The Importance of an Estate Plan
Ensuring your heirs are provided for through lifetime planning and the structured disposition of property.
The Will: Your Legal Voice
A will is a cornerstone of financial freedom. It is a legal document that provides specific instructions on how your assets should be distributed after your death, offering comfort and security to those left behind.
Attributes and Benefits:
- ✅ Appoint Heirs: Choose exactly who inherits your assets.
- ✅ Nominate Guardians: Secure the care of minor children.
- ✅ Protect Minors: Set up a trust to safeguard an inheritance.
- ✅ Select Leadership: Nominate an executor and trustee you trust.
Key Considerations
Marriage & Law
Your marriage contract significantly impacts how your will is drafted. Execution must be precise (signed and witnessed) to be valid.
Life Changes
Review your will during major life events: the birth of a child, purchasing property, or going through a divorce.
Specialized Assets
Consider separate wills for offshore assets and ensure your business interests are adequately addressed.
The Role of the Executor
An executor carries out your instructions and handles your estate. While many appoint friends, it is crucial to ensure your nominee understands the complexities and legalities required to manage an estate effectively.
Anyone 16 years or older may make a will. You can draft it yourself or consult an attorney, accountant, or bank.
What if you don’t have a will?
Dying without a will is known as dying intestate. Your estate will be distributed according to rigid legislative rules, which is often a poor substitute for a personalized plan and may not reflect your true wishes.
Don’t wait to “get to it.” Protect those you love today.
Created by: Sydney Sekese, CFP®
Old Mutual
