Important life events and their impact on estate planning
Estate planning can be difficult, especially since it forces you to think about death. However, an estate is a ‘living thing’. This means that estate planning is not just about planning for your death, but also about planning your estate optimally for both during and after your lifetime. At Nedbank Private Wealth and Nedbank Financial Planning, we have wealth managers and financial planners who are supported by fiduciary specialists and a team of estate-planning experts. They focus on understanding your personal situation and help you plan your estate according to your personal needs and aspirations, and whenever a life-changing event such as marriage, death, divorce, emigration, or the birth of a child may occur.
 

With estate planning, you don’t just bequeath assets; you bequeath a full plan
Our estate-planning process aims to inform you about everything you need to know and ensures that your estate is structured optimally for your loved ones, and that your beneficiaries are taken care of in the way that you wish. We explain the implications while you are alive and after you or any of your beneficiaries pass away. It is important to plan your estate and use all the available estate-planning tools. The most important step to take is making sure you have a valid executable will that was drawn up with professional advice.
 

Your standard of living will affect your estate
Our estate-planning process also gives a breakdown of how you can plan for your South African and international estate, depending on the specific assets you have. These assets may include assets held by you, such as life insurance policies and retirement savings among others, or assets held by trusts. It also considers your liabilities. When guiding you through the estate-planning process, we help you make decisions about both your assets and liabilities after you pass away. You get to decide who benefits from your assets and how to settle your liabilities. It is important to revisit your estate plan with your advisor (keep your estate plan up to date), should you get married, divorced, emigrate, have a child or if any of your beneficiaries pass away.
 

Knowing the different costs of dying so that your wealth distribution is optimised for your loved ones
There are different costs of dying that affect your estate such as estate duty, capital gains tax, executor fees and funeral expenses. Estate planning also aims to ensure that your estate has sufficient liquidity (cash) to cover these costs and to avoid the forced sale of assets like immovable property, thereby minimising the potential negative financial impact on your loved ones. The more informed you are while alive, and the way you plan for the unforeseen events, the more convenient and hassle-free it will be for your loved ones.