Advertise Here
Icon

Directory

IconActuaries
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBusiness Chambers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCall Centre Outsourcing & Sales
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconEducation and Training
IconFAIS
IconHuman Resources
IconInformation Technology and Software Partners
IconLegal
IconLife Insurance Companies
IconLife Insurance Products
IconOmbud
IconOutbound Sales
IconPolicy Administration
IconPolicy Trading
IconPublications
IconRe-insurance Companies
IconRegulatory Authorities
IconSales and Sales Management
IconSocial Grants (Government)
IconSurveys and Research
IconTraining Courses & Workshops
IconWellness Programs
Image
  Subscribe To »

COVID-19: HOW TO MAKE SURE YOUR CLIENTS’ WILLS ARE VALID DURING SOUTH AFRICA’S LOCKDOWN

Published

2020

Mon

11

May

Lockdown has spurred many South Africans to draw up their Wills online or over the telephone. But with every new circumstance we are often presented with challenges that require innovation and creative solutions to overcome these challenges.


One thing the dawn of Covid-19 has taught us is that if you are not agile it is difficult for you to react in the best interest of your business and therefore your Clients. Another lesson is that it is important to recognise challenges as an opportunity to do better, to do things differently and to still meet your vision. Whether that vision is cultivating a lifelong relationship with your Clients or whether it is to produce products and services that meet a specific need.


“For us at Capital Legacy it is meeting the needs of our Clients, at the time of death. Whether this is providing them with a solution to meet the financial needs of their family at the time of their death or whether it is to make sure that the Will they sign during lockdown will be the Will that is honoured should they pass away while we are still in lockdown,” comments Alex Simeonides, CEO of Wills and estate administration company, Capital Legacy.


Legislation requires a Last Will and Testament be printed and have an original, wet signature of the Testator or Testatrix, as well as those of two independent witnesses. We have all read the recent articles on how this is a challenge in South Africa. The pertinent question now is: “What’s the solution?”.


Simeonides says one solution is to provide an additional declaration stating that you have signed your Will either digitally or in original format but without the required independent witnesses due to special circumstances that do not allow you to have it witnessed.


Should you pass away, this then allows the executor of your estate to petition the High Court to accept the latest version as your Last Will and Testament. By petitioning the High Court to accept a Will that has been signed during Lockdown and that does not meet the signing requirement, it will allow the executor to still honour a client’s wishes, despite the challenges of Lockdown.

Simeonides comments on the practicality of this approach and says that “Due to our unique approach to business, relying on a model of indemnification and integration, we have been able to enhance the cover for all our premium-paying Clients by boosting their Estate Overheads Protector benefit by R30 000, at no cost to them, to meet this financial need. Being agile allows us to meet our vision of providing Wills to everyone and also ensures that their beneficiaries inherit swiftly and affordably as the legal expense for petitioning the High Court to accept their Will as signed during Lockdown is met, guarding their loved ones and their estates against this expense.”


It is imperative that Clients feel secure that the solutions presented to them are the best. They need to trust the judgment of their financial advisor – even during a time when uncertainty prevails. The advice rendered to clients regarding their estate planning – their Will, investments, and how current circumstances will affect their futures should be something that instils trust. Lockdown has presented everyone with the challenge to do things differently and guarding the legacies of clients and instilling trust contributes to cultivating a long-term relationship.

 
Source: FTI Consulting
 
« Back to previous page Print this page » |
 

Breaking News »

Lloyd’s presents solutions for global industry and government partnerships

Lloyd’s presents solutions for global industry and government partnerships to fast-track societal and economic COVID-19 recovery Open-source frameworks provide blueprint for better protecting society ...
Read More »

  

Insurance Gateway Launches Virtual Offices

Insurance Gateway developed a new way of connecting brokers to their clients. This new platform will launch 1 July 2020 and I would like to invite you to have a look. To view our offices please click the link below ...
Read More »

  

Norton Rose Fulbright’s Insurance Comic Book

It is never fun having to reject a claim but we have found a fun way to learn how to do it fairly. As the brainchild of who else but Donald Dinnie, director at global law firm Norton Rose Fulbright, for ...
Read More »

  

SAIA Appoints Ms Pamela Ramagaga as General Manager: Insurance Risks

It is with great pleasure to announce to you that the South African Insurance Association (SAIA) has appointed Ms Pamela Ramagaga to the position of General Manager: Insurance Risks effective 1 June 2020. Ms ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Retirement »

Image

Short-term »

Advertise Here
Image
Image
Advertise Here

From The Glossary »

Icon

Surrender:

Returning a life insurance policy to the issuing life office for cancellation, prior to its maturity date or the death of the life insured, in return for the payment of its surrender value.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2020. All Rights Reserved.