Legal life hacks - part 2

22 November 2021 17

In the last blog we started a discussion on legal life hacks that I wish my clients knew.  Today, the following tips for our clients:

1. ALWAYS have a will! You are putting an immense strain on your family if you pass      away without  a will.  I know that it is an uncomfortable discussion to have, but talk to your family about your wishes, and where your will is.

2. If you are married, have a frank and open discussion about the life insurance policies, and funds  that will be available after you pass away.  It is simply cruel to have a widow sitting in our offices, thinking that she is financially sound, and letting attorneys break the news to her that she is in deep financial trouble.

3.     Do financial planning with a certified financial planner. Never invest with persons / institutions that is not certified with the board and check on references before engaging in a investment relationship with anyone.  And no - facebook is not a reference!

4. Keep records of financial transactions for 5 years.

5.     Passwords is a wonderful thing, and in this day and age something we can’t do without.  However,  how will your family gain access to your records after your death?  Think about adding a document to your will with the necessary passwords for your family.

6. Keep your taxes up to date! If there is one institution that you do not want to have trouble with, it is SARS. Keep your taxes up to date, do your e-filling on time and keep records that SARS might require.

Next time we will focus on legal life hacks for persons starting up their own businesses.