Some advice needed second marriage

G

genelock

Banned
Joined
May 25, 2017
Messages
2,667
Reaction score
37
Recently I had somewhat of an awakening with things I've neglected over the years, and just in general getting back to life. Therapy infant stage at the moment for another issue but it serves more purpose than one could/would expect

shall try to keep this short-

1. Second marriage 8 years (married out of community of property and I found this out today only) IS THIS A GOOD THING? ANY BENEFITS OTHER THAN YOURS IS YOURS?

2. I have no Will ; MY SO IS NOT MY CHILD'S MOTHER. HOW DO I CHOOSE WHAT TO PASS DOWN TO WHO?

3. Pension Fund has no beneficiaries ; SAME PROBLEM AS ABOVE

4. Retirement Annuity with A. GRAY. I FORGOT THAT I HAD THIS. IT'S BEEN FROZEN FOR I DON'T KNOW 6YEARS MAYBE. SHOULD I GET IT GOING AGAIN AT ALLAN GRAY OR START ANOTHER WITH SOMEONE ELSE?

Lawyers scare me

Any advice on these issues would be appreciated
 
Hi, speak to your nearest Efficient Wealth Financial Advisor. They will be in a position to answer and assist with all above Q.
 
genelock said:
1. Second marriage 8 years (married out of community of property and I found this out today only) IS THIS A GOOD THING? ANY BENEFITS OTHER THAN YOURS IS YOURS?
Click to expand...

Married outside of community of property has other benefits like, and I speak under correction so consult with a professional:

* Should your spouse declare bankruptcy your assets cannot be attached/claimed

* Should your spouse die your bank accounts won't be frozen while the estate is being settled

There's probably a whole lot more to it though.
 
Hamster said:
Married outside of community of property has other benefits like, and I speak under correction so consult with a professional:

* Should your spouse declare bankruptcy your assets cannot be attached/claimed

* Should your spouse die your bank accounts won't be frozen while the estate is being settled

There's probably a whole lot more to it though.
Click to expand...

My parents were advised to get another account for this exact reason
 
Hamster said:
Married outside of community of property has other benefits like, and I speak under correction so consult with a professional:

* Should your spouse declare bankruptcy your assets cannot be attached/claimed

* Should your spouse die your bank accounts won't be frozen while the estate is being settled

There's probably a whole lot more to it though.
Click to expand...
Pretty much this. Separate estates so separate liabilities.

I am more interested in finding out how OP didn't know his matrimonial property regime though, especially since it's out of cop. The default is in cop, so op must have signed an antenuptial contract, right?
 
genelock said:
2. I have no Will ; MY SO IS NOT MY CHILD'S MOTHER. HOW DO I CHOOSE WHAT TO PASS DOWN TO WHO?

3. Pension Fund has no beneficiaries ; SAME PROBLEM AS ABOVE

4. Retirement Annuity with A. GRAY. I FORGOT THAT I HAD THIS. IT'S BEEN FROZEN FOR I DON'T KNOW 6YEARS MAYBE. SHOULD I GET IT GOING AGAIN AT ALLAN GRAY OR START ANOTHER WITH SOMEONE ELSE?

Lawyers scare me

Any advice on these issues would be appreciated
Click to expand...

2. Draft a will.
3. Nominate beneficiaries.
4. Allan Gray is a good company, but I can't speak to the particular funds you are invested in.

Lawyers scare me too buddy.
 
Eti1 said:
I am more interested in finding out how OP didn't know his matrimonial property regime though, especially since it's out of cop. The default is in cop, so op must have signed an antenuptial contract, right?
Click to expand...

Yes I did. Your next question will be, so how could you not have known?
My answer; No idea. I didn't know what ANTENUPTIAL means even.
This is hard to explain, my life is one big misty memory
 
pinball wizard said:
So are you twelve stepping now? How many meetings a week you making? Is your sponsor the right person for you?
Click to expand...
Meaning no disrespect but don't feel like elaborating on this
My only mission at this point is getting my house in order, for my family first and then me.
 
