Don’t have your Nedbank ID yet?
Nedbank ID single sign-on gives you full digital access to Nedbank’s banking and lifestyle products and services on the Money app or Online Banking.
Log in
Log in to Online Banking or another one of our secured services.
Bank your way with low fees and extra benefits.
Enjoy 55 days’ interest free credit and other benefits.
Affordable loans and interest rates from R2k to R300k.
Buy or build your home with up to 109% financing to cover bond and transfer costs.
Debt management support when you need it the most.
Cover for you and your family in the event of death.
Car, building, house contents, valuables and more.
Bond, credit card, overdraft, loan and car repayments.
Guaranteed income and growth plans for future income.
Achieve your financial goals with expert planning.
We’ll help manage your assets, debts and estate planning.
Accounts
-
Everyday banking Simpler more affordable
-
Kids accounts For children under 16
-
Youth banking For 16 to 26 year olds
-
Seniors accounts For 55 years and older
-
Private Clients Personalised banking services
-
Private Wealth The globally integrated account
-
Digital wallet Your phone is your bank account
Credit cards
Greenbacks
Digital banking
Switch to Nedbank
Fraud awareness
Forex
Accounts
-
On demand Money available at any time
-
In 24 hours Cash in your hand the next day
-
In 32 days Funds ready within a month
-
End of term Investments left until maturity
Investment services
Share trading
Personal loans
Home loans
-
Buy With you from search to purchase
-
Build Bring your dream home to life
-
Switch Move your home loan to us
-
Manage All the value-adds, 24/7
-
Further lending Flexible and affordable solutions
Overdrafts
Vehicle finance
Solar finance
Debt assistance
- Consolidate all your debts into a simple loan | Nedbank
- Short-term payment relief | Nedbank
- Take charge and restructure your finances | Nedbank
- Assisted-sales solutions for homes and vehicles | Nedbank
- Flexible payment plans for loans and credit | Nedbank
- Understanding how repo rate works | Nedbank
- We have payment solutions to get you back on track
Funeral cover
Short term insurance
Credit Life
Travel insurance
Business cover
Secure investments
Financial planning
Estate, wills & trust services
Nedbank Private Wealth
Speak to a financial adviser
Blog
Talk to us
Find us
- Login & Register
- Online Banking
- Online Share Trading
- NetBank Business
- NedFleet
- Nedbank Greenbacks
- Nedgroup Investments
- Nedbank ID
- Bank
- Accounts
- Credit cards
- Greenbacks
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Explore Bank
- Accounts
- Everyday banking
- Kids accounts
- Youth banking
- Seniors accounts
- Private Clients
- Private Wealth
- Digital wallet
- See all accounts
- Premium banking
- Get help choosing
- Goal saving
- Family Banking
- Foreign nationals
- FAQ
- How-to guides
- Discontinued accounts
- Everyday banking
- MiGoals Premium
- MiGoals Plus
- MiGoals
- Kids accounts
- MiGoals4Kids
- Youth banking
- MiGoals Premium
- MiGoals
- MiGoals Plus
- Seniors accounts
- MiGoals Premium Senior
- MiGoals Plus
- Private Clients
- Pay-as-you-use
- Young Professionals
- Private Bundle and Private One
- Private Wealth
- Private Wealth Bundle
- Digital wallet
- MobiMoney
- American Express
- Amex Gold
- Amex Platinum
- Greenbacks
- Exclusive discounts
- FAQ
- How-to guides
- Digital banking
- Switch to Nedbank
- Fraud awareness
- Forex
- Save & Invest
- Accounts
- Investment services
- Share trading
- Explore Save & Invest
- In 24 hours
- JustInvest
- PlatinumInvest
- Tax-free Savings
- MoneyTrader
- EasyAccess Fixed Deposit
- PrimeSelect
- In 32 days
- Electronic 32Day Notice
- 32Day Notice
- End of term
- Tax-free Fixed Deposit
- Electronic Fixed Deposit
- Electronic Optimum Plus
- Platinum Fixed Deposit
- Fixed Deposit
- OptimumPlus
- Investment services
- Share trading
- Borrow
- Personal loans
- Home loans
- Student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Debt assistance
- Explore Borrow
- Personal loans
- Loan consolidation
- Personal loans
- Home improvement loan
- Exclusive short-term loan offers
- Explore loans
- FAQ
- How to guides
- Loan consolidation
- Personal loans
- Home improvement loan
- Exclusive short-term loan offers
- Home loans
- Buy
- Build
- Switch
- Manage
- Further lending
- Explore home loans
- Request a call back
- Track application
- FAQ
- How to guides
- Buy
- Explore buy
- First time home buyer
- Repeat buyer
- Renewable energy financing
- HomeVision
- Home-buying Toolkit
- Edge properties
- Repossessed properties
- Switch
- Explore switch
- Further lending
- Explore further lending
- Student loans
- Explore student loans
- Overdrafts
- Vehicle finance
- Solar finance
- Debt assistance
- Consolidate all your debts into a simple loan | Nedbank
- Short-term payment relief | Nedbank
- Take charge and restructure your finances | Nedbank
- Assisted-sales solutions for homes and vehicles | Nedbank
- Flexible payment plans for loans and credit | Nedbank
- Understanding how repo rate works | Nedbank
- We have payment solutions to get you back on track
- Consolidate all your debts into a simple loan | Nedbank
- Short-term payment relief | Nedbank
- Take charge and restructure your finances | Nedbank
- Assisted-sales solutions for homes and vehicles | Nedbank
- Flexible payment plans for loans and credit | Nedbank
- Understanding how repo rate works | Nedbank
- We have payment solutions to get you back on track
- Insure
- Life cover
- Funeral cover
- Short term insurance
- Credit Life
- Travel insurance
- Business cover
- Secure investments
- Explore Insure
- Life cover
- Get a call back
- Explore MyCover life
- Funeral cover
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Get a call back
- Explore MyCover Funeral
- Individual R10,000
- Individual R30,000
- Family Cover
- Build your own cover
- Short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Alternative energy insurance
- Legal expenses | Nedbank Insurance
- Get a call back
- Explore MyCover short term insurance
- Vehicle insurance
- Building insurance
- House contents insurance
- Valuables insurance
- Alternative energy insurance
