Estate planning for today's woman

Abstract

"Romeo, Romeo! Wherefore art thou, Romeo? "1 Perhaps not too long ago this was the plaintive cry of every marriageable girl, and perhaps not too long ago it was quite a sensible call for a marriageable girl. Today however the call doesn't seem to be working as well and today's woman, if she is wise, will try to sculpt her own future. She will not rely too heavily on a Romeo in whatever guise to provide her with financial security for the rest of her life. Life in South Africa today is fraught with risks ranging from insolvency, unemployment, disablement and divorce to early death as a result of the current high crime rate, heart disease, Aids, and a plethora of other occurrences. How can today's woman plan her life to overcome or be prepared for these events? It has been said that: Planning is deciding in advance what to do, how to do it, when to do it, and who is to do it. Planning bridges the gap from where we are to where we want to go. 2 Meyerowitz's3 definition of estate planning describes it best: The arrangement, management, securement, and disposition of a person's estate, so that he, his family and other beneficiaries can enjoy the maximum benefits from his worldly possessions during his lifetime and after his death. Planning an estate is a complex issue, and it would be foolish for a woman to plan her estate without the assistance of a wide range of professionals.4 Depending on her

circumstances a woman should at different times consult with a professional estate planner, a lawyer, a bookkeeper, an insurance agent or broker, a bank manager and a financial consultant or investment adviser. Throughout her life she should remain aware that she can control a part of her future if she takes the trouble to preserve and plan the estate which she accumulates during her lifetime. In this dissertation an attempt will be made to equip today's woman with a broad guideline for the planning of her own estate. All phases of her life will be considered: - from the moment when she becomes competent to make a will, through a business career, marriage, divorce, widowhood to retirement and death.