At Parity Wealth Managers, our commitment has always been to ensure that you and your family are protected, not only today, but for generations to come. With that in mind, we are proud to announce our our new division within the Parity Group of Companies – Mi Family Office- a boutique family office and fiduciary department dedicated to serving individuals and families with the care, confidentiality, and sophistication their legacies deserve.
ABOUT MI FAMILY OFFICE
Mi Family Office provides an integrated, personalised suite of fiduciary and legacy services. Spanning estate planning, Will drafting, deceased estate administration, succession planning, and local and offshore structuring, including the incorporation of local trusts and the provision of independent trustee services. Mi Family Office operates with a genuine family-first philosophy: every client is known by name, every matter is handled with discretion, and every plan is built around what matters most to you.
Through this new offering, Parity Wealth Managers clients will have privileged access to Mi Family Office’s expertise – ensuring that your financial protection and your legacy planning work seamlessly together.
THE IMPORTANCE OF HAVING A VALID AND UPDATED LAST WILL & TESTAMENT
The reality is this: the absence of a plan is in itself a plan — just often not the one you would have chosen. One of the most common issues we see as Wealth Managers is clients not having a valid and updated Last Will and Testament in place. Without one, your assets, wishes, and legacy may not be dealt with as intended.
As part of our integrated service offering, we are pleased to now offer in-house estate planning and Will-drafting assistance through our team of professionals at Mi Family Office, helping ensure that your affairs are properly structured and that your loved ones are protected in accordance with your wishes.
One of the most important and most overlooked aspects of estate planning is the appointment of the right individuals to carry out your wishes:
- A valid Last Will and Testament ensures that your assets are distributed according to your wishes and not according to the default rules of intestate succession. Without a valid Will, the law determines who inherits your estate, which may not reflect your intentions.
- It allows you to appoint trusted executors, guardians for minor children, and trustees where necessary, ensuring that the right people are responsible for managing your affairs and protecting your family’s interests after your passing.
- A properly drafted Will can significantly reduce delays, administrative complications, and unnecessary stress for your loved ones during an already emotional time. Estates without valid Wills often take longer to finalise and can lead to family disputes.
- A valid Will forms an important part of effective estate and tax planning. Proper structuring can help improve liquidity, provide certainty around offshore and local assets, and potentially reduce unnecessary estate costs and taxes.
- Your personal, financial, and family circumstances change over time. Keeping a valid and updated Will ensures that major life events — such as marriage, divorce, children, business interests, or offshore investments — are properly catered for and aligned with your current wishes.
Reviewing your Last Will and Testament regularly, particularly after major life events such as marriage, divorce, the birth of a child, or a significant change in assets, is not optional; it is essential. An outdated Will can create unintended consequences, administrative complications, and outcomes that no longer reflect your current wishes or family circumstances.
YOUR INSURANCE POLICY & YOUR ESTATE – ARE THEY ALIGNED?
Many South Africans hold life insurance policies without ever considering how those policies interact with their estate. This oversight can have serious and often irreversible consequences:
- Incorrect or outdated beneficiary nominations can result in your policy proceeds being paid into your estate, exposing them to executor’s fees, estate duty, and lengthy delays.
- Policies without a nominated beneficiary, or with a deceased beneficiary, may be wound up through the Master of the High Court — a process that can take months or even years, potentially leaving your family without the funds they urgently need.
- Without a valid, up to date will, South Africa’s law of intestate succession determines how your assets are distributed — and the outcome may be very different from your wishes.
- Business interests and offshore assets not properly reflected in your estate plan can result in unintended tax consequences and family disputes.
TAKE THE FIRST STEP
Through our new division and partnership with Mi Family Office, we are offering Parity Wealth Managers clients to engage in estate planning last Will and Testament consultation – a confidential, no-obligation conversation to assess where you stand and what steps, if any, need to be taken.
To arrange your consultation, please reach out to your appointed Wealth Manager to arrange an introduction.
Your legacy is too important to leave to chance. Let’s make sure it’s in the right hands.
Warm regards,
Parity Wealth Managers | Mi Family Office