- Legal expenses | Nedbank Insurance
- Credit Life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Get a call back
- Explore credit life
- Home loan credit life
- MFC Vehicle Finance Assurance
- Overdraft Assurance
- Balance Protection Plan
- Personal loan Assurance
- Travel insurance
- Business cover
- Secure investments
- Guaranteed Growth Income Plan
- Guaranteed Growth Plan
- Get a call back
- Explore MyCover Funeral
- Guaranteed Growth Income Plan
- Guaranteed Growth Plan
- Plan
- Financial planning
- Estate, wills & trust services
- Nedbank Private Wealth
- Speak to a financial adviser
- Explore Plan
- Financial planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Investment planning
- Insurance planning
- Give
- Retirement planning
- Estate, wills & trust services
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Will drafting
- Ensure your estate is managed by an executor | Nedbank
- Trust services
- Financial accounting
- Tax services
- Leave the admin of your estate to us, and not to your loved ones | Nedbank
- Nedbank Private Wealth
- Speak to a financial adviser
- Learn
- Blog
- Explore Learn
- Blog
- A financial adviser can help you plan your future
- Everything you need to know about student loans
- A financial adviser can help you plan your future
- Everything you need to know about student loans
- Contact us
- Talk to us
- Find us
- Explore Contact us
- Talk to us
- Find us
Estate planning matters: Why you must have a will
Estate planning matters: Why you must have a will
Staff writer
Posted 23/05/2023 Updated 12/02/2024 3 mins
You owe it to those you love to put proper estate planning in place.
Many people think that estate planning is for the wealthy or those who are fast approaching retirement. In some cultures, it’s even taboo to speak of when you will no longer be around, but in fact it’s an empowering rite of passage that protects you and those who matter to you. Once you appreciate the benefits of estate planning, you’ll no doubt agree that you should consider it now, rather than later.
Estate planning is more than just signing a will. It’s a process to make sure that your assets are managed correctly and will be shared fairly among the people you care for, after your outstanding financial commitments have been settled. Your estate refers to all assets that have financial value, like property, cars, investments and your personal belongings.
Do you need a will?
Yes. A last will and testament is one of the most important documents you’ll ever sign. If you’re over the age of 16, you’re eligible to create a will and detail how you’d like your belongings to be distributed. It allows your family to grieve without worrying about the division of your estate, which can sometimes lead to ugly feuds. Your will allows you to have the final say on everything from how your funeral should be conducted to the distribution of your assets.
You can craft your will to:
- protect the inheritance of an heir by way of a testamentary trust,
- nominate a guardian for any of your children under 18 years of age,
- nominate an executor or executors to attend to the administration of your estate according to your will, and
- nominate a trustee or trustees to be responsible for administering any trusts on behalf of the beneficiaries according to a legal agreement.
A will does not override the beneficiary nominations on policies like life insurance, investments and retirement annuities. Choose these beneficiaries and the beneficiaries of the rest of your estate carefully, to include all those you want to be taken care of in the event of your death.
Dying without a will, called dying intestate, can be traumatic for those you leave behind
Estate planning is not a one-and-done exercise. It requires you to take stock of your life regularly and stipulate any changes to your wishes. After major life events like a break-up with a long-term partner or the death of a relative, you should reassess the beneficiaries named in your will and your insurance policies and make changes where necessary.
What are the costs of creating a will?
Most financial service providers and attorneys will be happy to draft your will in accordance with your wishes for free, on condition that they are named the executors of your estate, which allows them to claim a percentage of the estate as a fee. Nedbank offers will drafting and safe custody services for all clients, and Nedgroup Trust will execute the estate so your loved ones can mourn your passing without the anxiety of administration and red tape.
Of course, you can also get an expert to draft your will and name an executor of your choosing, but in that case, you will generally pay a fee.
The advantage of having your will drafted by a professional is the expertise they bring to the process, even while you’re still alive. By managing your assets optimally across a variety of financial instruments, for example, your financial adviser can structure your estate legally to reduce the tax owed upon your death and leave more for your heirs. And because our estate planning consultants are experts in this area, they know exactly what steps to take when executing a will and completing the paperwork.
What happens if you die without a will?
Dying without a will, called dying intestate, can be traumatic for those you leave behind. Your estate will be administered according to the Intestate Succession Act 81 of 1987. It will be divided among your surviving spouse (if you were married), your children, parents and siblings according to a set formula and in a specific order of preference.
According to the law, your surviving spouse may rank higher in the order of preference than your parents or your children. This is another strong motivation to make a will. If you wish to leave specific items or amounts to loved ones or organisations, your will should name these bequests explicitly.
If you’re ready to draft a will or want to know more about estate planning, chat to an experienced Nedbank professional by calling 021 416 6000 or send an email to NGTS@nedbank.co.za
Learn more with the free estate-planning course on MoneyEDGE.