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This groundbreaking simulation, MyLnD™, emerges as a safeguard against the chaos that often follows an individual’s passing. Rather than leaving estate plans to chance, this programme enables individuals and their advisors to actively test and manage the effectiveness of their plans over their lifetime.
The benefits of MyLnD™ are manifold, addressing critical aspects of estate planning:
Mathematical Visual Aid: MyLnD™ provides a tangible, mathematical visual aid, offering a clear depiction of the actual results of your estate planning strategy.
Dynamic Planning: It creates an opportunity for continuous planning adjustments, allowing individuals and their advisors to foresee how changes in the plan impact outcomes.
Preparedness for Death: By managing the plan and simulation throughout a client’s lifetime, MyLnD™ ensures that the estate planner is consistently prepared for the eventualities of death, streamlining the post-mortem process.
Efficiency in Estate Administration:The programme reduces calculation and thought errors, effectively cutting the time required to administer an estate by half.
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While some may argue that a simple will suffice for estate planning, the MyLnD™ simulation stands out as a powerful tool that goes beyond the basic provisions. It empowers individuals to ascertain that their estate plan aligns with their intentions and equips them for an uncertain future.
Estate planning involves meticulous consideration of circumstances and appropriate asset-holding vehicles to prevent the erosion of wealth by death taxes. MyLnD™ ensures a smooth transition of wealth, minimising costs and complications while providing for the needs of loved ones. Estate planning, a continuous process, should adapt to life’s changes.
The MyLnD™ Programme breaks the stalemate in estate administration. By pre-emptively addressing the complexities of winding up an estate, this programme unifies the planning and administration processes, proactively preparing for the inevitability of death. The result is not only a streamlined administration process but also reduced executor fees, as much of the necessary work has been completed in advance.
In the intricate web of taxes, costs, family dynamics, and cross-border planning requirements associated with winding up a deceased estate, knowledge is indeed power. The MyLnD™ Programme places this power in your hands, allowing you to secure your legacy with confidence.
Are you truly prepared for the future? The MyLnD™ Programme beckons you to take charge of your financial legacy, ensuring that your hard-earned assets are in safe hands.
DON’T GAMBLE WITH YOUR ESTATE PLANNING – TAKE THE
QUIZ TO SEE HOW PREPARED YOU ARE.
Knowledge is Power
- Can you list the assets and liabilities of both you and your spouse?
- Who, besides yourself, knows where to find information about your assets, liabilities, income, expenses, and policies?
- Are you aware of the marriage regime governing your marriage and its implications?
- Do you know where your and your spouse’s original wills are held and who the nominated executor is?
The Practical Stuff
- In the event of your demise, do your family members know whom to contact?
- What happens to your bank debit orders such mobile phones, insurance, DStv, and fibre if you die today?
- Does your spouse have a personal bank account with emergency funds for when you pass away?
- How should your social media accounts be managed after your death?
- Who can access your digital asset wallet and phone, especially if your phone requires facial recognition?
- In the event of your death, who covers the costs of your funeral, considering that the executor’s appointment takes place a month later?
Trusts and Companies
- Who will be in control of your trust upon your death?
- Can your trustees transact on the bank trust account immediately after your death?
- Who takes charge of running your business if you pass away today?
- Does your spouse understand any insurance policies that the company may have on your life?
General Awareness
- What are the potential costs associated with dying, and have you made provisions to cover them?
- Do you have clarity on who will inherit what from your estate?
- Are you actively engaging in quality conversations with your loved ones regarding your estate plan?
- Can your spouse maintain his/her current quality of living when you pass away?
- Are you aware that it takes an average of eight months to collection formation on assets after someone’s passing, with estate winding-up potentially taking years?
- Did you know that you are taxed on worldwide assets when you pass away and that in the USA and UK, this tax can be as high as 40% on assets like shares, property, and bank accounts?
- Did you know that standard executor fees are 3.5% +VAT but they can be negotiated down?
Bonus Questions: Family Planning
- Have your parents adequately planned for their passing and shared their planning with you?
- Do you know who the executor is on your parents will?
