"Financially Speaking" is a personal finance programme that focuses on empowering you, the viewer. The purpose of this programme is to keep you up to date and informed on the latest developments in the insurance and investment industry.


Estate Planning

Shaun Latter speaks to three experts in the field, about the ins and outs of Estate Planning, with special focus on Wills and Trusts.

04 August 2010 at 21H00 on DSTV channel 410




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Frequently Asked Questions

I have been told that I should not divide my assets equally amongst my family? Why?

This is good advice, the reason for this is that if assets are equally divided amounts your beneficiaries, it will certainly cause a family quarrel. One person could insist that the other members buy them out of the various assets, and if the other beneficiaries do not have enough available cash, a forced sale could be imminent. If this is the case, if could be during bad economic times when the selling price will have to be reduced to fair if not below market value in order to sell the asset. I would advise that you structure the beneficiaries of your assets in such a way that each will be entitled to their own asset and then they can do with it as they please, without negatively impacting on the other beneficiaries of your estate.

We have just had a baby, what do I need to do to ensure that my child will be looked after if I die?

With a new baby, it is important for both parents to have up-to-date wills. You’ll need to decide on and designate a legal guardian stipulated in your will – a person you both choose to raise your child in the event of an unexpected tragedy.

You may also wish to set up a trust for your child and name trustees separate from your chosen guardian. Through a trust, you can ensure your estate is paid out to your child according to your wishes. Among other things, trusts can be used to:

  • Shield assets from potential creditors
  • Preserve assets for minor children until they are of age
  • Create a pool of investments that can be managed by professional money managers, known as trustees
Trusts can be very useful financial tools and you should discuss their pros and cons with an accredited financial adviser. But keep in mind, they can be expensive to set up and maintain and there are some other disadvantages that may affect you, as well.


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Finlogic Tips
Estate Planning

Trusts
Ensure liquidity in your estate
  • Retirement Annuities are Estate Duty Free
  • Negotiate Executors Fee’s - 3.5% (3.99% including VAT)


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