ATTORNEYS WEST & ROSSOUW

Attorneys, Notaries & Conveyancers

Don’t Just Leave Your Loved Ones Assets – Leave Them a Legacy!

August 12, 2022

“A Legacy Letter is a way for you to share your values, life lessons, cherished memories, hopes for your family’s future, and anything else that is really important to you.”

Estate planning is key to ensuring that your loved ones are properly catered for after you are gone. Ideally go beyond the practical and financial issues and also leave something personal, something of yourself.

Follow these three simple steps to ensure that you don’t just leave behind assets, but also a lasting and valuable legacy –

Firstly, leave a valid and updated will (“Last Will and Testament”). It’s the core and the foundation of your plan to protect the people you care for.
Next, address the financial and practical aspects. Will each of your loved ones have enough to support them? Will there be enough cash in your estate to ride out the inevitable delays in winding it up? Are children and any other vulnerable family members protected? Have you taken advice on setting up trusts? Do you have enough life insurance in place? Have you left a full “Important Information File” to help your executor and your family take control of and finalise your estate?
Now go one step further – don’t just leave an estate, leave a legacy. Read “How to Preserve Your Life’s Lessons for Future Generations” on Mission Wealth for ideas on how to share a meaningful “Legacy Letter” with your family. Follow the links in that article to “Leaving a Legacy” and “The New Way to Leave a Lasting Legacy”.

Let’s close with these words of wisdom from that article: “The golden rule of all estate planning is: Don’t wait.”

Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

© LawDotNews

Share the Post:

Related Posts

Buying a House: What Costs Will You Pay, and When?

It’s a really exciting time, buying a house, particularly if it’s your first! Don’t forget, however, that you will have to pay a variety of costs over and above the purchase price. What are those costs and when must you pay them? Do they impact your ability to afford the house you have your eye on?
We’ll address those questions with a checklist of costs you should budget for. It’s a good idea to work these into a cash flow forecast so you aren’t ambushed by any unpleasant financial surprises during the transfer process.

Buying a House: What Costs Will You Pay, and When?

It’s a really exciting time, buying a house, particularly if it’s your first! Don’t forget, however, that you will have to pay a variety of costs over and above the purchase price. What are those costs and when must you pay them? Do they impact your ability to afford the house you have your eye on?
We’ll address those questions with a checklist of costs you should budget for. It’s a good idea to work these into a cash flow forecast so you aren’t ambushed by any unpleasant financial surprises during the transfer process.

Director Delinquency Declarations: Managing Your Risk

The rewards of company directorship come with a caution: the duties and responsibilities imposed on you by the Companies Act need constant management. Drop the ball on that and you could face some seriously negative consequences. We’ll discuss one of those risks – the career-threatening risk of being declared a “delinquent” director – in the context of two recent court judgments which involved large amounts of money, seriously disaffected stakeholders, and 7-year bans from holding any position at director or senior management level. We’ll end by sharing some thoughts on how you can manage those risks.