A funeral offers us an opportunity to pay our respects and to remember the person who has passed on. In the end we only have memories and experiences that are left behind, we remember who they were to us, and we make promises to become the people they wanted us to be. When the event has passed, we start adjusting our lives, but we keep the memories with us.
With the COVID-19 pandemic, it's more important than ever to ensure your loved ones – whether you're married, single or in a relationship – feel secure. When your time comes, as it does for all of us on this earth, our funeral will be taken care of because we chose to get cover and offer our family peace of mind. In the same way, having a Will can also bring peace of mind to those who will carry our memory with them. Through your Will you can ensure stability for your family and provide the support to your loved ones as they truly deserve from you.
This is your legacy, your lasting will and testament. Choosing your beneficiaries, guardians and how to divide your accumulated wealth is tough, but we shouldn't shy away from talking to the people we want to inherit all that we built up in life.
Whether it's your parents, your children, your spouse, your partner or other relatives, identifying the people who will help carry on your legacy brings order and stability, and this means putting your wishes in writing through a Will.
It shouldn't be, but we understand that financially protecting the people in our lives can be tricky at times. Don't be afraid to do what you believe to be right and good for those you love. This is the legacy you will leave behind. Having a Will in place will ensure this.
If you pass away without a Will, the Intestate Succession Act comes into play and determines your heirs for you. In terms of the Act, only blood relatives and spouses may inherit from you.
So foster children, stepchildren, foster parents, stepparents and possibly your partner most likely will not inherit in terms of the Act.
Beyond the drafting of a Will, what is also very important is ensuring that upon your death, your debt is settled. Good debt management means also having money in your estate after you pass away to cover any debt still outstanding at that time. One of the easiest ways to ensure this is through life insurance payable to your estate. Investing in a life policy means that a pay-out could potentially cover your debts and allow your family to be free from any debt that you might otherwise pass on to them. Planning for the future isn't always easy, but the peace of mind you can get from having a Will in place and having the right conversations with your partner or other family members, with guidance from a Financial Adviser, is priceless.
Article by: Fifi Mompati, Head of Brokers and Alternative Distribution at Liberty
This article does not constitute tax, legal, financial, regulatory, accounting, technical or other advice. The material has been created for information purpose only and does not contain any personal recommendations. While every care has been taken in preparing this material, no member of Liberty gives any representation, warranty or undertaking and accepts no responsibility or liability as to the accuracy, or completeness, of the information presented. Please consult your financial adviser should you require advice of a financial nature and/or intermediary services.
Liberty Group Limited is a Licensed Insurer and an Authorised Financial Services Provider (no 2409).
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