You don't have to be Bill Gates to make sure that future generations in your family don't start life off on the back foot, writes EMukumbo.
You don’t have to be Bill Gates to make sure that future generations in your family don’t start life off on the back footWe have just come out of September, and two things stood out for me during the month that are closely linked: Heritage Day and National Wills Week.
On one level, when people think of legacies, they think of Bill Gates and Warren Buffett. Bringing it down to the nonbillionaires among us, what does leaving a legacy mean? For many, it’s securing their children’s tertiary education debt free, having a deposit for their first home or buying their first car. This essentially sets up the next generation so that they don’t start off on the back foot.Set up a financial plan, one that guides your hopes and dreams, and implement it.
Plan your estate. Do you have a valid will in place to ensure that your wishes are carried out in the event of your death? There is nothing worse than leaving loved ones who are financially dependent on you with no guidance of how you want your finances to be dealt with. Nominate the beneficiaries on your pension or provident fund and retirement annuities. These products are governed by the Pension Funds Act, and fall outside the ambit of an estate . This requires that you name the beneficiaries so that they are paid out upon your death.
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