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.
Follow the step below to ensure that your children are protected:
Discuss your estate planning with adult children
The passing of a loved one is traumatic for any child, whether an adult or still legally underage. A Will and an insurance plan will make sure that your children are well taken care of when you are not around, offering them much comfort, stability and security in an emotional time.