AVBOB | File Of Life

To lighten the burden of those you leave behind after your death, you have to ensure that the following documents are in order – with proof, where applicable: 1. Personal details It is important to keep your own as well as your spouse’s information on file. File it according to the different categories:  Copy of your ID document  Copy of your spouse’s ID document  Surname and full names  Street address  Postal address  Telephone and/or cellphone number  Medical information - Remember to complete the continued-membership form of your medical scheme  Next-of-kin: contact details ANNEXURE 1 2. Will 2.1 Will A will or testament is a legal declaration by which a person reveals his/her wishes as to whom should benefit from his/her estate. This document prevents unnecessary legal costs and uncertainties for your dependents and family members. It contains, among others, your wishes concerning your assets (property, jewellery, art and other items), cash and insurance policies. If you were to die without a will (in other words intestate), it would delay the finalisation of your financial affairs, which could place your loved ones in a financial crisis. You should consult a suitable, professional person who can assist you with the compilation of your will. You can also involve your loved ones with the compilation of your will. Your will can be adapted, depending on changing circumstances. It must be possible to execute your will.  Signed will Ensure that each page is signed. Two witnesses must be present: they must be older than 16 years, and they may neither be beneficiaries nor executors. They must sign your will in your presence.  Place (where it is kept) All documents, including your will, should be stored in a safe and easily accessible place, which is known to your loved ones.  Additional Information - If applicable, you can appoint guardians for your minor children and adopted children. - If you or your spouse dies, it is recommended that the survivor compile his/her own will as soon as possible. - Incorporate property tax, estate duty and executor’s fees as your estate can be subjected to these. - However, it is important to investigate any possibility of tax abatements.  Executor Appoint reliable executors and trustees, who are known to your relatives, to administer your estate. These people may be beneficiaries. Their names and contact details must be available. It is recommended that you use auditors, lawyers or the trust division of banks or insurance companies. A. LIFE