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Vital elements of financial planning part 4

By Faeza
30 July 2015

Vital elements of financial planning

There are two vital elements of a financial plan when you have children: a valid Will and adequate insurance cover. If you pass away without a Will your estate will be distributed according to the Intestate Succession Act, 1987. Under these laws, your closest relatives will inherit from you, but they may not necessarily be the people whom you intended to have your assets says Head of Financial Consulting at Standard Bank, Deon Nel.

Discuss your plan with your children

If your children are old enough, explain to them your plans in the event of your passing. Find out if they are comfortable with the people that you have chosen as their guardians. Let them know that they will be taken care of financially and they have nothing to worry about.