Johannesburg, 1 December 2021
SmartWill is encouraging South Africans to use the upcoming holiday season to ensure that their financial matters are in order and to brief family members or trusted representatives on the existence and status of their Wills, life insurance products and investment policies.
As the end of another year draws to a close, it’s important to ensure that your Will and financial policies are up to date. It is a good time to check in with your financial services administrator to ensure that your personal details are captured correctly, to get a balance statement and record of account, and to report any changes to your financial status like a change of address, the birth of a child, or a new asset like a car or home.
In addition, SmartWill recommends having a sit-down conversation with family members or a family representative to take them through your financial plan and to make them aware of the policies and investments in place that will provide for them if you are no longer around.
“The holiday season usually means more time for family and reflection as we celebrate religious holidays and the end of a year. During this time, it’s good to reflect on the year – what worked, what didn’t and to review and update your financial policies including your WILL, and to bring trusted family members or representatives into the conversation. Don’t delay, update your WILL and update your family,” says CEO of Cliqtech, Zale Hechter.
The Financial Sector Conduct Authority (FSCA) recently reported* that at the end of 2019, South African retirement fund administrators had R44.9 billion of unclaimed benefits. These unclaimed benefits are as a result of workers’ details not accurately captured in the past, or because of policy holders not providing accurate or updated contact details and ID numbers. This has also happened because family members and beneficiaries were unaware of existing policies and investments held by breadwinners.
The SmartWill online platform ensures this does not happen. When creating your Will through SmartWill, there is a digital ‘life file’ or snapshot of the estate created, which includes all of a user’s policies and investments in one safe and easy-to-navigate location. This is a first-of-its-kind fiduciary technology that ensures your beneficiaries can easily find information about your estate when you pass on.
SmartWill, developed by Cliqtech, allows users to create personalised Wills online. The easy-to-use platform captures information securely, accurately and holistically. SmartWill ensures that when a person passes away, the beneficiaries of their estate don’t carry the burden of trying to wind up that estate which in some cases can take years.
Once a user has completed their online Will application at www.smartwill.co.za, they will receive a code and must complete the process within seven days. The Will application will be vetted by SmartWill’s team of fiduciary experts.
“Most of us don’t like to think about planning for what happens after our death because it can bring up uncomfortable emotions. In reality, doing your research, checking that documents and policies are up to date and planning for the handing over of your assets and wishes is an important act of love for your family. By ensuring your financial matters are in order, your family members won’t be short-changed later – whether you pass away tomorrow or in 50 years’ time,” explains Hechter.
Cliqtech has signed up a number of partners during 2021 including Momentum, Clientele and 1Life.