Is Your House in Order? Why Deceased Estate Management is so Important

 At some point in each one of our lives, we will be faced with death. Whether it is a child, a parent, a spouse, or ourselves, we need to be prepared. Although many people avoid thinking about their own death, it is important to ensure that the final distribution of our assets, as well as the care of our dependents, is done in an affordable, fair and timely manner, and this can only be put in place when we are alive.

No one wants to think about the inevitable, and although the thought of a “deceased estate management plan” can often feel like a hassle setting up, it is well worth taking the time to do it. Deceased estate management dictates what happens to your assets and debts after your passing. From assets, life insurance policies, pensions, real estate, and cars, to debt, if you do not have your house in order, you stand to leave everything over to South Africa’s Intestate Succession Act 81 of 1987.

Get the Final Say on How Your Assets are Divided

It is a pretty straightforward and fair act, but if you want to leave a sizeable investment to your grandchild, ensure that your youngest son gets the family business, your wife is taken care of until she passes, your kids university fees are covered, or a trust fund is set up for when they get married, , you will not get the final say on how your assets are fairly dispersed unless you have a proper estate management plan in place.

An Executor Oversees Every Step

While the primary purpose of a deceased estate management plan is to make sure your loved ones are well protected and provided for, estate management is a specialised practice that involves appointing an executor to help you get your house in order. From contacting and dealing with all the beneficiaries and guardians, determining the value of the assets in the estate, arranging payments for the family’s immediate needs, and opening a bank account for the estate, to ensuring that all debts are paid and assets are distributed, choosing the right executor to oversee every step is one of the most important decisions you will make.

Most people do not understand the timely duty of deceased estate management, which is why it is always best to partner with a credible trust company that can act as an executor to ensure the estate winds up quickly and fairly, and that is where Velile Tinto & Associates deliver.