A sound estate plan is a benefit in itself

The many components that make up an estate are by default, 'serious business'.

Opening banking or investment accounts, buying a car or a property, signing up for an insurance policy... all of these can make up an estate. All of these require paperwork - hence, 'serious business'.

Then there are assets of real personal value - perhaps you're an art or antique collector; or in possession of furniture, old family photographs or letters that have been passed down through generations.

Advantages of choice that you stand to benefit from

It starts with ensuring that you have an up to date and legally binding will. Even if you don't have a will, South African legislation sees to it that you have the opportunity to provide protection and welfare for loved ones or dependents.

Through the Intestate Succession Act, legal processes will see to it that assets, possessions and liabilities are taken care of in a just way for those who pass away without a will. As a result, assets and possessions are distributed amongst your surviving spouse, children, parents or siblings according to a set formula.

"We're all unique and have personal circumstances that differ from the next person," says Daniel Stoch, a Senior Risk Specialist at Discovery Life. "Not only an important aspect of estate planning, but also a valuable opportunity."

Some of the key advantages of being able to make the choice include:

• The ability to choose beneficiaries outside of your family bloodline. You can choose to acknowledge people not related to you or even specific causes, like NGOs or charities. You can also opt to exclude someone specific if you so choose.
• The ability to nominate alternative beneficiaries in the event that your first choice cannot inherit for some reason. Potentially for legal reasons or perhaps, they themselves have already passed away before you. Also note that the ability to set up a trust to receive any bequests due to minor's. A minor cannot receive cash or movables directly from an estate-these would need to go to the Guardian's Fund until they turn 18. A trust should therefore always be set up to receive any benefits due to minors to avoid this.
• Which assets and at what percentage of value you'd like to allocate to specific beneficiaries.
• The ability to place qualifying conditions on an inheritance, such as access to funds for educational purposes only, or for the purchase of a child's first home.
• The decision to nominate a guardian for dependents requiring care, such as minor children, elderly parents or a disabled relative.
• The opportunity to better secure the welfare of growing children or individuals with disabilities, with the implementation of a trust - ensuring that minor children and individuals requiring financial security are well protected.
• The ability to choose who will fulfil that all-important role of executor if you become incapacitated or pass away. You also have the choice as to what level of power they will have and can stipulate exactly how you'd like them to ensure your wishes are met.
• And finally, for the money conscious individual, a well drafted plan enables things to be managed in the most tax effective way, allowing rebates and deductions to be utilised efficiently. Without a will, this cannot not apply.

Introducing the Discovery Estate Preserver

"The newly launched Discovery Estate Preserver from Discovery Life can see to it that a solid estate plan can be put together, and a person's specific wishes sufficiently met," says Stoch. This policy offers the opportunity to best plan for financial needs following incapacitation and includes family protection and wealth preservation. Through the comprehensive offering, clients can be sufficiently protected against administrative and legal costs associated with death.

"This will help cover the costs of executor, testamentary trust and conveyancing attorney fees, as well as providing liquidity whilst the estate is wound up. Beneficiaries are therefore assured peace of mind that these costs will be taken care of at a time that is likely to be difficult for them following the loss of a loved one. In addition, the services covered by the Discovery Estate Preserver are now offered by the new dedicated business, Discovery Wills and Trust Services," adds Stoch.

Discovery Wills and Trust Services set up to address estate planning needs

"Discovery Wills and Trust Services is a business created to provide our clients with holistic estate planning through professional services that are crafted by industry experts, to ensure that their legacies are fulfilled," says Stoch. "A broad range of high-quality fiduciary services are provided to ensure that our clients and their families plan appropriately for when a loved one passes away, so that when the time comes the estate is wound up efficiently, providing real peace of mind during difficult times."

These services include:

• The drawing up of a legal last will and testament
• Assistance with the appointment of executors and/or trustees
• The administration process of a deceased estate
• The administrative handling of testamentary trusts
• The handling of estate property transfers

"Together, Discovery Wills and Trust Services and the Discovery Estate Preserver provide a holistic and comprehensive solution to estate planning to ensure that all of our clients' needs are catered for," he concludes.

Speak to your clients about holistic estate planning from Discovery Life today.