National Wills Week

WILLS AND ESTATE PLANNING 1024x665Last week was “National Wills Week” and there was a big drive to get people to have their wills drawn up. Many of us will be familiar with the phrase, “there are only two certainties in life: death and taxes”. Accordingly, it’s wise to be prepared for both. The terms “Wills” and “estate planning” are often used together. A Will is a legal document stating what should happen with a person’s possessions after their death. Estate planning is the act of preparing for the transfer of a person's wealth and assets after death.

While there are many benefits to estate planning, the most important one is that your loved ones will be spared the financial storm that one’s death can create.
Consider the following when embarking on your estate planning and will drafting:

It is necessary for everyone to have a will, irrespective of whether or not you are wealthy, as the key consideration is the orderly distribution of your wealth and adequate provision for your dependents and loved ones.

A will gives instruction not only regarding what happens to your assets, but what happens to your debts as well. Assets, life insurance, pensions, property, cars, personal belongings and debts all form part of your estate.

Seek the help of professionals when drafting your will. Wills are complex legal documents which need to be drafted with the law in mind lest certain of your wishes and instructions be ruled invalid.

Should you die without a will, your estate will be handled in terms of the law of intestate succession. This means that the State will determine how to handle your affairs.

A knowledgeable and trustworthy executor should be appointed. An executor is appointed by you to ensure that all the instructions contained in your will are carried out and all necessary debts and taxes paid.

Proverbs 27:1 says “Do not boast about tomorrow, for you do not know what a day will bring forth.” Estate planning is often out off for whatever reason. The truth is that it needs to be prioritised because we don’t know when our time on this earth will be up. Planning for death enables you to take care of your family, even after you are gone.

Lesetja Madiba is a Financial Wellness Consultant at Citadel.


The weather is getting warmer the trees are blooming. Spring is here. It’s a new season and for many of us spring season comes with spring cleaning. The history books suggest the origin of the spring cleaning is an ancient Jewish practice of thoroughly cleansing the home in anticipation of the spring time memorial feast. While the act of cleaning may not be very appealing, for our finances it is definitely needed.

Financial spring cleaning should help to amongst other things serve as a time of reflection and also a time of review. How would one go about financial spring cleaning? Consider the following:

  • Get re-organised. Make sure the important documentation you keep is stored safely and is up to date. Out dated statements and clutter should be disposed of properly.
  • Review the budget and get rid of the winter expenditures. As the season changes some expenses are no longer relevant. Make sure to make sure your budget is season relevant.
  • Assess your debt. It is a good idea at the time when you review your budget to relook your debt. Make sure you know who it is that you are paying and how much you are paying.
  • Do a Credit Check. If you have not done one recently or this year then it is certainly time to do one. A credit check will also help you in determining who you owe money to and it goes a long way in protecting yourself from fraud.

Proverbs 27:23 says “Be diligent to know the state of your folks and attend to your flocks”. The Bible here speaks about knowing the exact state of your financial affairs, not only to know what the state of your affairs is but also to care for your affairs. The Bible often refers to a good steward in many respects. As we enter into a new season, refresh your financial affairs and leave the clutter of the old season in the past.

Lesetja Madiba is a Financial Wellness Consultant at Citadel.


Women’s month is quickly coming to an end, but the issues highlighted around female empowerment and the challenges women face won’t end come September.

One such issue that should continue to draw attention is that of women and financial independence. We tend to view our finances as a very private matter, and rightly so. For this reason, however, we need to take effective responsibility for our own personal finances. Consider the following:

  • Make a commitment to take charge of your finances and not to leave your financial future in the hands of anyone but yourself (including your spouse and other family members and loved ones).
  • While “big picture” financial management is important,it is the effective day-to-day handling of your finances that will have the determining impact on tomorrow. Impulsive or wasteful expenditure should be avoided at all costs.
  • Manage your debt well enough to make sure it does not impact your lifestyle or, ultimately, your retirement. Avoid what is deemed to be “bad debt” at all costs (namely debt for unnecessary purchases serviced at high interest rates).
  • Be careful not to underestimate your savings and investment needs. Living longer and having children increases your cost of living overall and you will need to save more to compensate.
  • There are hundreds of savings tips specifically for women, try them out. Things like DIY beauty treatments, bulk buying and reselling old clothing etc. Stick with the ones that work for you.

Proverbs 31 identifies the qualities that a women should embody when it comes to her finances. Luke 14:28 says, “For which of you intending to build a tower does not sit down first and count the cost whether he has enough to finish it”.

Create and stick to your own financial plan, don’t let you financial future be undermined by the impulse purchases you make today. Make financial independence your goal this month and every month. It is a long road but a rewarding destination.

Lesetja Madiba is a Financial Wellness Consultant at Citadel.

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Finance on Friday

Personal Financial Coaching with Lesetja Madiba

IMG 3437Lesetja Madiba is a Financial Wellness Consultant and has a B.Comm Statistics.
He discusses Personal Finances live on a Friday during Changing Gear at 17h00.
Podcasts of these talks are also available.
Click HERE  for Lesetja's Profile and contact details.
Click HERE to read Lesetja's latest Financial Advice Blog.

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