Regularly update your estate data, especially in times of crisis

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One of the most important rules in estate planning is deciding who to leave your estate to.

In the midst of the current pandemic, with Wave Four currently creating new challenges and risks, retirees, and indeed everyone else, should check to see if their estate planning is up to date as often as possible and matches their past. wills.

There are many reasons why billions of rand are tied up in millions of unpaid beneficiary accounts in South Africa. Not knowing who the beneficiaries are, or having wills that are too often poorly constructed and written, means that there are some details mentioned here in your estate planning.

First, regularly check your will to make sure it’s up to date. Remove any deceased beneficiaries, add new ones if necessary, or change the bequest allocations as you see fit. I recommend that you bring in an experienced professional to ensure that your last wishes are carried out and leave no room for misunderstandings or misunderstandings.

Keep a file of all your important documents and contracts (including your last wills and wills) and let someone you trust where they are kept. Remember to include valuable information to help the executor and family members, such as passwords for your phone, computer, important websites, bank accounts, any savings you might have and even the code of your home alarm system.

Check that the beneficiaries you have designated for a retirement annuity fund, a life annuity or a guaranteed annuity with payment guarantee or a life insurance contract are correct. This can be done directly with the institutions involved or your designated financial planner. You should make sure that the beneficiaries of your policies and retirement funds are correct when reviewing your will.

To make the mourning of your death more bearable for those close to you, be sure to keep a list of all your important papers eg. birth and marriage certificates, passports, income tax returns and debit or stop orders, etc. Include details of all of your various subscriptions and contributions, from payments to medical aid and charity, to your Internet service provider, and to utilities. This includes anything you spend money on, which even includes apps on your mobile phone.

Keeping the above up to date and double-checking the details often will make life much easier for everyone who works on your domain once you’re gone, but most importantly, make sure your domain goes where you left off. foreseen.

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