Don't leave an estate in chaos

WILL: ENSURE YOUR WISHES ARE HONOURED AND THERE ARE NO LEGAL COMPLICATIONS

- 

Most consumers know by now the importance of having a will even if you have little money.

However, there is one important thing consumers still forget: their retirement products, which is why it is important to make retirement planning and estate planning a part of you holistic financial plan.

However, estate planning and retirement planning are rarely discussed in the same breath, Mariska Redelinghuys, legal specialist for advice at PSG Wealth, says. “This happens because they focus on different life stages and are therefore thought of as separate aspects of financial planning.

“However, it is important to consider your retirement funds when constructing your estate plan. Estate planning is your will that focuses on how your assets will be managed and distributed after your death.

“It ensures your wishes are honoured and helps minimise taxes and legal complications for your heirs.

“Retirement planning, on the other hand, focuses on accumulating and managing resources to support your lifestyle after you stop working. It helps to provide you with financial security during your retirement years.”

Financial advisers use various strategies and products to assist their clients in realising these goals. She says your will, for example, is the primary document used to implement your estate plan.