WEALTH
In your 20s and 30s When you ’ re in your 20s and 30s , you may not have many assets , or dependants , but you should still seriously consider writing a will . You may very well a have a car , jewellery , heirlooms , or savings that you may want to leave to specific people in your life . In your will , you can name an executor responsible for carrying out your wishes . and property , and your life circumstances may have changed . If you got married or divorced , had children , or bought a home , it ’ s essential to update your will to reflect these changes .
Most people get divorced between the ages of 40 and 50 . In South Africa in 2021 the median
If you have minor children , you should also consider thinking about who a suitable guardian would be for them . If something were to happen to you , it helps social workers guide the court as to your wishes . If you don ’ t name a guardian , the court will appoint one for you , and it may not be the person you would have chosen .
You could also consider including the names and passwords of digital assets , such as cryptocurrency in your will . Without a will , it may be difficult for your loved ones to access these accounts after you pass away . Just imagine owning bitcoin , passing away and nobody knows where the passwords are .
In your 40s and 50s In your 40s and 50s , you may have acquired more assets
85 APRIL / MAY 2023 SA Real Estate Investor Magazine