FISA calls on women to address estate planning

The Fiduciary Institute of Southern Africa encourages all women to review their estate planning in August, Women’s Month.

Angelique Visser, Chairperson of FISA, believes that women should use their strong organisational capability to ensure that family affairs are up to date and not left to their partner or husband to arrange, as is often the case.

“Given that women have a longer life expectancy than men, women would in fact be advised to draw up a retirement strategy for themselves which includes tax-efficient estate planning.

“Women face a number of unique circumstances, which include time out of the workforce to be a parent or caregiver and typically lower wages than men. These present challenges for saving. As a society, we should do more to empower and equip women with theknow-how to plan, save and ultimately achieve a secure retirement,” Ms Visser said.

As a minimum, she said that women should review their Will annually and also make sure that provision is made for minor children, whether this be through a testamentary or inter vivos trust. Expert fiduciary advice should be sought, ideally from a FISA member as they are required to adhere to a code of ethics and a minimum high standard of service.

Estate planning forms part of wider financial planning. FISA signed a Memorandum of Understanding with the Financial Planning Institute this year, which means that members of both organisations now have access to training sessions at FISA and the FPI. This will help to ensure that members of the public receive the best possible advice when it comes to estate planning and fiduciary services.

A recent study on baby boomer women in the United States reveals some sobering statistics: nearly half of baby boomer women have no retirement strategy, while more than half either expect to work after 65 or simply do not plan to retire.

According to the findings released by the Transamerica Center for Retirement Studies, most older women are so focused on paying off consumerdebt and making ends meet that only 29 percent have made saving for retirement their top financial priority.

Ms Visser called on allSouth African women to use August every year to review their family affairs and take charge of their estate planning.

A list of FISA members can be found at www.fidsa.org.za