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.
Follow the step below to ensure that your children are protected:
Draw up a Will
Even if you feel that you do not have many assets, a will can ensure that whatever assets you have are distributed according to your desires. Your bank will be able to assist you with this process and they can also act as executors of your estate. If you have drawn up your own Will, it is strongly advisable that you get it checked by a professional, as small mistakes, such as not initialling all the pages, can render it invalid.