Finance Feature: Why proactive estate planning is essential to your overall financial wellbeing?

0:00We are chatting about proactive estate planning and why it is so important in your overall financial well being we joined by Ivan Mojela, Fiedusuri Specialist at Glue, OWA, W-3-0702 and the WhatsApp line 07-202-702-4 your calls. Ivan, welcome to the show today. Thank you very much for joining us. Thank you very much for the opportunity to go to your list. One of our callers earlier was sharing with us that she works in the space of estates and she says because we were asking what are the things about your job that you take home with you. Are every family member on them? Don't touch this. Okay? Why are you doing your work at home?

1:00Are you talking about planning? In type 1, assumption is you have to be rich to be planning in a state and sometimes people say things like I don't own anything I can I nigs You're really yeah, um you've you've nailed it, and that's what we come across in the industry I've got nothing. I am a 25 year old. I don't need a wall. I've got nothing so I just want to mention that The act the wolf's act wouldn't have stated that anyone from the age of 16 Can have a willing place if it was not necessary

2:03Because it's not only about your assets It's about provision of your minor children. It's about nominating a guardian for your minor children It's it's ensuring that you know that they will not be a drama when you know long I hear Because you might think you do not have assets But even the little things we've had that people were fighting for a teen of baked beans for example So the little things do come Big beans Yeah, no You want me to tell me you're joking I refuse I'm not joking these are the things that are happening and people take it for granted that I do not need a wall And so you just need to put a wall in place and remember I want a legal document where you've got a freedom of what we call Testation how you would want the little things that you still going to acquire

3:04How they should be distributed. It's not only Saying even because today you only have a laptop. That's all you gonna have by the time you pass on But it is to secure You know They're beneficiaries and ensure that whatever that I'm accumulating. I'm accumulating it for my children Or for my parents or for my siblings Mm-hmm, and I like what you said because The whole thing of the teen beans is a metaphor. I think to the whole concept of We underestimate the smallest things maybe we only ever think of big things like okay There's a funeral policy. We know what's gonna bury you But we're not thinking about the fact that there's that one t-shirts that three of your cousins said they like true True that you've probably said to their nominal give it to you and they've taken that weight for it And when you know long idea they're gonna come and say but he won't say this dress. I can take

4:08Where he did not put it down that's where then family disputes come in because People will not even understand whether it's your cousin Whether it's whoever they will not understand that he won't have got children But because she didn't have a wall maybe who would then inherit if she's in never will everyone thinks Um, no, I was bought a school shoes when she was 10 year old Therefore I can have some sort of Something as well From her yes. Yes We know that national world's week will be taking place next week and of course We always want to encourage people to get there a phase in order But a common thing I hear you want sometimes even with my own family members Where you ask what would you like to happen with your things where you want to be like I won't be there Le ka one a litre are drunk. Why is that not the way to go? Um, it's not the way to go because it's not like li tabon or li tabon or li tabon

5:08Because someone is going to decide and I'm saying someone for the lack of a better way So there's an extra that then determines how your assets will be distributed and it is called interstate succession act And I usually really make an example with myself I'm the only child raised by a son of mom. I don't know my dad If I was not married. I didn't have children. I was raised by uncle and aunt If I had to die without a wall If I'm not married and no children Do you know that and my parents passed on my mother passed on and I've only had that my dad also passed on whenever But he's got kids do you know that the next in line would be my siblings? And I grew up as the only child so which means it would be the children of that guy that maybe I've never even met Now can you really imagine what will happen to my cousins my aunt my uncle my family my

6:12My family that took care of me and made me who I am today What will they feel? So it's not literally one if and it's not automatically because This is the situation automatically this person will inherit you know You need to put things on paper by a way of a wall because the interstate succession act doesn't necessarily pay by you I might be married, but I would want my children to inherit and I'm thinking automatically it will be my children No, my marital regime was determined how my things will be distributed I'm I'm completely with you then I think In terms of the details that you are sharing it's so critical. Can you share with us? Why then being proactive with your estate planning does become important for your overall financial well being Especially if the assumption is well, it's only gonna impact me if and when I die

7:14So It's a planning it's key when it comes to years we start the conversation with the world But it's about a safe planning and I'll refer it to the rebel killer to where people even on social media They'll say yeah, they execute us sold everything And you know people are on the streets. You're familiar. I'm not gonna get anything We will blame everyone else except the one who has passed on who did not do a proper estate planning to ensure that there is enough liquidity in her estate to be able to settle all the Labilities there are there for example if I've got a house And cars and I say they must go to my children, but these assets essentially they still Belongs to the bank until they're paying food now if I do do not have any cash or any Means of

8:15You know liquidity to be able to settle these this kiss will go back to Because all go back to limp wapples Because nobody I did not make provision that these assets are settled My keeps still leaves in the same property in Joe back. They still go to the same school They still Will be able to live the same lifestyle that they were leaving while I was so there Remember once I'm gone. So soft income is gone. Yes There will be no money and while we still on estate planning people like to confuse them You know your employee benefits to get up with the liquidity and those ones you're like your patient fund They take time to pay out by that time the bendwood have came and took Back there asset because there is no money to be able to cover those so estate Planning is critical in one financial planning because you need to ensure that it's not only liquidity

9:18It's making provisions for your minor children It's ensuring that the people you're leaving behind will still be able to be okay When you not there. Yeah, and I think there's so many things that we said we start to Neglect and leave so if a person is to do something today What is the first thing that they should do would you say? Drought your will if you do not have one I would say speak to an expect your financial advisor about the world so that you get a proper You know advice in terms of trusting the world because it needs to comply with the wolf act And it shouldn't just be drafted you need to read it and understand it somebody explain it to you that it makes sense to you And then you need to sign it if you just Graphics and do not sign it in an ink sign in our digital unfortunately. There's no provision for Digital signature. So it must so be printed signed by you

10:21There must be two witnesses who are going to to sign this witnesses that even what the one signing the woe and we were present And then date it and ensure that it is kept Save and you make copies also for your family member so that they know where to go once you know chair Yeah, thank you so so much even for chatting to us you must stay on your family's neck and your friends That is issue it is a serious one I will do so really well. Thank you very much for having me and the next hour of the show a master class on turrets syndrome Or double one double eight three or seven oh two in the WhatsApp line oh seven two seven oh two one seven oh two it's two o'clock This is Good afternoon. I'm comments on with these him judgment is expected this afternoon and the bail application of a funnabale park scholar transport driver Accused in a crash that claimed the lives of four