Are Your Affairs in Order checklist?
- When last have you reviewed your Will?
o Have you left your estate to the wrong beneficiaries, i.e. ex-spouse?
o Have you had another child who is not included?
- Business interests
o Is your buy-and sell insurance outdated when compared to the actual value of your business?
o Do you have arrangements for the repayment of loan accounts when exiting the business?
o Are your shares owned by you directly?
- Do you have a Shareholders agreement?
o Has it been reviewed post changes in the Companies Act to ensure validity and enforceability?
o Have you addressed the valuation of the business?
- When last have you reviewed your Trust affairs?
o Is your Trust deed up to date?
o Have all the Tax returns been submitted?
o Are you making donations to the trust in the most tax efficient manner?
- Retirement planning
o When last have you reviewed the future value of your retirement funds to ensure sufficient funds available on retirement?
o Have you taken full advantage of the tax benefits of contributions to retirement funds?
o Do you have surplus funds earning little interest in a bank account?
o When last did you review your portfolio to ensure that you are diversifying your risk and maximizing your return?
- Life insurance policies
o Do you have the incorrect beneficiaries still listed on your policies, i.e. ex-spouse or business partner?
o Are minor children named as beneficiaries, who could fall under Government control?
o Do you have sufficient cover and benefits to provide for the needs of your beneficiaries?
o Have you considered the scenario should you become un-insurable?
- Short-term insurance
o Are the insured values of vehicles too high causing unnecessary premiums?
o Are all assets covered under appropriate categories?
o Is the insurance of property in line with your financier requirements?
o Have all new assets acquired been covered?