Losing a loved one is traumatic. Spare your family unnecessary trouble when you pass on by ensuring that you consult with a qualified professional. They will ensure that your estate is distributed efficiently, is cost-effective and is finalised as quickly as possible. It is important to keep in mind that one size does not fit all when it comes to estate planning. That is why it is important to create an estate plan that is uniquely customised to you. Here is an estate-planning checklist to get you started in creating your own estate plan:
- Update your beneficiaries: Take the time to make a few phone calls and double-check your beneficiary information. Changing beneficiaries is usually a quick and simple process, and you will feel good knowing that your beneficiaries are well taken care of.
- Review your insurance: Ensure that your insurance is relevant to your situation. You could be over or under-insured, depending on the changes that have occurred in your life since you took out your policies. Let a broker help you review your insurance policy every year and have a look at your status and your requirements. You could save due to changing circumstances.
- Address your Will: Drawing up a valid Will is much more than just nominating heirs and appointing an executor to administer your estate, provision should be made for the settling of debts, taxes and other related costs, and to secure your family’s financial future. If you do not already have a Will, it is a good idea to get started with creating one today. If you already have a Will, review it carefully.
- Evaluate your estate tax: You can reduce taxes on your estate simply by the way you structure it. Thoroughly reviewing your estate plan through Iemas Insurance Brokers a wholly-owned subsidiary of Iemas Financial Services can help you to see where you can make changes in order to reduce your tax burden, both now and in the future. Call us on 0860 102 383 or use our Wills and estate planning assessment upon death tool.
Iemas offers life file training at its participating employer groups – at no cost to you. We take you through all the documents you need to prepare for your family when the unforeseen happens. Call us on 0860 102 383 to find out more.
More blog on Estate Planning and Wills:
- Only two things in life are certain: death and taxes
- Insurance pioneers partner to offer best of breed financial wellness for ordinary South Africans
- The Will checklist. An easy to watch guide
- Iemas Insurance Brokers defines underinsurance and highlights top tips to avoid this insurance pitfall
- Insurance 360 to support you on your journey towards financial wellness
- The importance of having a Life File