Loading...
News Updates:



Over 50% of our active Wills were drafted by female customers, reveals FNB

Over 50% of our active Wills were drafted by female customers, reveals FNB
04-09-24 / Chris Smit

Over 50% of our active Wills were drafted by female customers, reveals FNB

Johannesburg - Women have made notable gains in terms of wealth and financial equality over the past couple of years. While earning and being financially independent is indispensable for today’s working women, managing one’s finances to not only grow but retain and seamlessly transfer your wealth to your loved ones when you’re gone has become just as important.  

This reality is corroborated by FNB's insights, which reveal that over half (51%) of FNB’s valid and active Wills sit with women, with 89% opting for single Wills and only 11% opting for joint Wills over the past 12 months.  

Karen McMurray Product Manager, FNB Fiduciary, explains that “It remains largely encouraging to see women take the reins of their financial and legacy planning matters into their hands, more so as women are increasingly assuming the role of steering the course of their families’ financial futures. This is supported by the Stats SA’s General Household Survey view that found that nearly 40% of South African households are financially led by women,” 

McMurray adds that, “Estate planning remains a crucial aspect of financial preparedness when it comes to protecting loved ones and preserving their financial wellbeing and future. The importance of a Will cannot be emphasized enough and given the current environment that we are in, updating or drafting your Will should be a priority.  It's essential to consider all the practical implications of not only the provisions in your Will but also the format in which your Will is drafted.”  

Furthermore, FNB also noted that of the customers that have taken up the Estate Protector benefit since inception, 63% of them are women. The benefit covers costs associated with the administration of their deceased estate. The benefit is also used to settle the customer’s Executor’s fees and any costs associated with the administration of one’s deceased estate.  

“We’re extremely pleased with the take-up of this solution to date, as one of the common challenges that we’ve always seen with our customers is the lack of liquidity in their estate to cover any outstanding debt and admin related fees to wrap up their estate. Through the Estate Protector benefit, the proceeds will be used to settle these costs and fees. In addition, any funds that remain after settling the Executor’s fees and any additional costs such as testamentary trust set-up fees, valuation fees, and costs incurred in the transfer of property from the estate to the beneficiaries will be paid to the Deceased estate and will form part of the estate assets.  

In addition, if one takes out the Estate Protector policy and have a signed Will kept in FNB’s custody and has appointed the bank as their Executor, they will enjoy a 30% discount on their Executor’s fees, “adds Cornel Basson, Product Head, FNB Insure.  

To help people get an accurate view of whether their estate is in a good financial position to cover these costs and debts, ‘My Will and Legacy’ on the FNB App provides customers with the option of receiving a detailed liquidity assessment once you’ve created your Will, which provides an estimate of the financial obligations associated with administering your estate.  

“The truth of the matter is that when you know better, you can do better. It’s preferable for people to be made aware of possible shortfalls rather than have their loved ones discover it after they are gone. Possible solutions include taking up the Estate Protector benefit as a stand-alone product or with an FNB Life Customised policy as an added benefit to avoid situations where your assets need to be sold to unlock cash,” adds Basson. 

“One often overlooked aspect of financial planning, is the importance of ensuring that your legacy planning is supported by sufficient insurance cover for your estate, which will ensure that your loved ones are protected from any lingering debt, and that your assets are distributed according to your wishes after you pass away.  Most of us find it hard to have open conversations with family members about our last wishes, but it is hugely important to do so.  

When the time comes, an up to date and valid Will – together with a completed personal inventory – will enable the smooth transfer of your assets in accordance with your last wishes. What takes a bit of time and effort now, and possibly a few uneasy conversations over dinner, will greatly reduce the anxiety and stress placed on your loved ones in the future” concludes McMurray. 

Leave a Comment