When we talk about wealth, we often focus on how to grow it, invest it, and protect it. But real financial planning isn’t just about numbers—it’s about what those numbers allow us to do. Money is a tool, not a destination. The true measure of financial success is how well it supports the life we want to live and the legacy we want to leave behind, that’s how we at Bespoke Financial Services talk about wealth.
For this reason, estate planning is one of those topics that we encourage our clients to engage with as early as possible. It forces us to confront the inevitable and, for many, whilst this feels like something to deal with later… later has a habit of sneaking up on us.
So, having these conversations as early as possible is deeply beneficial to supporting the life we want to live, and the legacy we wish to leave behind.
A well-thought-out estate plan has the added benefit of helping us reduce the tax burden that always accompanies the accumulation and transfer of assets. Ultimately, it’s about ensuring your wealth continues to work for the people and causes you care about, even after you're gone. It’s then not just about what our money enables us to do, it’s what it enables others to do.
The cost of overlooking the details
One of the simplest yet most costly mistakes in estate planning is failing to account for estate duty exemptions properly. Right now (at the time of writing), here’s what you need to know about estate duty in South Africa:
No Estate Duty Between Spouses – If you leave your entire estate to your spouse, there’s no estate duty payable. Your wealth transfers tax-free.
R3,500,000 Exemption for Other Beneficiaries – If your estate passes to anyone other than your spouse or a registered charity, the first R3,500,000 is exempt from estate duty.
The Double Exemption Rule – If your spouse passed away and didn’t use their R3,500,000 exemption, your estate may qualify for an exemption of R7,000,000. This is a massive opportunity to reduce the tax burden on your heirs.
Documentation is Critical – To secure this double exemption, you need a stamped copy of your deceased spouse’s liquidation and distribution account. Without this document, your estate could be liable for an unnecessary R700,000 in estate duty!
It’s a simple administrative step, but it can mean substantial savings for your beneficiaries. The key is being intentional and organised about all areas of your financial planning; missing these details could mean the difference between leaving a gift or leaving a tax bill.
(For up-to-date estate duty regulations, please contact me. Tax laws change, and I’d rather we plan with the right information than leave it to chance.)
Too often, we assume that accumulating more wealth automatically leads to greater security or happiness. Yet, without clarity on what we truly want to achieve with our wealth, we risk making decisions that are financially optimal but emotionally hollow.
Ask yourself:
What do I want my wealth to do?
Who should it benefit, and how?
How can I structure my financial plan to reflect my values?
Some people want their wealth to fund education for future generations. Others see it as a way to support charitable causes or to empower family members in meaningful ways. Whatever your vision, estate planning is about translating that vision into an actionable strategy.
At Bespoke Financial Services, we don’t just help clients manage numbers—we help them align their financial plans with their lives. Estate planning isn’t about ticking boxes; it’s about ensuring that your wealth continues to support what matters most to you.
After all, wealth is most powerful when it’s purposeful.
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If your current estate plan is just a list of assets and beneficiaries, let’s change that. Let’s craft a plan that not only secures your financial legacy but also ensures your wealth is a reflection of your values.
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