Following almost three years under the restrictions imposed by the pandemic, South Africans are looking forward to their summer vacations with family and friends.
However, making sure your affairs are in order should be a part of planning your vacation. You should make sure your affairs are in order while planning your vacation.
It's the perfect time to make sure your estate planning is updated and that your life essentials are organised and easy to access in case something unexpected occurs.
Having a plan allows you to relieve the burden of decision-making from the shoulders of those you love and creates the opportunity for a peaceful life for yourself and your loved ones.
8 things you have to organise before you go on holiday:
1. Your last will - If you don't already have one, you must create this legal document, which specifies guardianship of your minor children, names Will's executor, gives instructions for the estate's administration, names your beneficiaries, and expresses your final wishes.
Verify that your will is properly witnessed and signed. The whereabouts of your most recent Will's original document must be known to your relatives and executor.
2. Your ID and passport, birth and marriage certificates, life and health insurance policies, retirement annuities, and funeral policies are all personal documents that should be collected and stored in a safe place. Your family needs to know where to find these.
3. Although a living will is not yet required by law in South Africa, it is generally seen as important. If a sudden sickness or accident renders you incapable of communicating, your living will specify the medical interventions you would or would not choose. Travellers typically include a copy of their Living Will in their travel documents so that medical personnel can be aware of their wishes wherever they are.
4. A list of your assets, including possessions such as your artworks and antiques, as well as the relevant documentation pertaining to these.
5. Accounts – Your executor is going to need the details of all your financial and consumer accounts. Provision needs to be made for debit orders on your bank account as the bank accounts of a deceased person are frozen.
6. What will happen to your social media and digital life after you die? It's up to you - you need to decide what you would want to happen to it. You can decide to either have your profiles deleted or transitioned to 'In Memoriam pages.
7. Plan for your furry family members. It's common practice to leave our pets in the care of a pet sitter or boarding kennel while we go on vacation. What would transpire if we didn't return? Whether you are planning a trip or not, you should consider a solid plan for the continued care of your furry family members and then provide specific instructions so you can be sure they will be taken care of.
8. The greatest challenge in planning for the settlement of your estate is making it easy for your bereaved loved ones and your executor to access all that they need. Solutions range from the 'In Case of Emergency' binder or a folder on your desktop to stuffing the home safe or using a bank vault.
"This holiday season, whether you are stargazing in the Drakensberg, unwinding on uMhlanga Beach, or enjoying a holiday in another country, you will rest easier knowing that your family is well-protected because your estate planning is all sorted out," said Rachelle Best, founder, and CEO of Heritage Vault.
Read the latest issue of IOL Health digital magazine here.