Page 35 - Waterfall City_Issue 10_2022

YOUR SAVINGS AND

INVESTMENT PLAN IS

INCOMPLETE WITHOUT

ESTATE PLANNING

By Mariska Comins, Head of Technical Support, PSG Wealth

E state planning is a crucial • Naming a guardian for your minor

children
building block for your
• Deciding who will manage the
savings and investment
journey – perhaps even
the most important one. funds left to your minor children
(and ensuring that these financial
obligations will be met)
Your life is fluid and will change, and • Ensuring that your financial
so will your needs and goals, so your dependants are well looked after
financial plans must be flexible enough • Structuring your affairs in such a way
to be adapted to achieve your goals – that taxes are minimised
even if they change. But once you have • Ensuring that there is enough liquidity
passed away, there is nothing you can in your estate to cover daily expenses
do to change your plans. while the estate is being wound up.

How much time do people spend on Estate plans extend beyond
planning their next holiday, home your financial wishes
renovations, birthday parties, and An estate plan is not only about
obsessing over little details until creating a will and covering the
everything is perfect? Yet, when it financial aspects of dying. It is also
comes to something as important as Experience teaches us that an untimely about having a plan in place that will
estate planning, it seems as if many death in a family where the deceased make it easier for those left behind.
people believe in leaving it for another did not have an estate plan in place It is about ensuring that your family
day – at an undefined time in the often causes a major family feud. is well looked after when you are no
future. We should be wary of this line longer there. Here are a few additional
of thinking, as we never know what the An estate plan is designed to preserve considerations:
future holds. One thing the pandemic and legally protect assets during a • What will happen to your pets?
has highlighted to us all is that life is person’s lifetime while ensuring that • What will happen to your domestic
unpredictable. these assets are distributed effectively worker who has been working for
to succeeding generations when that your family for years?
Why is estate planning so person dies. • What will happen to any other
critical? financial dependants like parents,
An estate plan will ensure that you Consider these benefits that an cousins, etc?
bequeath to your loved ones a legacy estate plan provides, which can help • Do you have a blended family that
you can be proud of. The last thing you avoid potentially devastating includes individuals who are not
you want to do is leave your affairs in consequences for your family and heirs: financial dependants, but who you
disarray, which becomes a challenge • Choosing your beneficiaries and what want to bequeath something to
for your loved ones to deal with. you want them to inherit (for example, a stepchild)?

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