Eti1 said:
2. Draft a will.
3. Nominate beneficiaries.
4. Allan Gray is a good company, but I can't speak to the particular funds you are invested in.

Lawyers scare me too buddy.
Click to expand...


+1 on all points
 
Can't give advice on 1.

2. Discuss with your SO, obviously you want your child taken care of and also your SO. Then there's the childs mother, not sure what your relationship is like with her.
Then draft a will, for goodness sake please don't leave it with a bank or make a bank the executor. Make your SO the executor if she is willing, or a good friend, a brother/sister. Make sure that the will has a date and that you and 2 indapendant widnesses sign it. Leave the will in your house or with the executor, but also make sure your SO and maybe some other family know where it's stored. Maybe also a good idea to have a copy with someone else.
Set out things clearly so that there's no confusion later. For example don't write "I leave X to my child and Y to my wife".
Write "I leave X to my Child: John Smith ID: 000000123, I leave Y to my wife: Anne Smith ID 000000345."
Also remember to update this if there's more children later, until around 3 years ago only my sister was in my parents will, they totally forgot to update it after my arrival and only did so 25 years later.

3. Same as above, discuss with your SO and nominate beneficiaries with the pension fund.

4. Depending on the size of your contribution with your current fund, maybe get your AG one going again and get your contribution as close as possible to 27.5%, remember to also nominate beneficiaries for this one.

If you don't trust your childs mother to take care of your child with the money you leave behind and same with your SO, then it's maybe best to set up a trust, there are a lot of tax implications so for this one get professional advice.
 
bigboy529 said:
Can't give advice on 1.

2. Discuss with your SO, obviously you want your child taken care of and also your SO. Then there's the childs mother, not sure what your relationship is like with her.
Then draft a will, for goodness sake please don't leave it with a bank or make a bank the executor. Make your SO the executor if she is willing, or a good friend, a brother/sister. Make sure that the will has a date and that you and 2 indapendant widnesses sign it. Leave the will in your house or with the executor, but also make sure your SO and maybe some other family know where it's stored. Maybe also a good idea to have a copy with someone else.
Set out things clearly so that there's no confusion later. For example don't write "I leave X to my child and Y to my wife".
Write "I leave X to my Child: John Smith ID: 000000123, I leave Y to my wife: Anne Smith ID 000000345."
Also remember to update this if there's more children later, until around 3 years ago only my sister was in my parents will, they totally forgot to update it after my arrival and only did so 25 years later.

3. Same as above, discuss with your SO and nominate beneficiaries with the pension fund.

4. Depending on the size of your contribution with your current fund, maybe get your AG one going again and get your contribution as close as possible to 27.5%, remember to also nominate beneficiaries for this one.

If you don't trust your childs mother to take care of your child with the money you leave behind and same with your SO, then it's maybe best to set up a trust, there are a lot of tax implications so for this one get professional advice.
Click to expand...

Thank you for taking personal time in writing this very helpful post to me.
I didn't know you can draw up your own will like this.
Hopefully I can find a template somewhere.
Thank you again
 
In addition to the above, find out exactly what's in your current antenuptial agreement - is it with accrual or not, what are the exclusions etc?
 
genelock said:
Thank you for taking personal time in writing this very helpful post to me.
I didn't know you can draw up your own will like this.
Hopefully I can find a template somewhere.
Thank you again
Click to expand...

If you bank with FNB, find out from them if they can help you draft a will. You get extra eBucks for it and it's free. You just tell them what you want to do and they do all the lawyer mumbo jumbo for you / keep it in a safe place
 
halfmoonforever said:
If you bank with FNB, find out from them if they can help you draft a will. You get extra eBucks for it and it's free. You just tell them what you want to do and they do all the lawyer mumbo jumbo for you / keep it in a safe place
Click to expand...

And they take quite a sizeable cut as they play the Executor role should you die.
 
You must log in or register to reply here.
Back
Top
Sign up to the MyBroadband newsletter
X