These have been dark days. During the pandemic that shall not be named (but starts with a C and ends in 19) it has been difficult to escape the uncomfortable introspection related to your mortality on this earthly plane. More people are becoming aware of the necessity of dealing with your last wishes before, well, that fateful final day.
According to a recent BBC Worklife article, divorce rates are rapidly increasing around the world – whether you live in China, Sweden, or the United Kingdom. This is true of South Africa as well. Since the already slow cogs of justice ground to a halt for months due to the hard lockdown level 5, South African courts face a backlog in the divorce courts, the likes of which has not been seen before.
There are as many movies about funerals and the aftermath thereof as there are genres of movies! There is a favourite cinematography device that can be applied, again, to most genres. The church and graveyard scenes fade. The next day the family arrives (separately) at very official-looking offices. Nobody makes eye contact. There are a lot of awkward silences. The executor of the estate walks in. The camera pans slowly over the faces of the prospective heirs. This is the moment of truth: the Reading Of The Will …
In 2011, the Financial Services Board (FSB) announced they would be launching Treating Customers Fairly (TCF) in South Africa. Last year, Northwood released a blog that noted a few instances of non-compliance from financial planners. TCF is a relatively new Financial Services requirement, and is meant to ensure that those who practice in the Financial Services Industry provide their clients with suitable products and services.
As standard tax payers, we, as South African citizens contribute to UIF (the Unemployment Insurance Fund) every month.
If I were to ask why do we pay UIF, most people would respond by saying that they would be able to get financial support in the event that they were to lose their job. In a nutshell, this is true, but what most people don’t realise is that paying towards UIF means so much more…
Discussing matters of your death with your loved ones is never an easy conversation to have, nor is there ever an ideal manner in which to approach the topic. However, doing so can save your family, assets and estates in the long run. The following article discusses the critical importance of constructing, and regularly reviewing, your Last Will and Testament.
A client of mine, Walter, married his wife in 2000. As good citizens, he and his wife made each others sole beneficiaries to each others possessions, and assigned their parents as the inheritors thereof in the event of their death.
South African law states that a credit provider should conduct a detailed financial assessment of their potential consumer/s prior to entering into a credit agreement. If the preceding dealings between the consumer and credit provider are not handled in accordance to the laws set out by the National Credit Act 34 of 2005, the client could fall victim of Reckless Lending.