Protect through preparation and planning

//Protect through preparation and planning

Protect through preparation and planning

Dying without an up-to-date will can place an enormous burden on your loved ones.

Abraham Lincoln, sixteenth US President and lawyer, died without a will, when he was assassinated in 1865, delaying and complicating the resolution of his estate.

When Stieg Larson, Swedish author of the best-selling Millennium Trilogy died intestate at age 50, his by then substantial estate went to his father and brother, leaving his partner of 32 years with nothing.  The distribution of the estates of Michael Jackson, Bob Marley, Jimi Hendrix and Sonny Bono were delayed at some cost owing to the absence of a will in each case. (To complicate matters, the estates of musicians and other artists often continue to generate money long after their deaths.)

Updating a will as your circumstances change is equally important. When Bobby Kennedy was
assassinated, it was found that his Executor was his brother, JFK, who had predeceased him by five years.

Of course, we understand that for some, a will is a reminder of the frightening reality of their mortality … but surely leaving a loved one with the problem of resolving an estate post your death is an even more daunting thought.

We know most of our clients have a will in place, but it would be remiss of us not to mention
that Chartered Wealth Solutions offers a will service, with wills drafted by Chartered Legacy and Trust. If you need assistance in creating or updating your will, contact your planner.

We also remind our clients that Chartered Financial Planning exists to meet just such financial planning needs for their children.  You are welcome to contact Craig Turton at Chartered Financial Planning to discuss their needs.

Intergenerational wealth and Life Planning

So often those who have built successful businesses have the expectation that their children
are part of their succession plans. Research shows that in only 3% of such cases do the businesses succeed.  The reason? We simply cannot expect our children to love what we do. Those offspring may have their own ambitions for their careers, or may be lazy and entitled, and have little interest in joining their parent’s business.  In this case, it might be advisable to sell
the business, possibly to employees who are more invested in the business, thereby maximising the chance of the business surviving.

Life Planning explores Work as one of the aspects of the Wheel of Balance, so it might be
useful to book a session with Kim Potgieter to explore options regarding your business. An objective perspective and an exploration of the emotional and psychological implications of your succession plan will prove most valuable.

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By |2017-07-11T12:21:23+00:00May 30, 2014|News|0 Comments

About the Author:

Chartered Wealth Solutions is the only financial planning business in South Africa specialising in helping people retire successfully. Our passion is to inspire clients to live a well-balanced and fulfilled life by promoting personal and financial longevity through dynamic retirement planning.

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