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- Is your buy-and sell insurance outdated when compared to the actual value of your business?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