A will
or a "last will and testament"
is a document in which you describe exactly what you want to happen to your goods and assets
after you die
. To be valid
, a will has to be drawn up correctly and you and two witnesses
must sign it at the same time.
Your will is part of your overall financial management plan.
If die intestate
(without a valid will), your assets can go to the wrong people - and the process can take ages. A clear and practical will ensures that your assets are distributed quickly and according to your wishes after your death. It is best to have it drawn up professionally
. A lawyer can do it, or your insurance company, your bank, or a trust company. You must stipulate an executor
, which, in the case of a very simple estate, could be a family member.
The purpose of a trust
is to provide security
for your dependents. A trust can own property receive donations and inherit money from your estate when you die. What makes a trust so secure is the fact that its decisions are taken by the trustees you appoint when you create it.
There are basically two kinds of trust:
- An "inter vivos" (living) trust
, created while you are still alive.
- A testamentary trust
, created after your death in terms of instructions in your will.
Whichever type you choose, a trust protects the interests of your dependants. If you think a trust could benefit your broader financial plan, talk it over with your financial adviser, bank or lawyer.
The role of a credit bureau
Credit bureaux are companies that keep a record of all consumers who use credit, as well as details of their credit history. The credit bureau provides this information to assist companies to decide who gets credit. A good credit record
is an asset as it reassures the company that you are a good credit risk. However, if you have had a judgment
against you for money you owe or you have been declared insolvent
, this will be on your record too.
If you have been blacklisted
by a credit bureau, get a copy of your credit profile
from ITC (0861 482 482) or Experian (0861 105 655) so that you can see what caused this. (You will be charged a small fee.) If there is something on your profile that is incorrect or that you disagree with, the credit bureau will make a note of your comments and investigate the matter with you.
Once the investigation is complete, any information that is incorrect or under dispute will be rectified on your profile.
If you are not satisfied with the assistance given to you at a credit bureau, you have the right to complain to the Credit Information Ombud
. The ombud will be able to tell you what steps you can take to have your name cleared, and how long it will take.
Contact details
of the Credit Information Ombud
- Telephone: 0861 662 837 or email: