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  • Is your buy-and sell insurance outdated when compared to the actual value of your business?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?

1.6  Investments

  • 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.

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