Crafting your estate plan is essential for controlling asset distribution and ensuring your wishes are honored.

  • Include a will, appoint an executor, and consider trusts for comprehensive estate planning.

  • Professional guidance enhances the effectiveness and legality of your estate plan.

During this period of pandemic and lockdown we become aware of our mortality and what would happen to our loved ones in the event that something had to happen to us.

In order to bring about a sense of calm during this period of panic, it is recommended that you get your affairs in order and seek professional assistance, legal, financial and tax, relating to your estate as a whole.

Estate planning involves putting together a number of legal documents that would have the effect of creating and maintaining a lifestyle for you and your family while you are alive and for your loved ones after your death.

The following are the most important documents that you should have in your “personal affairs” folder:

  • An original professionally drafted and signed Will

  • A Living Will, depending on your personal views

  • A Power of Attorney

In addition to the above documents we highly recommend that you also have the following documents stored safely:

  • Copy of your Identity Document/Card (preferably certified)

  • Copy of your spouse’s Identity Document/Card (preferably certified)

  • Copy of your marriage certificate (preferably certified)

  • Copy of your Ante Nuptial Contract (if applicable)

  • Copy of the nominated Executor’s & Trustee’s Identity Document/Card, together with contact details

  • Copy of your children/s Identity Documents/Cards

  • Complete list of your assets and liabilities

  • Details of any offshore assets

  • Copies of any title deeds

  • Details of all bank accounts and account numbers

  • Details of any safe deposit boxes

  • Details of any shares owned by you

  • Life insurance policies together with contact details of your financial advisor

  • Details of all digital assets, together with usernames and passwords

  • Contact details of your accountant who would have knowledge of your SARS details and obligations

Your personal circumstances will guide us in advising you on the specific details of your estate plan. Every family situation is unique, so there is no one-size-fits-all approach that will adequately serve the needs of everyone.

Once you have your estate plan in place, you may not need to consider the subject for years to come. Having an estate plan in place will give you peace of mind knowing that your loved ones will be looked after.

We are specialist private client attorneys and we are here to help you through this tumultuous time. Start the process with us today by contacting us.

You may be interested in these articles which we have written on Estate Planning:

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When Do I Need an Apostille?

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Choosing an Executor For Your Will