Estate Planning: Why You Need a Will

Many people believe that nominating their spouse or children as nominees in their investments or assets is enough to ensure they receive those assets in the event of their passing. However, the truth is that a nominee is just a custodian of the assets, and a will can override any nomination.

The first step in estate planning is creating a will. Often, people think they aren't wealthy enough to need a will, but owning assets means you should have one. This makes it much easier for your future generations to inherit your wealth and assets as per your wishes.

If you do not have a will, then the Succession Act or community laws take over, which can delay the process of passing assets to the beneficiaries.

The takeaway: if you own any assets, make it a priority to write your will today.

Remember, estate planning is not just for the rich—it’s for anyone who owns assets and wants to make sure their family members receive them smoothly after their passing.