Real Estate Investor Magazine South Africa Dec/Jan 2016/17 | Page 59

NEALE PETERSEN’s MENTORSHIP & COACHING PROGRAMME this. Choose wisely and consider the trust cost of this appointment. Another critical decision that needs to be considered is who you will appoint as the guardians of your children if they do not have a natural guardian. If your children are under the age of 18 (minors) they cannot legally inherit any assets and any financial and other decisions will need to be made by a nominated guardian. In the event that you do not have a Will or have not appointed a guardian the High Court will have to be approached to appoint a guardian. This is costly and can lead to animosity between the deceased parents families. On a financial note minors cannot directly inherit so you must consider a testamentary trust that is to be established on the event of your demise to hold the assets intended for the minors until they attain a specific age, failing which all the assets must be sold and the cash deposited with the Guardians Fund. The Fund is run by the justice department and pays a paltry interest on the cash and it is very difficulty to easily extract cash from the Guardians Fund. So, if you have any assets, are married or you have any children under the age of 18 you have only ONE choice and that is to draft a Will, failing that who will raise your children if the natural guardians are dead? Who will get your home, your investments, properties and prized possessions, who will you entrust to wind up your estate? What will this cost your estate? Will your heirs actually get your assets as intended? To get more professional assistance email ‘Wills and Testaments’ to [email protected] www.reimag.co.za YOUR EXCLUSIVE ACCESS TO MENTORSHIP! “Formal education will make you a living; selfeducation will make you a fortune” Jim Rohn For more info contact 021 761 3848 www.nealepetersen.com