minor children
While putting money away for your child’s education is important, do not neglect your retirement funding. Without adequate retirement funding in place, you could become a financial burden on your child later in life which should be avoided at all
Children under 18 cannot inherit lump sum payouts or other assets directly, as they lack the legal capacity to manage such assets. Therefore, if you intend to name a minor child as a beneficiary of a life insurance policy or
A per stirpes clause, or by representation clause, is a legal stipulation included in a will that requires that if a beneficiary dies before you, that beneficiary’s share of the inheritance will pass to his/her heirs.
The acquisition of foreign assets subsequent to drafting your will may necessitate a review of your will, although this would depend on the nature of the asset and the jurisdiction in which it is held. Generally speaking, a foreign will
Saving for retirement may feel like an impossibility for a single parent, especially when your children are younger and the continuous stream of expenses seems insurmountable. It may help to remind yourself that saving for retirement is a long-term process
Something that many people tend to overlook is that all previous Wills should be both physically destroyed and revoked in writing as failing to do so can cause uncertainty for those left behind -especially if one or more of the
To ensure that any funds or assets intended for your minor children are not transferred to the Guardian’s Fund for administration, you can use your Will to set up a testamentary trust. This type of trust is automatically founded on
Unlike a child’s natural guardian, a guardian appointed by the court can choose whether to accept the position or not. However, in assuming the office of guardian they do not have a legal duty to support the child but rather
The type of policy you have in place, together with the applicable regulations, will impact both your beneficiary nomination and the policy's payout, so it is important to understand the nature of each policy you have in place.
If there are specific assets in your estate that you intend bequeathing to your minor children, it is important that you provide for this carefully in your Will. Remember, in terms of our law, children under the age of 18
