An ‘estate awareness’ breakfast was held by the Lower South Coast Women in Business Forum at Stages Restaurant in Port Shepstone on Tuesday this week.
In his address, guest speaker, estate planner Paul Bekker of Port Edward said that creating a comprehensive estate plan to deal with your assets and provide for your loved ones after your death is an important financial duty.
“You owe it to yourself and your family to plan ahead now for the distribution of your assets upon your death. The reality is that anything can happen and it’s important to be prepared.
“If you plan your estate and how your assets will be distributed once you pass away, you’re taking significant steps toward securing the financial future of the people that matter most to you in life.”
Mr Bekker stressed that creating an estate plan is an important responsibility and yet too many South Africans – in fact, 70 percent of the working population, do not have a will in place.
“Financial planning experts agree that estate planning is crucial if you are married, have been married multiple times, have children from different relationships or support people financially.
“It will allow the protection of your loved ones from legal hassles and financial uncertainty after your death. By planning your estate, you’re carefully structuring your finances and assets in a way that ensures estate duties are minimised, that there is sufficient liquidity to meet your estate’s financial obligations upon your death, and ultimately that any inheritances are sufficiently distributed or protected for your younger beneficiaries.”
He added that in South Africa, numerous estates reportedly don’t have the liquidity required to settle their debts, which can result in rough financial periods for dependents who suddenly need to fend for themselves.
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