A savvy estate plan starts with a Will and includes life insurance as well as funeral cover - and MiWayLife can help you secure all three.
Estate planning isn’t just for the rich or retired. It’s for anyone who owns something, looks after someone else, or wants to make things easier for their loved ones after they pass away. Even a basic plan helps ensure your wishes are clear and your family is protected, but they all begin with a Will.
Why Creating A Will Is A Must
A Will clearly sets out who inherits what, who will execute your estate, and who should care for your children if they’re still minors. (Your executor is the trusted person you appoint to handle the legal and financial admin involved in winding up your estate.)
Many people assume their assets will automatically go to their spouse or children after they pass away, but this isn’t always the case. If you die without a Will, your estate is distributed according to South African intestate succession laws. These don’t always reflect what you would have wanted and, because the courts step in to manage the process, it can take years to finalise.
During that time, your bank accounts are frozen. Your loved ones can’t access your money – even though everyday expenses like groceries, school fees, and bond payments don’t stop. That’s why having a legally valid, clear, and up-to-date Will is so important. Fortunately, MiWill can help you create one, store it safely, and remind you when it’s time to review it.
What About A Trust?
A trust isn’t for everyone, but it can make sense in certain situations. You might consider a trust if you want to protect assets for young children, or support a loved one who isn’t able to manage money on their own.
In estate planning, trusts help control how and when assets are paid out, offering extra structure and protection beyond a once-off inheritance. Whether a trust is right for you depends on your personal circumstances, the size of your estate, and who you want to provide for.
What About Life Cover & Funeral Cover?
While a Will is essential and a trust may or may not be necessary, life cover and funeral cover are must-haves. As mentioned, bank accounts are frozen as soon as someone passes away, and finalising an estate can take time – with or without a Will.
This is where life cover and funeral cover really come into their own. Their purpose is to make sure your loved ones have access to money quickly, when they need it most.
Life cover pays out a set amount to beneficiaries of your choice, usually within weeks of a valid claim. This can help settle outstanding debt, replace lost income, or give your family financial breathing room while the rest of the estate is being sorted out. Funeral cover helps take care of funeral costs without adding financial pressure during an already emotional time.
The Bottom Line
Estate planning doesn’t have to feel complicated. With the right cover and a few smart decisions, you can put protections in place that really make a difference for your loved ones. Why not start with a MiWayLife life insurance quote? Every policy includes funeral cover and access to MiWill, so you can get the basics of estate planning done quickly and with confidence.
Did You Know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
