The value of estate planning expertise

Are you one of the 30% of working South Africans who have an up-to-date and valid will in place, or one of the 70% who don’t? If you do, you already know all about the complexities of asset distribution and the value of having an estate planning team to ensure it all goes according to your wishes when you’re no longer around.

Ensuring that your last wishes are followed through as you had planned isn’t just about trusting loved ones to do so in good faith. It’s also dependent on numerous legal aspects which could become challenging to execute if not structured well enough to flow through the processes set up to protect your estate. 

“Wrapping up a person’s life” is as much a legal process as it is a sensitive and emotional experience. An estate planning team has the ability and expertise to navigate the law and avoid possible challenging implications. In their hands, your affairs can be properly executed, while remaining valid and binding. 

Safeguarding your legacy starts with a valid last will and testament

Drafting a will that outlines what you bequeath to beneficiaries, and to whom, may seem simple. A valid document, however, needs to consider more than pure intentions. It needs to be legally binding too. 

The benefits of having a legally binding last will and testament

• Decision-making power: It gives you the right to decide on how to distribute your assets and who will receive them.
• The ability to provide for loved ones once you’re no longer around: Your last wishes can ensure that your family is provided for financially.
• Choice: You can stipulate who your chosen beneficiaries should be and avoid the law of intestate succession (such as beneficiaries you may not have wished to inherit, do so and others that you did intend to inherit may be refused legal entitlement). You can also choose who your appointed executor/s should be, which can include someone you know and trust alongside an estate professional.
• Avoid unnecessary costs: A legally drafted and binding will can avoid the accumulation of any additional cost implications to execute.
• Avoid conflict within the family: Clear instructions laid out in a will makes it easier for all involved to understand how you wished for your assets to be distributed. 

There are also benefits to having a legal professional draft your will because qualified professionals:

• are registered with a Law Society and have the necessary skills, knowledge, experience and expertise to ensure a will complies with all legal requirements to be deemed valid;
• are well versed in the necessary steps to administer an estate in the most efficient ways;
• can use their experience, knowledge and expertise to avoid potential problems or administrative pitfalls; and
• can provide the correct assistance and support for an appointed executor.

Making the most of a protective team effort

“Getting the drafting of the will done correctly at the outset is essential,” says Discovery head of legal services Harry Joffe. “Once an executor is appointed to a deceased estate by the Master of the High Court, little can be changed to an existing will or estate plan. So, this directly affects liquidation of the estate, bringing about difficulties in ensuring a smooth transfer of assets to heirs. Once in motion, the Administration of Estates Act kicks in and essentially governs how a deceased estate is wound up. 

“This is where having an expert team can make all the difference. It's incredibly valuable to have financial advisers working alongside fiduciary specialists to ensure things are correctly structured, thoroughly considered and set out in a legally binding and holistic manner. As a team, all role players can conduct a proper analysis of assets and liabilities and make sure everything is administered as smoothly as possible.”

Two benefits of having a financial adviser as part of your estate planning team include:

• Advisers often have important insights into a client’s family dynamics, and this can be useful for setting up testamentary trusts more effectively.
• Advisers also have a good understanding of a client’s household liquidity needs, which is helpful during the estate planning process.

The Discovery Estate Preserver benefit and the referral team 

“Discovery Life offers holistic estate planning services so clients can put together a comprehensive and protective plan for heirs and beneficiaries,” says Joffe. “The Discovery Estate Preserver benefit protects your family against legal costs and administration challenges during the winding up process of a deceased estate.” 

“The Discovery Estate Preserver comes with a Fee Indemnity benefit, Liquidity benefit, Contribution Protector and Estate Planning benefit, to name a few essential features,” says Joffe. “It’s a neat way to handle your estate affairs and not leave any tricky loose ends. And an expert team can make sure everything goes according to the wishes of the client in a seamless and professional way.

“The Discovery testamentary specialist team helps clients expertly draft their wills, establish testamentary trusts and form an overall comprehensive estate plan.” With expert training, knowledge and skills, this team can assist clients in navigating all necessary legalities required for the process in a seamless and thorough manner. 

“The team is also focused on building a mutually beneficial relationship with any financial advisers who refer clients to this team while providing their own respective exceptional services. This referral team is beneficial for financial advisers and clients. Clients receive expert services and financial advisers can be better incentivised for their role in managing this comprehensive and holistic process.” 

Learn more about how to become a referring financial adviser for the Discovery Estate Preserver benefit here >>>

Discovery Wills and Trust Services, a division of Discovery Central Services, a company registered in SA with registration number 2016/054628/07 and part of the Discovery group of companies. Discovery Life Ltd registration number 1966/003901/06, is a licensed insurer, and an authorised financial services and registered credit provider, NCR registration number NCRCP3555.

This article was paid for by Discovery Life.