Estate planning

The process involves:

1. Making a list of your assets and liabilities: Taking stock of the things you currently own and what you owe.
   
2. Appointing an estate planning professional. A trusted financial adviser can assist you with a well-constructed estate plan according to your financial goals and needs to ensure your assets are securely and efficiently distributed to your beneficiaries.
   
3. Creating a Will: State who you want to inherit your property, name a guardian to care for young children should something happen to you, nominate who will be the executor of your estate and how your assets will be distributed. Safeguarding your Will ensures your legacy is protected.
   
4. Covering the cost of dying: Estate cover like the Momentum’s Estate Provider Benefit ensures you have enough money in your estate to cover unforeseen cash shortfalls like administrative and professional fees to settle your estate.

Estate planning is crucial for all income earners, no matter where you are in your financial journey and should be started as soon as possible.

Estate planning focuses on planning for and managing what happens to your assets and responsibilities after you die or if you become incapacitated.

Financial planning focuses on managing your finances throughout your lifetime to meet your short and long-term goals.

Both are related, and an estate plan should be part of a comprehensive financial plan to ensure you’ve secured your legacy as your life circumstances change, and/or your assets grow.