As we begin the year, it is a great time to set deliberate financial and wellness intentions for us and our families. As part of these 2025 intentions, we need to also reflect and ensure that all our affairs are in order, which includes our estate planning.
“This should be our priority and by neglecting our estate planning affairs we not only place our families at risk but also place unnecessary stress during an already difficult time,” says Carin Meyer, Product Head of Wills and Deceased Banking. “We are all guilty of leaving things to the last minute. So why not make it your 2025 resolution to get your financial affairs and estate in order, through these essential tips.”
- Review your Will: You never have control of the changes that life brings. Ensure that your Will is updated regularly. This can be a regular exercise that you perform on a yearly basis or when you experience a life event – such as change of job, getting married, divorced, more children or acquiring more assets.
- Check your beneficiaries: It’s important to update your beneficiary list as relationships sometimes change or some may have passed on. Should one of your beneficiaries pass away before you do, you will need to find a substitute beneficiary or reconsider how to allocate your assets to your beneficiaries.
- Estates administration costs and liabilities are important: There are different fees and taxes to be considered in the administration of your estate. In addition, all liabilities will have to be settled. Forgetting to consider minimising these expenses, can be a mistake which might leave your beneficiaries with little or nothing after all costs and liabilities are paid before anything is distributed according to your wishes.
- Get the right advice: Given the changing and dynamic regulation landscape it’s advisable to consider regular consultation with your bank or advisor who will ensure that your estate plan and any changes you have are accurately drafted.
“Estate planning can be a very emotional and drawn-out process. Reviewing your estate affairs will help you understand what changes need to be considered in your estate planning journey. As part of your 2025 resolutions, get your estate in order – it’s the right thing to do,” concludes Meyer
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