Changing circumstances may dictate the need to change your will or update your estate planning. Here are examples of life events when you may consider reviewing – and/or changing – yours:
|As soon as you turn 18|
|When you marry or enter a relationship union – the first time and if applicable, especially the second time|
|A new beneficiary, such as a child is added|
|When you emigrate or move to a different country|
|If you start a new business venture|
|When a family member experiences estate and/or health issues|
|If you get divorced|
|When you sell or acquire a major asset|
|If you experience a significant change in net worth, e.g. as result of inheritance or insolvency|
|In the event of changes in your relationship with your beneficiaries|
|When you want to be more involved with philanthropic activities|
|When there are changes in government policy and/estate or tax legislation|
|Every five years based on potential changes in tax legislation|
Not having a proper Will can compromise your Legacy
A will is the foundation of estate planning. If you pass away without a will, the Master of the High Court will appoint an executor since no-one would have been nominated.
The executor’s first duty is to locate a will if there is one. If your will cannot be found among personal papers, the estate must be administered as if there is no will.
Passing away without a will in place means your estate will be administered under the Intestate Succession Act, Act 81 of 1987. This Act is concerns around ‘blood’ relationships, which includes illegitimate and legally-adopted children who are also considered ‘blood’ descendants.
Here are your 5 simple steps to a lasting legacy:
The Lasting Gift Guide to Estate and Financial Planning
The Lasting Gift Guide to Estate and Financial Planning is designed to help you understand the impact of what you leave behind, what you choose to give away, and all the complexities surrounding them.