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Leaving a healthy legacy
You owe it to yourself and your loved ones to ensure that the wealth you have accumulated is protected.
Your financial plan should include a death plan in which you consider the financial wellbeing of your spouse and children if you were to die. This plan should be based on your financial situation as it is today and not what it may look like in future, taking into consideration the current tax laws and economic environment.
Work out how much money your estate will need to settle your outstanding debts and to provide for liabilities that arise from your death. These should include funeral costs, estate duty, executor's fees and your family's immediate living expenses.
Identify your objectives
As you plan how your financial legacy will be distributed, think about the needs of those you leave behind.
- Will your surviving spouse be able to manage financial matters or require assistance?
- If you have a special-needs child, ailing spouse or elderly parent, how will they be cared for?
- How will you address your children's education funding needs?
- If you own a business, have you created a strategy for its transition?
Asset inventory
It’s easy to underestimate the value of your assets, so as you calculate the worth of your estate, in addition to high-value items like your home, business, vehicles, etc., be sure to include:
- Retirement accounts
- Life insurance and annuity policies
- College funds
- Stocks and bonds
- Personal property like wedding china, antiques, jewellery and other collectibles.
Identify liabilities
Make a list of your bond, car payments, personal debts and business loans. Also, communicate the location of important documents including titles and deeds. It is also helpful to list your possessions.
Work with a professional
To ensure proper distribution of your estate and avoid paying unnecessary estate taxes and settlement costs, it’s important to consult with professionals like your accountant, insurance agent, financial advisor, estate-planning attorney and banker.
Use an attorney to draft documents such as wills, trusts, durable power of attorney and advance medical directive.
A Financial Services Provider (FSP) can advise you on your investments and tax savings so it’s well worth talking to them. They can also help you decide on your objectives and give you a clear working plan.
Keep your legacy up-to-date
Review your financial legacy strategy often to make sure it is on track with your wishes. Life changes such as; marriage, divorce, birth, death, acquisition of property, change in financial status or a move to a new country can be reasons to examine the arrangement.
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