Whether wealthy or not, everyone should regularly evaluate the structure of their personal estates and the provision contained in their Last Will and Testament, says Standard Bank Namibia (SBN)’s estate planning expert, Letitia du Plessis.
“Planning for the day you are no longer with your loved ones is not a positive experience but it is absolutely necessary. During the time of grief, rather spare your family the trouble of handling an estate with no provisions made. It can become an administrational nightmare for the ones left behind,” says du Plessis, adding, estate planning is an essential part of financial planning, which requires inputs and reviews during the lifetime of the estate owner.
Estate planning will address things like sufficient liquidity to meet the financial obligations of the estate; protection of inheritances for heirs; continuity of trading businesses and/or farming operations; as well as minimising estate duties (estate duty is not currently charged in Namibia).
A review of an estate may help one identify needs for the redrafting of the Will, additional life assurance cover, the establishment of a trust, or the wisdom of making donations to family members.
“Standard Executors and Trustees offer professional services related to will drafting, will safe custody, trust establishment and administration of trusts,” says du Plessis.
In addition, Private Banking has a dedicated financial planner who is always available to discuss estate planning and investment requirements.