With September almost a memory, many people need to get stuck into their personal estate document files and make sure that the administrative side of lives are spring cleaned, according to PJ Veldhuizen, attorney at Gillan and Veldhuizen Inc.
Veldhuizen said: “Our circumstances, assets and status can change significantly from one year to the next. It is extremely beneficial to have an annual meeting with yourself and review and rework the administration on your personal estate and adjust the supporting documentation where needed.”
You need to revisit and review the following documents, policies and contracts in your personal estate file:
Your Will
A will is a living document that ensures that your wishes are followed after your death.
Make sure that:
– the executor of your will is still the correct person that you appointed
– your wishes are properly reflected in your will
– your assets are accounted for
– your will is up to date
“In fact don’t mess around and attempt a do-it-yourself version. Consult an attorney or a professional succession planner and make sure you have a binding legal document setting out your wishes upon death,” Veldhuizen said.
Your Trust
If you have a trust set up, it is vital that you:
– assess your appointed trustees
– make sure that your assets are being managed properly
– ensure that your trust is compliant
– make sure that the beneficiaries of the trust are correct
Insurance
Life insurance: A life insurance policy is often taken out when you have a child or enter the world of being an adult.
Veldhuizen said: “Perhaps your children are grown up, out of the house and self-sufficient and a life policy is no longer the best option. It’s possible that better use can be made of the monthly premium in an investment of some sort. Consult your financial planner and discuss your options.”
Short-term insurance: The insurance industry is competitive by nature so an annual review and shop around may save you money on your monthly premium.
Your Medical Aid
Ask yourself the following questions: Am I getting the most benefit out of your medical aid? Should I upgrade or downgrade my policy?
Speak to your medical aid about a policy review and take a look at the dependants on your medical aid.
When you ask your medical aid for for a policy review, your provider may offer you better premiums or inform you of new products that might better suit your needs.
Your Bank Account
Review your bank statement and have a careful look at your debit orders and subscriptions. You might be surprised at the amount of unnoticed payments are going off your bank account.
It’s important that you scrutinise your bank fees and bank charges and look to see if there are any cost-effective alternatives.
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