Money Heroes
Money Heroes is an empowering series that gives you expert advice from our Momentum Dream Team to help you on your road to financial well-being. This season starts by discussing the importance of life insurance and its significance for you.
Wills and Estate planning
No one wants to think about passing away, but death is inevitable for all of us. That’s why this episode is dedicated to Wills and Estate planning.
Chris Weyer, Head of Marketing at Momentum Trust, says your Will is probably the most important love letter you will ever write.
Next, Theo Vorster, CEO of Galileo Capital, believes the key to creating a good Will is keeping it simple and accessible.
Finally, Jeffrey Wiseman, CEO of Momentum Trust, wraps up this episode explaining how estate planning and financial advice go hand in hand.
Watch Chris Weyer explain why your Will is the most important love letter to write in the video below:
A step-by-step guide to writing a Will
Talking about Wills and death can be quite a depressing topic. However, Chris Weyer, Head of Marketing at Momentum Trust, offers an alternative opinion:
“View your Will as an opportunity to provide joy to your loved ones when you’re no longer around.”
Your Will is in fact one of the most important expressions of love you can leave behind.
“It’s a love letter to your family,” he says.
Weyer suggests following these practical steps to take care of your family and loved ones in case of your death.
Step one
Make sure your Will is legally valid by following specific guidelines, which include having it in writing and signed in the presence of a witness. Remember, your original signed Will must be kept safe, as a copy is not deemed valid.
Step two
Nominate a qualified executor to carry out your last wishes. This needs to be someone you can trust to keep your estate and beneficiaries’ best interests in mind.
Step three
Combining your Will with a financial plan allows for financial provision so your wishes can be carried out. Weyer uses a metaphor to explain this: imagine a sports car without an engine – it’s a beautiful car but it’s going nowhere. That’s what a Will is without a financial plan. It might look good legally, but it means your wishes cannot be fulfilled.
Step four
Regularly review and update your Will, especially after major life events, such as:
- A change in marital status
- A change in your assets, like buying a property
- New family members, including the birth or adoption of a child
- The death of a family member or beneficiary
- Starting a business
Step five
Consider having a living Will that instructs doctors on end-of-life decisions. No family wants to face the decision of signing a do-not-resuscitate order for their loved ones.
Writing a Will is a personal journey.
“Consult an expert who can help you draft an executable will, which is the ultimate love letter for your family,” says Weyer.
Momentum Trust, in conjunction with your financial adviser, can help you with this. To find a financial adviser in your area, visit Momentum’s website.
Watch Theo Vorster share his belief that the key to creating a good Will is simplicity and accessibility in the video below:
Keep it simple and accessible
Your Will should be simple to understand and easily accessible. To make sure your last wishes are carried out as you would want, Theo Vorster, CEO of Galileo Capital, recommends three important considerations:
- Have a valid and updated Will.
- Make sure people know where your Will is kept so they can honour your last wishes.
- Keep your Will as simple as possible to avoid complications and disputes.
Vorster also says to share your Will with your beneficiaries so it’s not a surprise to them, discuss it openly, and update it regularly, especially as your asset base grows or as you get older.
“You are the best person to make sure everyone understands exactly what is going to happen and how it’s going to happen.”
Have a living file
Additionally, it’s advisable to create a “living file” that includes all your key details.
Think of all the additional information your family might not have access to or know about, such as who your insurance policies are with, what your banking logins are, how to manage your social media accounts, and what your cellphone’s PIN code is.
This document will help simplify the process for your loved ones during an emotional and difficult time.
Watch Jeffrey Wiseman wrap up this episode as he explains how estate planning and financial advice are interlinked in the video below:
Estate planning and financial advice
According to Jeffrey Wiseman, CEO of Momentum Trust, estate planning and financial advice are a powerful combination that will help you leave a lasting legacy.
“Estate planning is the golden thread that runs through every financial planning need,” he says.
To create an estate plan, first make a list of your assets and liabilities. Next, determine who your beneficiaries are – this is important so you can ensure that the people you intend to benefit from your estate actually do.
Finally, appoint an executor, who will be responsible for carrying out your final wishes.
“Our comprehensive solutions are there to take care of all the important aspects of your circumstances to leave a lasting legacy,” says Wiseman.
Ultimately, thoughtful estate planning is essential for everyone as it will help provide for your loved ones after you have passed away.
Financial success is as unique as a fingerprint. That’s the beauty of defining your own aspirations and ambitions. With two tough years of living through the pandemic and an increasing cost of living, it will take great introspection to be honest about where we find ourselves and seek help when we need it, especially from an expert.
The right advice can propel you forward.
Ready to begin your journey?
Financial success is as unique as a fingerprint. That’s the beauty of defining your own aspirations and ambitions. Getting to where you dream of takes grit, determination and most importantly, honesty.
With two tough years of living through the pandemic and an increasing cost of living, it will take great introspection to be honest about where we find ourselves and seek help when we need it, especially from an expert.
The right advice can propel you forward. Our financial advisers have a vested interest in you: what do you value? What are your goals? This deep discovery sets the foundation for a relationship that will bear fruits of success.
Ready to begin your journey?
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