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Benjamin Franklin said that “in this world, nothing can be said to be certain, except death and taxes”. This quote applies to most countries, as it does to South Africa. Death and taxes go together in the form of inheritance tax. Personal tax is levied on the income that a deceased person received before their death in the current tax year, whereas inheritance taxes are levied on what they leave behind in their Will in the form of estate duty.

The cost of living is increasing. The future is uncertain, and many times people don’t have a plan in place. It can be a costly mistake. Some try to prepare for the future with savings alone, but the return on savings accounts is often below the inflation rate.