Page 21 - Dainfern Precinct Living Issue 10 2022

Finance

Photo by Dan Dimmock

Photo by Vitolda Klein

one are the days when structures, for example trusts, in which funeral expenses.
men were the only ones you can house income-generating assets 2. Try to obtain as much information
taking care of the family’s to ensure continuity if your spouse/ as possible about your partner’s or
Gfinances. Today, women partner dies. spouse’s accounts, investments, debts,
are independent and are often the debit orders and other household
key financial decision-makers in the It is important to take control of your expenses that tended to ‘have paid for
home, controlling everything from finances and seek out legal and financial themselves’. Familiarise yourself with
the household budget to investments, advice. It might cost you something and prioritise insurance premiums –
medical aid and life insurance. upfront for advice, but it will be worth it especially for your household contents,
in the long term. buildings, cars, and medical expenses.
TAKING CHARGE OF YOUR FINANCES Consult your lawyer if you have difficulty
While no one wants to think about FINANCIAL ADVICE FOR A NEWLY accessing information.
the prospect of a divorce or a spouse’s WIDOWED WOMAN
death, prevention is always better 1. If your spouse had a life cover policy, 3. Your financial responsibilities may
than cure. If you are happily married or check the details. Does it provide for have changed drastically, with a
co-habiting in a long-term relationship, an immediate pay-out in the event of household depending solely on you for
ensure that your spouse or partner has death? If it does, claim it immediately, financial support. There is even more
sufficient cover in place to not only as all accounts are likely to be frozen pressure on you if you have children.
protect your assets from outstanding until the estate is wound up. Some life Ensure that you arrange appropriate
debt and duties on death, but will cover providers offer immediate pay- cover for income and debt protection,
also pay out enough funds for your outs of up to R50 000, which could be as well as cover for temporary or
recurring expenses. Look to various legal very helpful in terms of household and permanent disability. In addition, make
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