Life Style

5 things to consider when updating your will

1 Your will is the best way to ensure that your kids are well taken care of after you die. In you will, you can appoint a guardian to take care of them on a daily basis. Consider leaving a letter of wishes as well giving guidelines as to how you would want your kids to be raised. This may include the type of education you feel is necessary as well as religious beliefs.

2 There should be sufficient money in your estate to take care of your kids for as long as possible. Life cover is a coat effective way of of making sure that there would be enough, not only to settle debts and taxes but also to give your children financial security.

3 Ensure your will is updated regularly especially in the case of life changing events such as buying a new house, divorce or the birth of a new child. As part of this process make sure that your beneficiaries policies are correct and up to date

4 Have a good understanding of your marital status and the implications it can have. If you are married in community of property, you and spouse own your assets together and these would have to be shared upon death, before and bequests are honoured.

5 A special trust is an effective way of providing for the financial future and well being of minor children and can be created very simply by including it as a clause in your will. The trust will therefore only come into existence when you die.

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