As parents, we all worry about what would happen to our minor children if we were to pass away and making financial provision for them is naturally top of mind. That said, appointing a legal guardian for your minor children is equally important to ensure that someone you know and trust will care for your children if you are no longer around. In terms of our law, minor children do not have legal capacity and are therefore not able to manage their own affairs – making the role of guardian both a critical and an onerous one. Because of this, one of a guardian’s primary functions is to manage your ..read more

If you’re excited at the prospect of changing jobs or career paths, don’t lose sight of the fact that there are several key financial decisions to be made, as well as some potential adjustments to your financial portfolio that should be considered. In this article, we take a closer look at the financial implications of changing jobs and the steps you can take to make the process more streamlined. Healthcare cover If you’re a member of your current employer’s medical aid scheme, be sure to take timeous steps to ensure ongoing medical aid cover when you change jobs. If you’re currently a member ..read more

If you find yourself lagging in retirement savings, the prospect of bridging the gap—especially as retirement draws near —can seem daunting, even insurmountable. Conventional wisdom dictates starting savings early and maintaining a steady course until retirement. However, life rarely adheres to such a linear trajectory. Setbacks such as job loss, divorce, entrepreneurial ventures, medical crises, and unforeseen global events often disrupt financial plans. If you’ve fallen behind, be assured that there are concrete steps you can take to regain ground and bolster your savings. Delaying retiremen ..read more

Anyone who’s ever wound up a deceased estate is likely to attest to the cumbersome, lengthy, and bureaucratic nature of the process. In the emotional aftermath of a loved one’s death, families very often find themselves having to navigate the practical realities of winding up the deceased’s estate. This article is designed therefore to unpack and simplify the estate administration process. Reporting the death to the Department of Home Affairs The Births and Registration Act requires that a person’s death be reported to the Department of Home Affairs, following which a death certificate will be ..read more

Those who are invested for the long-term can expect to enjoy a smoother, less emotional ride provided they can keep their emotions in check – largely because knowing that you’re invested for the long-term helps one to ride out market fluctuations that are endemic to the environment. In this article, we explore the role of time, patience, consistency and investment composure in achieving one’s wealth creation goals. Firstly, successful long-term investors appreciate that market volatility is perfectly normal and that short-term fluctuations only serve as distractions. History has shown that ove ..read more

As individuals grow older, they often face mental or physical challenges that hinder their ability to handle finances. Elderly individuals, especially those with diminished mental capacity due to illnesses like dementia or Alzheimer’s, can become susceptible to financial exploitation and investment scams. Conditions such as stroke, certain cancers, or general aging can also lead to diminished capacity. This vulnerability underscores the importance of safeguarding the financial well-being of older adults, who are at a heightened risk of exploitation. Where an elderly person struggles with physi ..read more

Many people approach risk as something that will never happen to them and, as a result, underestimate their need for disability protection. If the process of generating an income is temporarily interrupted or permanently stalled, most economically active people would have insufficient assets to replace the lost income, making disability insurance an imperative for most. Generally speaking, disability cover can either take the form of lump sum disability cover (also known as capital disability) or income protection which is designed to replace lost income. In many instances, it makes sense to h ..read more

In today’s increasingly complex financial landscape, instilling a sense of confidence in our children’s relationship with money is critical. As parents, we hold the key to equipping them with the skills and mindset needed to navigate the financial challenges they’ll inevitably face. From early piggy bank lessons to more sophisticated discussions about budgeting and investing, nurturing financially confident children requires intentionality, patience, and a commitment to imparting lifelong financial wisdom. Speak openly about finances: It is important to talk openly, albeit age-appropriate, wit ..read more

A good retirement plan should take years rather than months to design. In the five years leading up to formal retirement, key decisions regarding living arrangements, healthcare and expenditure need to be made to ensure that the final plan is workable. To ensure that your retirement plan is sustainable, consider the following questions in the years building up to retirement: Where will I live? Where you intend living in your retirement years will significantly impact the rest of your retirement plan, so it is important to give careful consideration to this. Waiting lists for retirement homes a ..read more

Effective estate planning involves making full use of the mechanisms available to you when structuring your affairs and planning the transference of wealth to your loved ones. Like a cog, an estate plan has many moving parts that must work together to achieve a pre-determined set of succession goals. In this article, we explore several useful estate planning mechanisms to assist in the smooth transfer of wealth. Living annuities: Where beneficiaries have been nominated on the investment, funds housed in a living annuity do not form part of your deceased estate and can be efficiently transferre ..read more