In today's episode, Warren Ingram and Pieter de Villiers discuss the critical importance of estate planning, focusing on Wills. Regardless of age or wealth, everyone needs a Will to ensure their wishes are honored after death. The conversation covers the consequences of not having a Will, the process of setting one up, appointing executors and guardians, and the necessity of reviewing and updating Wills regularly. They also touch on the complexities of foreign Wills for assets held outside of South Africa, highlighting the need for proper planning to avoid complications for loved ones left behind.
Takeaways
- Everyone needs a will, regardless of age or wealth.
- Planning for death is a responsibility to your family.
- Without a will, your estate gets frozen.
- A well-structured will can prevent family disputes.
- Parents must have a will to protect their children.
- You can appoint an executor to manage your estate.
- Wills should be reviewed every few years.
- Pets should be included in your will.
- Foreign assets may require a separate will.
- It's essential to communicate your wishes clearly.
Learn more about Prescient Investment Management here.
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