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16 questions to review your financial matters

Feb 18 2019 11:21

This time of the year is a good time to "declutter" your financial affairs by doing a review of your wealth structures and updating important documents, according to Marteen Michau, head of fiduciary and tax at Sanlam Private Wealth.

She says now is an excellent time to simplify your financial matters and wealth structures as far as possible and ensure you keep your most important documents updated, such as wills and trust deeds.

Michau provides a list of handy questions that will assist in deciding what action to take:

  • Have you reviewed your will over the past 24 months?
  • Do you have a separate will that deals with your assets outside South Africa?
  • Have you reviewed your trust deed over the past 24 months?
  • Is there an independent trustee in office on the trusts in your financial structure?
  • Do you own immovable property outside South Africa?
  • Are there too many trusts in your financial structure?
  • Have you negotiated a discounted fee with your nominated executor?
  • Do you have a living will?
  • Have you nominated a guardian of your choice for your minor children?
  • Have your children received investment training from your investment advisers?
  • Have your adult children received trustee training in anticipation of becoming trustees of the family trust?
  • Have you registered the trust for tax purposes?
  • Does the trust have a bank account?
  • Are the trustees signing resolutions for trust transactions?
  • Are your children considering studying, working or living outside South Africa?
  • Do you clearly understand the purpose of each entity in your overall structure?

sanlam  |  wills  |  money  |  trusts  |  wealth
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