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Thread: Personal financial advice

  1. #1
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    Personal financial advice

    I need some guidance to make the right decisions regarding the following matters:

    If I have an existing bond(without credit life cover), a few thousand Rand of debt and a car all paid off, and I was to pass away intestate without a spouse or any children, what will happen to my estate? Will there be any liability placed on my parents or siblings to repay the debt?

    What would happen if this same scenario if I were to marry in community of property, out of community, and with the accrual? And what would happen in these scenarios if I had a will drafted where I bequeth my estate to my loved ones?

    Also, how will I make provision for my family to continue paying for all the debit orders that would be supposed to go off my account?

    Trying to get my affairs in order.

  2. #2
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    @Ruanjvr1 in my experience it is always advisable to have credit life cover as it is cheap and provides cover for your loved ones. You can also cede an existing policy for this purpose and do not have to take out new life cover. I will not try to go into the different scenarios regarding intestate estates as there are a myriad of tax and legal permutations. Why would you want to complicate matters by not drawing a last testament and will? It will also take much longer with potentially more legal costs to wind up the estate (even if there are no claims).
    By having a will, you can at least decide who gets what and make it less complicated for the executor. Do not appoint a family member, friend or other unqualified person as executor as they will have to appoint a professional any way.
    For comprehensive estate planning I would suggest to see a qualified person who is experienced in such matters. Remember that not all financial advisers are qualified in estate planning. Bank staff usually paint by numbers. Sometimes a good chartered accountant with tax knowledge may be a better option.
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