Ricochet News

Preparation for passing on - 5 important points to consider

By Daniel Baines - Sep 13, 2018
Preparation for passing on - 5 important points to consider

Passing on is not something that anyone likes to think about, but it is good to be prepared so that the lives of your loved ones are made as easy as possible. Here are a couple of points to keep in mind:

  1. Make sure you have a valid will – failure to have a will can lead to complications in the winding up of your estate;
  1. Make sure that you and your spouse do not only have a joint bank account (if you have a joint account at all) – when someone dies the bank will freeze the account of the deceased. If you and your spouse have a joint account and that account is frozen on the passing of one of you, then you may have a problem getting any money for months after your spouse has died;
  1. Make sure that your tax returns are up to date – in order for your estate to be wound up, you need to get a clearance from SARS which means that your tax returns need to be up to date. If you pass on without filing your tax returns for years, this can create a problem for your family;
  1. Keep a personal folder – this will prevent your family having to rush around after your passing to locate your will, ID documents, TV licence and other personal documents that they will need. Make sure a family member knows where this document is;
  1. Have a funeral plan – you do not want your family to be burdened with the cost of having to pay for your funeral.

For more information, visit Mazars Port Elizabeth at 30 Bird Street, Central, Port Elizabeth, or call 041 501 9700. Also visit them at www.mazars.co.za