Start Building your Future Knowledge.

The legacy we leave behind, not simply the distribution of our material wealth, but how we are remembered by friends, family and even by those who did not know us in life, can be shaped by planning ahead of your death.

We have discussed here the importance of estate planning and having a will in place, "WILLS - An antidote to chaos" by Eugene L. Nel (1.618 Advisory Services) as well as the value of life insurance as a way to safeguard your family’s future after you have gone "Setting up an Offshore Life Policy" by Andrew Flederman (1.618 Advisory Services) but here we consider all the other things that matter to us in life and which we would like to benefit in some way from our death, whether through a regular income, a single donation or simply by bringing joy through the gift of a beloved object after our passing.

Financial bequests to organisations outside of your family can be set up at any point during your life, allowing you to donate to causes closest to your heart after death such as education, sports development, youth or the arts. Some charitable trust structures allow for you to continue to derive an income during your lifetime from the money you invest in the trust, where the balance remaining on your death goes to the organisation in whose name the trust has been set up. Your financial planner can give advice on tax implications of the different ways of doing this.

Leaving family heirlooms – which may only be of sentimental and not monetary value – is another way of being remembered. Sometimes it is advisable to allocate items to family members in full consultation with your nearest and dearest as some items may be contentious and sought after by more than one family member! Giving furniture, jewellery and other items away before your death can also be a way of decluttering your home.

Whatever you leave, whether it is policies and investments, property or specific items, it is also advisable to stipulate how you envisage the management of those funds/items to be handled after your death. We cannot always assume that money will be spent wisely, or family treasures treated as they should be. All this information can be written into your last will and testament and will avoid any misapprehensions amongst those you leave behind.

But above all, to be well remembered in death, it is important to live well now. Whatever we do and say and how we act today will ultimately have a lasting impact long after we are gone.