Who should you select as an executor and what happens to your retirement funds when you die? Maya (@mayaonmoney) and Mapalo (@womanandfinance) unpack what you need to consider when writing up your will. Further reading: What should you...
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Your retirement benefits may not end up where you plan
If you are formally employed you might have been required to join your company’s contracted retirement scheme, and they would have asked you to nominate a beneficiary for the proceeds in case you die before retirement. However, if you chose a...
Video: What should you include in your will?
A valid will ensures your wishes are carried out, makes it easier for your family, and protects your children when you no longer can. You need to nominate an executor to administer the deceased estate. You can appoint a professional executor or...
A financial survival guide to divorce
Facing the breakdown of your marriage can be extremely painful emotionally, but with the right knowledge and planning, it needn’t be financially devastating as well, says Citadel Advisory Partner Kirsten Smit. “Getting divorced carries enormous...
Godparent vs Guardian: debunking the myths
By David Thomson, Senior Legal Adviser at Sanlam Trust Whether you are a godparent or you’ve asked someone else to be your child’s godparent, do you have clarity on what the term actually means? There is a critical difference between a godparent...
Common mistakes when drafting a Will and how they impact your wishes
By Kezia Talbot, Legal Advisor and Remay de Kock, Legal Adviser at BDO SA. It is officially National Wills Week. Wills can get quite tricky – there are several common mistakes that are made when drafting a Will that can have a serious impact on...
Can a mistress inherit from a married man’s estate?
Marilyn Monroe, Marla Maples, Michelle McGee, and Kristen Stewart – all successful women in their own right, with one controversial commonality – they were mistresses to married men. The term ‘mistress’ is an inflammatory one – a name as...
How to stick to your financial resolutions
The secret to a successful resolution is to keep it simple and to break it down to something manageable. Financial change starts one step at a time. Instead of saying “I am going to be debt free,” rather select one debt that you are committed to...
Spouses need to review their finances
Changes to the taxation of estates could leave a surviving spouse with a hefty tax bill. Last month the Davis Tax Committee (DTC) issued an update on its tax recommendations especially around so-called “death taxes”. Some of the key recommendations...
Don’t get caught out by a poorly thought-out Will
By David Knott, fiduciary expert at Private Client Trust Buying insurance, and drafting and updating your Will, can be put next to each other on the list of things that we don’t really want to do, and often put off doing. For many of us insurance...
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Sort out your admin
In the final episode of Change in your Pocket, we highlight the importance of dealing with various admin issues before you get married. https://www.youtube.com/watch?v=6attRo6UGUQ&feature=youtu.be – Video supplied by BrightRock Welcome to the Change Exchange, where...
Should I put my assets in a family trust?
Lebo writes: My brother has suggested that I form a family trust and put my house, car and investments into it in order to protect them. Is this a good idea? Frank Magwegwe, head of Momentum Personal Adviser Services at Momentum Retail replies: Trusts are very...
Understand your marriage contract
Many couples underestimate the importance of their marriage contract, and the implications it has in the case of death or divorce. Watch Episode 16 of the Change in your Pocket series for a detailed explanation of the various marriage contracts. – Video supplied by...
The ins and outs of a buy and sell agreement
Tanya Lochner of Glacier Fiduciary Services discusses a buy and sell agreement as an exit strategy where there are two or more partners in a business. A business needs to prepare for the event of one or more of the partners dying or becoming disabled. Putting a buy...
Common mistakes to avoid when drafting a will
If you have a will, you’ll have the last word on what should happen to the fruits of all your hard work when you are gone, right? Not quite, says Sanlam Trust legal adviser, Clive Hill. Wills have split up families, turned siblings into prime enemies and wasted...
You probably need a foreign will if you have invested offshore
Since the relaxation of exchange control, and as the Rand continues its downward slide, many South Africans are investing offshore with important consequences for their estate planning. If you have invested offshore, consider whether you need a foreign will to deal...
Retirement annuity tax loophole to be closed
By Tanya Lochner, fiduciary specialist at Glacier by Sanlam In the foreseeable future retirement annuities will no longer fall outside of your estate for estate duty purposes, so bear that in mind when you do your estate planning. Since 2007, a retirement annuity (RA)...
Delayed parenting: how to avoid a financial ‘bottleneck’
There may be very good reasons to postpone starting a family, but it’s also important to consider the potential financial implications when you make this call, says Karin Muller, head of Growth Market Solutions at Sanlam. People are delaying having children for...
Am I obliged to leave my estate to my family?
By David Knott of Private Client Trust, the fiduciary services division of Private Client Holdings, and a member of the Fiduciary Institute of South Africa In many countries around the world there are forced heirship laws in place which have evolved over many years of...
All the ins and outs of estate planning
As much as people realise there is a need to ensure they have planned for their family's financial future after their passing, many do not understand the different aspects of estate planning and the negative impact that a lack of planning can have on their family....