You may have some questions when it comes to wills and estate planning. Is there a difference between wills and estate planning? What should you keep in mind when it comes to wills and estate planning?
Take a look at these essential points regarding wills and estate planning:
- What does estate planning involve? Estate planning does mean that you make a plan for everything you own and everything that you owe. It does involve making a will, choosing guardians for your children, and setting things up so that you pay the minimum amount of tax on your possessions.
- Making a will is a necessary part of estate planning. Leaving a will can prevent your loved ones from fighting over your assets. Your will should be kept in a safe place.
- It is important that you will have sufficient liquidity in your estate to cover all expenses. Ensure that your estate is liquid. Make sure that your beneficiaries will receive what you intended them to have.
- Appoint an executor to wind down your estate, pay your taxes and manage the admin of passing away.
- You should also consider setting up a trust. A trustee is going to be responsible for carrying out your instructions. A trustee will manage your estate on behalf of your beneficiaries if required.
- What happens to your will if you get divorced? The Wills Act does state that if you pass away within three months of being divorced, and you haven’t made a new will subsequent to your divorce, then your ex-spouse won’t benefit or inherit from your estate.
I am a highly skilled and experienced Trust Specialist who can answer your questions regarding wills and estate planning. I am available to meet with you and explain the importance of creating your estate plan, and drafting your will. Don’t leave it until it is too late – create your will and estate plan today!
DR MERVIN MESSIAS
JD (Juris Doctor) / BA, LLB (Wits) / TEP (Trust & Estate Practitioner)
Schedule an appointment with my Executive Assistant, Jutleth Mkhonza. Email firstname.lastname@example.org or call +27 (0) 11 783 0108.