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Having a will is arguably one of the most important things you can do for your family and loved ones.

While many find the conversation uncomfortable or are even superstitious, planning your estate ensures that your affairs are in order and that your family is looked after when you are gone — essentially you are saving them from possible disputes and hardships.

Tracey Lange calls on Financial Planner and CEO of Momentum Trust, Jeffrey Wiseman about the importance of having a will.

If you have a will at least if you do pass away your family knows that you did contemplate the possibility of you no longer being around one day.

Jeffrey Wiseman, Financial Planner

You've got assets, you've got liabilities, and it's just important that you plan to make sure, and in your will... those are distributed firstly in accordance to your wishes and secondly in a way that is practical.

Jeffrey Wiseman, Financial Planner

What happens if your beneficiaries are too young to manage their inheritance?

If you don't have a will, and you have cash inheritance, that would normally go into the guardian's fund which is managed by the Master of the High Court and often quite difficult for people to gain, the practical side of gaining access to the money.

Jeffrey Wiseman, Financial Planner

If you do have a will, what we would normally advise is for clients to create a trust to receive minor inheritances and the guardians of those minor children can then speak to the trustee about making money available to cover monthly costs and expenses.

Jeffrey Wiseman, Financial Planner

Listen to the FULL conversation below with Jeffrey Wiseman in the audio clip below and scroll down for more on this series.

Spend your mid-mornings with Tracey Lange, Weekdays 9am-12pm.

Photo by Melinda Gimpel on Unsplash

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