Putting your affairs in order
A loved one’s death is an uncertain and emotional time for family members. Having your affairs in order ensures your family’s wellbeing and minimises uncertainty.
Your will is your opportunity to convey your final wishes to those who stay behind when you pass away. You can dictate how you want your estate to dissolve and also make provision for minor children, to protect their interests. If you don’t have a will in place, your loved ones are left with uncertainty and the process of winding up your estate becomes unnecessarily long.
Estate planning is the process of preparing for the transfer of a person’s wealth and assets after death. An advantage of creating an estate plan is to minimise the cost of winding up one’s estate, such as executor’s fees, estate duty and transfer costs. This will allow you to make provision for your heirs by ensuring that there is sufficient capital available to settle all debts.
In the event of serious illness, there may come a time when you are no longer able to make decisions about your own life. A living will makes your wishes regarding medical treatments and whether you want to prolong your life with artificial support or not, clear to your family.
