Estate Planning and How to Do It
May 14, 2016
Estate planning is the last thing that people do. They ensure that their estate is up to date in the event of their death.
Often it is left up to the children to sort out their parent’s estate when they die. The sooner you plan your estate, the easier it will be for your kids and wife one day.
Ideas on How to Go About Estate Planning
Planning and organizing your estate starts with having a will. There is often conflict amongst children and relatives over the deceased’s wishes. Especially if there isn’t a will to ensure that everyone gets an equal part of the estate.
Obtaining a will isn’t hard. Make sure that you have all the required documentation with you, and know what will go to whom.
A lawyer will then organise the relevant papers on your behalf and submit the will to you for approval.
You can change your will at any given time, and if your wife or husband dies before you, your lawyer should draw up a revised will.
Generally, getting a will is something people never think about until it’s too late. However there are many reasons why it is best to plan now especially for your family’s sake.
Your Funeral Costs should be Taken into Account when Estate Planning
The one thing that no parent should do is to leave the children to pay for the funeral. It’s hard enough to lose a parent, but if there are no funds available in your estate for funeral costs, it makes this harder on your children.
It’s important to ensure that you have an active funeral policy in your estate planning to cover these costs as funerals can get very expensive.
Consider Healthcare Costs When Estate Planning
We don’t know how we are going to die, but if it’s after a long sickbed stay your family will be left with some serious healthcare costs that they will need to pay.
This is why there should be a health fund included in your estate. Or at least money set aside for this purpose.
This will ensure that you are paying for your own medical and healthcare costs, even without you around.
There is another good reason to get your estate in order: if you die Intestate the State creates a will for your family as per the Intestate Succession Act of 1987. This states that only the closest relatives are the inheritors.
The downside of this is that your assets may not go to the right people.
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All info was correct at time of publishing