{"id":225971,"date":"2022-05-13T19:56:12","date_gmt":"2022-05-13T17:56:12","guid":{"rendered":"https:\/\/mypr.co.za\/?p=115834"},"modified":"2022-05-13T19:56:12","modified_gmt":"2022-05-13T17:56:12","slug":"how-to-financially-prepare-for-your-death","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/how-to-financially-prepare-for-your-death\/","title":{"rendered":"How to Financially Prepare for your Death"},"content":{"rendered":"<aside class=\"scaip scaip-1 \">\n<aside id=\"republication_tracker_tool-2\" class=\"republication_tracker_tool clearfix\">\n<h5 class=\"adtitle\">Republish for Free<\/h5>\n<div class=\"license\">\n<p><button name=\"Republish This Story\" id=\"cc-btn\" class=\"republication-tracker-tool-button\">Republish This Story<\/button><\/p>\n<p><a class=\"license\" rel=\"noreferrer license noopener\" target=\"_blank\" href=\"http:\/\/creativecommons.org\/licenses\/by-nd\/4.0\/\"><img decoding=\"async\" alt=\"Creative Commons License\" class=\"lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/05\/how-to-financially-prepare-for-your-death.png\"><\/a><\/p>\n<p><img decoding=\"async\" alt=\"Creative Commons License\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/05\/how-to-financially-prepare-for-your-death.png\"><\/div>\n<div class=\"message\">\n<p>Republish our articles for free, online or in print, under a Creative Commons license.<\/p>\n<\/div>\n<\/aside>\n<\/aside>\n<figure id=\"attachment_115835\" aria-describedby=\"caption-attachment-115835\" class=\"wp-caption alignleft\"><a href=\"https:\/\/mypr.co.za\/?attachment_id=115835\"><img loading=\"lazy\" decoding=\"async\" alt width=\"300\" height=\"166\" class=\"wp-image-115835 size-thumbnail lazyload\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/05\/how-to-financially-prepare-for-your-death-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-115835 size-thumbnail\" src=\"http:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/05\/how-to-financially-prepare-for-your-death-1.png\" alt width=\"300\" height=\"166\"><\/a><figcaption id=\"caption-attachment-115835\" class=\"wp-caption-text\">Steph Bester, CEO of AllLife<\/figcaption><\/figure>\n<p>Practical steps you can take now to help your family after your passing<\/p>\n<p>If the COVID pandemic has taught us anything, it\u2019s that life is short and the unexpected passing of loved ones is a reality many families have had to face. When the unexpected happens it\u2019s a harsh reminder that rather than procrastinate, you need to ensure your affairs are in order.<\/p>\n<p>Steph Bester, CEO of AllLife, says that we are all uncomfortable talking about the passing of a loved one, particularly our own, but we need to be prepared. \u201cIf we pass away unexpectedly, what will happen to our children, spouse, or our home? We all think that we\u2019ve got time to make the necessary preparations, but illness and accidents by their very nature can happen at any time.\u201d<\/p>\n<p>He adds that no one wants to place additional stress on their families when they already have so much to deal with emotionally. The best way to avoid that is to ensure that we have put a plan in place so that our loved ones have the necessary resources and can fulfil our wishes, during what will be a difficult time for them.<\/p>\n<p>Whether we are young or old with a lot or little to leave behind, Steph says the planning you do now will make a significant difference to your loved ones in the event of your passing or should you be too ill or injured to speak for yourself. He recommends that you follow these five steps to put an effective plan in place:<\/p>\n<p><strong>Make sure you have a valid Will<\/strong><\/p>\n<p>Did you know that more than 70% of South Africa\u2019s working population don\u2019t have Wills? This is a legal document that goes into effect when you pass away and allows you to make arrangements during this time, including naming your beneficiaries and guardians for young children, the appointment of power of attorney, the disbursement of investments, saving accounts and retirement funds, as well as instructions regarding the bequeathing of assets. A Will allows you to plan your estate according to your wishes ensuring that the process through which your assets are distributed is relatively painless for those left behind.<\/p>\n<p><strong>Leave a financial gift of life insurance<\/strong><\/p>\n<p>Everyone needs life insurance. It is one of the best gifts you can ever give your family in the event of your passing as it will provide them with the financial security needed to continue living the life you envisioned for them. It is designed to settle debt and cover expenses apart from securing your loved ones\u2019 financial future. There are many different life cover options available, so almost everyone can find a policy that meets their needs and budget. The important point is that you have life cover to ensure your own and your loved ones\u2019 peace of mind while you are alive.<\/p>\n<p><strong>Update your beneficiaries<\/strong><\/p>\n<p>Reviewing all your beneficiaries at various intervals is very important when preparing for your eventual passing because, despite any beneficiaries named in your will, those named in your insurance policies will receive the funds. For example, if you took out life cover whilst still single making your siblings the beneficiaries, your insurance pay-out will still go to your siblings when you pass away \u2013 even if you subsequently married and have children. That\u2019s why it is critical to review ALL your policies whenever a major life-changing event takes place.<\/p>\n<p><strong>Consider funeral expenses<\/strong><\/p>\n<p>Funerals are expensive. From a casket to memorial service-related expenses, there are several costs associated with a funeral. No one would want their grieving loved ones to be faced with the burden of little or no resources to cover the cost of a funeral. So, you can either take out funeral cover (highly recommended) or budget what you think your funeral may cost and set that money aside, reviewing it periodically to keep up with inflation.<\/p>\n<p><strong>Keep a legacy file<\/strong><\/p>\n<p>Whether it\u2019s a hardcopy or electronic, your policy information, Will, banking details and any other important documentation should all be together in one place. Include all your online passwords for your accounts too. Then, make sure that a trusted family member or friend knows where to find everything. Imagine the panic if someone is unable to access those resources because this critical information is not available? You can provide a sense of security for your family by ensuring everything is readily accessible.<\/p>\n<p>Steph advises, \u201cDon\u2019t allow reality, which can be uncomfortable, prevent you from getting your affairs in order. Do yourself (and everyone else that\u2019s important in your life) a favour and take the time to prepare for the journey we are all destined to make.\u201d<\/p>\n<p><a href=\"http:\/\/mypr.co.za\/contact\/featured\/\">CLICK HERE to submit your press release to MyPR.co.za<\/a>.<\/p>\n<p> <span class=\"post-views-icon dashicons dashicons-chart-bar\"><\/span> <span class=\"post-views-label\">Press Release Views:<\/span> <span class=\"post-views-count\">36<\/span> <\/p>\n<div class=\"entry-pagination pagination\">Pages: <span class=\"post-page-numbers current\"><span class=\"screen-reader-text\">Page <\/span>1<\/span> <a href=\"https:\/\/mypr.co.za\/how-to-financially-prepare-for-your-death\/2\/\" class=\"post-page-numbers\"><span class=\"screen-reader-text\">Page <\/span>2<\/a><\/div>\n<p><a href=\"https:\/\/mypr.co.za\">Source: MyPR.co.za<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republish for Free Republish This Story Republish our articles for free, online or in print, under a Creative Commons license. Steph Bester, CEO of AllLife Practical steps you can take now to help your family after your passing If the COVID pandemic has taught us anything, it\u2019s that life is short and the unexpected passing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":225972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9021,1],"tags":[3257],"class_list":{"0":"post-225971","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mypr","8":"category-south-africa","9":"tag-mypr","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.myza.co.za\/press\/wp-content\/uploads\/2022\/05\/how-to-financially-prepare-for-your-death.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/225971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=225971"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/225971\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media\/225972"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=225971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=225971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=225971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}