Wills and estate planning are the focus of this edition of the Business Day Spotlight podcast.
Our host Mudiwa Gavaza is joined by Zale Hechter, CEO of Cliqtech, a firm that operates estate planning platform SmartWill.
National Wills Week, taking place from September 13-17 is aimed at educating South Africans about the risks of not having a valid will in place and highlighting the benefits of proper financial planning.
According to data from the Master’s Office, which administers estates of deceased and insolvent people, 70% of South Africans don’t have a will in place.
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Hechter says every year, billions of rand go unclaimed in SA because family members are not aware of policies and investments of a deceased relative. There are many reasons why this is the case, he says, such as a lack of a valid will, an outdated will, a poorly drafted will or a simple mistake such as a beneficiary signing as a witness.
Taking us through his own journey in the industry, Hechter explains the importance of having a valid will and how technology can help to close the gap.
Topics of discussion include: the rationale behind National Wills Week; SmartWill’s business model; the state of wills in SA; reasons why South Africans generally don’t have wills in place; the cost of administering an estate; and how technology is being used in the industry.
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• Business Day Spotlight is a MultimediaLIVE production.
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