Things to consider when planning your estate


Estate planning can be uncomfortable, since it forces you to think about death. However, an estate is like a living thing in the way it changes and develops over time. Estate planning is not just about planning what happens to your estate after your death, but also about organising your estate optimally during your lifetime.

At Nedbank Private Wealth and Nedbank Financial Planning, we have wealth managers and financial planners who are supported by fiduciary specialists and a team of estate-planning experts. They focus on understanding your personal situation to help you plan your estate according to your personal needs and aspirations, and to make the necessary adjustments whenever a life-changing event such as marriage, death, divorce, emigration or the birth of a child may occur.


Don’t just bequeath assets: Bequeath a full plan


Our estate-planning process aims to inform you about everything you need to know to ensure that your estate is structured optimally for your loved ones, and that your beneficiaries are taken care of in the way that you wish. We explain the implications while you are alive and after you or any of your beneficiaries pass away. It is important to plan your estate and use all the available estate-planning tools. The most important step is making sure you have a valid executable will that was drawn up with professional advice.

Your standard of living will affect your estate


Our estate-planning process also gives a breakdown of how you can plan for your South African and international estate, depending on the specific assets you have. These may include assets held by you, such as life insurance policies and retirement savings among others, or assets held by trusts.

We also consider your liabilities. When guiding you through the estate-planning process, we help you make decisions about both your assets and liabilities after you pass away. You get to decide who benefits from your assets and how to settle your liabilities. It is important to revisit your estate plan with your adviser to keep your estate plan up to date if you get married or divorced, emigrate, have a child or if any of your beneficiaries pass away.

Know the different costs of dying to optimise your wealth distribution among your loved ones

There are different costs of dying that affect your estate – these include estate duty, capital gains tax, executor fees and funeral expenses. Estate planning also aims to ensure that your estate has sufficient cash available to cover these costs and to avoid the forced sale of assets like immovable property, thereby minimising the potential negative financial impact on your family. The more informed you are while alive, and the better you plan for the unforeseen events, the more convenient and hassle-free it will be for your loved ones.  


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