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Estate planning during uncertain times

Estate planning during uncertain times

At the beginning of 2020 none of us could ever have imagined the uncharted waters we were about to explore.

Our country has been subjected to various levels of lockdown, we read about lives that have been lost and all of us are concerned about the economic wellbeing of our families, our businesses, our country and the world. Nobody knows where this is heading, or how long we will be facing these uncertain times.

In uncertain and challenging times such as these, it is always sensible to address the aspects of our lives that we still do have a certain amount of control over and to take the opportunity to get our affairs in order. The responsible thing to do in times like these is to ensure that our personal and business continuity planning is in place and that our families are protected against any serious financial risks.

This is where effective estate planning is of vital importance. While having a valid will in place is very important, this might not be sufficient. There are numerous other factors that you also have to consider to ensure that all aspects of proper estate planning have been addressed. This will not only ensure that all of your debts and obligations are covered, but also that your family is not faced with a lifestyle gap upon your demise. Aspects to address include estate duty planning, business succession planning, risk and insurance planning, trust planning and others. There are also unexpected expenses to plan for, such as executor’s fees, property transfer costs, taxes and other legal fees.

In order to make informed decisions and to put an effective plan in place, it is prudent to consult your financial advisor and other professionals who have insight into your affairs and have the knowledge to carefully assist and advise you on all these factors, which include the legal, financial and various tax aspects.

The team at Marathon Wealth is available during the lockdown period to assist you with this and can consult with you telephonically or via Google Meets, Zoom or other electronic portals of your choice.


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Posted in Wealth