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October 10, 2017

Life always seem to get into the way of us doing what we should be doing – like proper planning for the day when we may no longer be here anymore.

We can’t emphasise enough how important it is to have your personal affairs, and especially your financial affairs, up to date and in order. While this may sound a little daunting, it is as simple as keeping all the relevant information in a file big enough to hold all of it.

Include the following in your personal planning file:

  1. The original of your Last Will and Testament or a copy of it and details of where the original is filed in safekeeping.
  2. Contact details of your financial advisor.
  3. A statement of Assets and Liabilities that is as up to date as possible.
  4. A Fixed Property subsection that has the details of all your properties, title deeds if you have them, details of municipal accounts etc. If there is a mortgage bond over the property, have the details of this handy.
  5. All your financial assets should be detailed. Include information such as all insurance policies and a list and descriptions of all shares owned.
  6. Treat your bank account information separately. List all bank accounts with account numbers as well as credit cards.
  7. Naturally, all of this applies to any offshore assets you may have as well.
  8. A comprehensive list of any creditors that you may have with account numbers and amounts outstanding and the date the schedule was prepared.
  9. Any other personal details that may help your family collate the necessary information to be able to file an Inventory at the office of the Master of the High Court.

Remember that your executor is under an obligation to collect all assets and record all liabilities to report to the Master. It helps if he or she has all these details to work with as easily and conveniently as possible. Proper and comprehensive planning will definitely make a very difficult time for your loved ones easier to handle!

If you need any assistance in getting this planning in order, please call one of our financial advisors.

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)

Wayne Visser
Managing Director
FPM Risk and Wealth Management
wayne@fpm.co.za
011 778 9300

SRA
SRA