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Don't yet have a will? Get one, especially if you've got kids...here's how

18 June 2020 4:15 PM
Tags:
Living Wills
wills

Certified financial planner Paul Roelofse explains why it's so important to have an up to date will when you have children.

For most people, having a will is a good idea, but according to the experts, for those with children, it's essential.

Certified financial planner Paul Roelofse walks CapeTalk's Kieno Kammies through some of the most important things to consider for parents when drawing up a will.

Roelofse says to start with it's important to remember that children under 18 are minors in the eyes of the law, and therefore are not able to enter into contracts.

I must share with you how many policies and beneficiaries I've seen nominated that are children and how ineffective that is if they are under 18.

Paul Roelofse, Certified Financial Planner

If you give them a whole bunch of money in the event of your death, they can't do anything with it and it has severe consequences.

Paul Roelofse, Certified Financial Planner

He says that if you die without a will (intestate) or with an incorrect will, your children become very vulnerable with your assets.

Your assets may very well end up having to be sold off and then all the cash goes off to a place called the Guardian Fund...

Paul Roelofse, Certified Financial Planner

RELATED:Where there's a will, there's a way

Click below to find out how to draw up a will:




18 June 2020 4:15 PM
Tags:
Living Wills
wills

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