Estate Planning Checklist

What you will need

• Tick each that applies (checklist)
• Money your family could get quickly: life and funeral policies with named beneficiaries, plus savings in other names (R): Your own bank accounts are usually frozen once the bank is told of a death, so do not count them.
• Debts to be paid, plus a funeral budget (R): Include home loan, car, cards, personal loans and the funeral.
• Rough value of everything you own (R): Used only for a rough estimate of estate costs.

How it works

Checklist in five parts, each yes / no / not sure with a one-line explanation. PART 1 WILL: 1 I have a valid, signed and witnessed will. 2 It names an executor. 3 It has been updated since my last marriage, divorce or new child. 4 It takes my marital system (in or out of community of property, customary marriage) into account. PART 2 BENEFICIARIES: 5 Every life and funeral policy has an up-to-date beneficiary. 6 My retirement fund nomination form is up to date (the fund's trustees decide who gets death benefits, but they consider the form). PART 3 CASH FOR MY FAMILY: 7 My family would have enough cash for the funeral and the first months. 8 My debts would be covered without selling the family home. PART 4 CHILDREN AND DEPENDANTS: 9 My will names a guardian for children under 18. 10 Money for minor children would go into a testamentary trust or be properly managed. 11 I have thought about dependants with a disability or elderly parents. PART 5 DOCUMENTS AND PEOPLE: 12 I have a file with my ID, will, marriage certificate, policies, fund details, bank accounts, title deeds and debts. 13 One trusted person knows where the file and the original will are. 14 If I am in a customary marriage, it is registered. liquidity_gap = debts_and_costs + est_estate_costs - quick_cash, where est_estate_costs = gross_assets x 0.05 as a rough placeholder covering executor, Master's Office, advertising and other costs (shown clearly as a rough estimate, and hidden if gross_assets is blank). ready_pct = count(yes) / 14 x 100. Printable summary: the member's name, where the will and file are kept, executor, guardians, list of policies and insurers, retirement funds, banks, debts, and the name of one professional to call. The summary never includes PINs, passwords or account numbers in full.

What you get

• Estate plan readiness
• Rough cash gap for your family (or cushion)
• What to do next, in order
• Printable summary for your trusted person

What it means

• Without a valid will, the Intestate Succession Act decides who inherits, which may not be who you would choose.
• Your family could be short of cash after your death; more cover with named beneficiaries or savings they can reach may help.
• Naming a guardian in your will helps make sure your children are cared for by someone you choose.
• Without a trust, money for minor children may be paid into the Guardian's Fund; a testamentary trust in your will is one alternative.
• Your estate plan looks in good shape; review it every few years and after big life changes.

Next step: Want help interpreting this? Speak to an estates attorney or fiduciary practitioner about your will and estate, and an FSCA-authorised financial planner about cover and liquidity.

Runs on the device. Nothing is saved unless the member chooses.