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Empowering the next generation with heritage and inheritance

Heritage Day is an opportunity to revel in the beauty of our cultural diversity. It is also a moment to reflect on the broader notion of heritage, not just about preserving the past but also about safeguarding our legacy for future generations.
Empowering the next generation with heritage and inheritance

It may be a coincidence that Heritage Day follows Wills Week in September. Still, it highlights the importance of protecting our financial and material legacy while celebrating our culture and traditions. While funeral insurance plays a critical role in South African culture, there is a concerning lack of wills and estate planning in the country. After passing, many South Africans still need a formal plan for distributing their assets and property. This oversight can lead to disputes, legal complexities, and unnecessary stress for surviving family members.

As financial services providers, we are uniquely positioned to engage and educate funeral policyholders on the importance of having a will and having one's affairs in order. The challenge is to first change the many misconceptions about estate planning, especially in the lower to middle-income markets. The most common ones are that wills are only for wealthy people or are very complicated and expensive.

Imagine if we could dispel these myths and bridge the knowledge gap and understanding of the estate winding-up process with a benefit which protects the wishes of the deceased and the beneficiaries' interests. "Well, we've made this a reality with Kinlink," says Lucy Kalify, sales director at CDA Solutions.

Kinlink is a digital platform that provides guidance and support to the Insured to get their financial affairs in order and protect their interests and those of their next of kin. Through channels such as WhatsApp, we distribute educational material such as "What is a will and why you need it?" https://cdasolutions.co.za/kinLink.html or "Calculating the value of your estate."

Providing support and guidance to the next-of-kin saves time, as delays in finalising the deceased's estate are often due to a lack of knowledge and limited resources to access information. Guidance on the process for and requirements of the Master of the Court in the wind-up of the estate is one of the critical areas where Kinlink provides information and support.

By empowering the mass market with the necessary information and resources, the financial services sector can ensure that the financial legacies of its citizens are protected, leading to greater peace of mind and financial security for all, not just the privileged few. Estate planning should be a cultural shift that celebrates life and the responsible management of what comes after.

https://cdasolutions.co.za/kinLink.html

6 Oct 2023 10:27

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