The importance of estate planning can’t be ignored, swept under the rug, or overlooked. Estate planning is something that every person should consider doing in their lives. If you have not yet done so, then you need to have an estate plan created. Planning your estate does refer to the crafting of documents and processes that are to be followed upon your death to guarantee that your loved ones are looked after. Take the time to plan your estate and consider how your assets will be distributed after you pass away, and ensure that you look after your loved ones when you are no longer around. If you don’t plan your estate when you are alive, how can you guarantee that your loved ones will be looked after when you are no longer alive?

The importance of estate planning:

There are many reasons why estate planning is important. Let’s explore these reasons below:

  • Estate planning is so essential because it assists you to preserve, increase and protect your assets during your lifetime. It guarantees the most efficient distribution of your estate to your intended beneficiaries when you pass away. A vital part of the estate planning process is drafting your legal will. Make sure that you have a legal will created!
  • How often should you review your estate plan? Review your estate plan after you have had a significant change in your life circumstances, or if you acquire new assets.
  • Who can help you with estate planning? It is also a good idea for you to talk through estate planning with an expert.

What are the benefits of estate planning?

Here are some benefits of estate planning that you should take into consideration:

  • Estate planning does allow for your estate to be wound up without issues and delays.
  • Estate planning does provide protection for minor beneficiaries and stops any bequests being held by the Guardians Fund until he or she reaches 18.
  • With a will, you can ensure that your estate is dissolved as you would like it to be.
  • By planning your estate, you are structuring your finances and assets in a way that guarantees that estate duties are lessened, and that there is enough liquidity to meet your estate’s financial obligations upon your death.

As a skilled and experienced Trust Specialist with many years of expertise, I can explain the nitty gritty details of estate planning to you. I can answer any questions that you may have about estate planning. I am available to consult with my clients during the COVID-19 pandemic. Estate planning shouldn’t be done one day in the future. There is no time like the present to plan your estate! I look forward to discussing the importance of estate planning with you. If you don’t plan for your family’s future, how can you ensure that they will be looked after when you are no longer around? If you feel that the time has come for you to create an estate plan, please make sure to book a consultation.

DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner)

Make an appointment with my Executive Assistant, Jutleth Mkhonza. Email julie@mmtrustspecialist.co.za or call +27 (0) 11 783 0108