The New Year offers you the time to set your Estate matters in order

FNB Trust Services this week said that the advent of the New Year is a perfect time to ponder upon one’s Estate.

For parents and guardians who have never sat down to plan their Estate, Matlhodi Leteane, Legal Advisor at FNB Trust Services says the New Year is the best time to reflect on this serious matter.

For those who have an existing Estate Plan, Leteane says the first call should be to update the Will.

“Updating your Will is very critical as your circumstances might have changed somewhat from the last time you had your Will drawn up. You might have gotten divorced, had a new baby, accumulated more wealth and all of these circumstances will need to be reflected in your Will,” says Leteane.

She says to nominate a legal guardian for a minor child is a veryimportant part of a Will. And since families and friends will at certain intervals mingle over braais and dinners, this presents them with an opportunity to interact with their friends, family and relatives to see who they can appoint as a legal guardian.

“In these times of economic hardships it is very important that households have a proper estate plan that will focus on ensuring that their estate has enough liquidity,” she says.

The last tool of estate planning she recommends is a Trust.

She says it is important that parents have a plan in place regarding the inheritance of their children in the event of untimely death. A Trust is the best mechanism to safeguard children’s inheritance.

A trust will ensure that your children’s inheritance will be used for the purpose that you intended, such as maintenance and education.

“A Trust protects what rightfully belongs to your children and ensures that your children’s inheritance is protected.” she concludes.