What is a Will?
A Will is a Legal Documentation that states a Persons desires/ wishes as to how their funds will be allocated After they Passed on and to which Person will manage the Funds until the final allocation
What happens if someone passes on without a Written Valid Will?
there’s a Flowchart that determines who gets all your Stuff( Pension fund, Provident Funds, and other assets) it doesn’t all just go to the Government unless you didn’t have any living relatives, its normally your Spouse, Children, or parents depending on which combination of those things you have or siblings and extended family if you don’t,
If you are happy with the defaults on this and you don’t have a vert complicated Financial Life and you don’t have kids, it is not terrible to postpone writing your FREE VALID Will
But if you do have people who rely on YOU financially, or you have got Big Debts, You will need a Will, Fortunately writing a Will is Free
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What are the Executor’s Fees?
One of the things you put in a Will is who is the executor of your estate, the person who gets the Hard Job of tying up all your administration once you passes on, Most People often choose a responsible Natural Person, Like Accountant Buddy or a Personal Financial Advisor,
What happens if someone passes on without a Will?
If you pass on without a Will the State will appoint this administrator and they might not necessarily make the choices you would want them to make, so its best to get a Personal Financial Advisor to do this for you or even ask the Bank, but know that there are executors fee
What are Beneficiary Clauses?
The Benefits under a contract between the Insured and the insurer can be made payable to a third-party who is not part of the Contract( The policy),
This can be done through beneficiary nominations, the beneficiary will only be entitled to the benefits when those benefits are due under the Policy, this might happen when the Policyholder passes on or when the Contract Mature if its an Investment , Retirement Annuity,
So during the Beneficiary Nomination stage, it is very crucial to name your beneficiaries by name or by description, and as the policy will be paid out to the person named as the beneficiary,
What is the difference between Description and name Beneficiaries?
Description nomination could be described to the beneficiaries according to the relationship, between the insured person( Policyholder) for example My wife, my Husband, My Children, and caution needs to be exercised since some of the relationships may come to an end and the Policy funds may be paid out to the unintended person,
How does Pension Fund Beneficiary nomination work?
I will summarize this one Quick, for more please go check the Pension Fund Act, but these are the following that is considered
- A Spouse
- Children including legally adopted children and the children out of wedlock
- Dependants but must be proven
- A Nominee but only 12 months of not being able to identify a spouse, children, or dependents
so if there’s no person identified ti receive these Proceeds of the Pension fund, the benefits will be payable to the Estate of the Deceased
so this clearly indicates that the Pension fund act gives any Beneficiary nominations that a member may make, the Beneficiary nominations will assist the trustees in identifying beneficiaries but it will not dictate, the trustees will allocate the funds as per section, use this link https://amzn.to/3pX7llh
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