Know Your Money with Bronwyn Waner and Craig Finch

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Death comes for us all, but the administrative nightmare that follows doesn't have to haunt your loved ones for years. In this eye-opening episode of Know Your Money, we sit down with Jakes, a candidate attorney who shares his ongoing six-year battle to settle his father's estate—a cautionary tale that might just save your family from similar anguish.

Jake walks us through the cascading problems caused by his father's 30-year-old will. When his father passed away in 2019, what should have been a straightforward process became an administrative labyrinth. With parents who had divorced, remarried, and divorced again, the outdated will left the family vulnerable to legal complications that continue to this day in 2025.

The story takes a particularly troubling turn when Jakes describes the bank's role as executor. After initially denying possession of the will, they later demanded substantial upfront fees before beginning their duties. We explore the shocking moment when Jake's family couldn't access funds for the funeral despite his father having arranged payment before his death, forcing them to postpone the burial. After two years of difficulties, the bank resigned as executor, leaving the family in legal limbo.

Property complications, unexpected tax liabilities, and mounting costs add layers of complexity to Jake's story. His professional legal insight makes this more than just a personal tragedy—it's a masterclass in what can go wrong when estate planning is neglected. Before you dismiss updating your will as something that can wait, listen to this episode and reconsider. Your family's peace of mind might depend on it. Share this episode with someone whose future decisions could be transformed by Jake's powerful testimony.

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What happens when life's busy pace means you never get around to making that will? Attorney Jakes Myberg from Waks Attorneys explains the often complicated reality of dying "intestate" - without a valid will - and why it matters more than you might think.

When someone dies without a will in South Africa, three key pieces of legislation take control: the Interstate Succession Act, the Administration of Deceased Estates Act, and the Estate Duty Act. Together, these determine who gets what from your estate - and it's rarely as straightforward as people expect. Your marital status becomes particularly crucial - those married in community of property will see half their estate automatically go to their spouse, but the remaining assets follow a formula that divides inheritance between spouse and children according to precise calculations.

The consequences for families can be significant. Minor children's inheritance must go to the Guardian's Fund, a government-managed account that holds money until they turn 18. While this protects the funds, accessing money for legitimate needs involves bureaucracy, and the administration is often inefficient due to high volumes. After 30 years, unclaimed funds revert to the state - a sobering thought for those who assume their assets will automatically reach the right hands.

Estate duty implications apply whether you have a will or not (with the first R3.5 million exempt), but spouses can effectively transfer assets between them tax-free, potentially preserving more wealth for heirs. Without proper planning, these opportunities may be missed. Even more concerning is what happens with insolvent estates or when financial institutions act as executors, often prioritizing their fees over efficient administration.

The message is clear - creating a valid will isn't just about distributing assets; it's about protecting loved ones from unnecessary complications during an already difficult time. Don't leave your family's future to chance when a simple document can provide clarity and control over your legacy.

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What happens to your money when you die? Most people don't realize that upon death, bank accounts are frozen, property transfers take time, and assets remain locked for on average a minimum of six months while the complex estate administration process unfolds. This eye-opening conversation with Jakes Myburgh from Waks Attorneys reveals the critical importance of having a properly executed will and understanding the estate administration process.

Jakes walks us through the legal requirements for a valid will according to the Wills Act - it must be in writing, signed by the testator (who must be at least 16 years old), and witnessed by two people (at least 14 years old). We explore the vital role of executors who oversee estate administration, charging a 3.5% fee plus VAT on the total estate value, and why appointing the right executor matters more than most realize.

The discussion takes a fascinating turn when we unpack the actual mechanics of what happens after death - from the mandatory reporting to the Master of the High Court, to advertising for creditors in newspapers, completing final tax returns, and preparing a Liquidation and Distribution account. This process, which typically takes six months minimum but can stretch to years, creates a financial black hole during which beneficiaries cannot access most assets.

Perhaps most valuable is our examination of strategic estate planning solutions that can protect loved ones from financial hardship during this waiting period. We contrast assets that must go through the estate process with those that bypass it entirely through beneficiary nominations - highlighting how life policies, retirement annuities and properly structured investments can provide immediate financial relief to family members when they need it most.

Whether you're building wealth or already established, this conversation provides essential knowledge about protecting your legacy and ensuring your assets reach your loved ones efficiently. Don't wait until it's too late - proper estate planning isn't just about distributing wealth, it's about preventing unnecessary hardship for those you leave behind.

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Join us for a compelling conversation with Ian Jones from Fundhouse as we explore the foundations of ethical investing and the importance of transparency in financial services. Ian shares the ethos that drives Fundhouse, actively working to place the end client's needs at the forefront of all investment decisions. Throughout the episode, we delve into how Fundhouse has navigated challenges in the financial advisory space and why it is essential to cultivate relationships with like-minded advisors. 

Hear about their core mission: to assist clients in retiring better and to promote a sustainable financial advisory industry. Listen as Ian emphasizes the need for clarity and simplicity in financial discussions, transforming complex investment strategies into achievable outcomes for clients. This episode serves as an essential reminder of why ethical investments lead to lasting success, not just for advisors, but for their clients as well.

End your financial journey on a positive note by engaging with ethical practices that prioritize your best interests. Subscribe and share to spread the word on transparency and clarity in the world of finance!

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Unlock the secrets of Discretionary Fund Management with our special guest, Ian Jones, CEO of Fundhouse. Join us as we uncover the pivotal role DFMs play in shaping personalized investment portfolios in collaboration with independent financial advisors. Discover how DFMs leverage their industry expertise to negotiate lower fees, providing cost-effective solutions and safeguarding against scams. We highlight the symbiotic relationship between financial advisors and DFMs, illustrating how they together create a robust framework for comprehensive financial planning and investment management.

Dive into the debate of solo investing versus professional fund management as we examine the allure of the S&P 500's past performance. Ian cautions against solely relying on historical data and advocates for diversification, including a peek into emerging markets. We discuss the influence of marketing on investment choices and how professional guidance is crucial in this intricate landscape. As the episode unfolds, you'll gain insights into how DFMs not only manage investments with precision but also integrate broader financial planning elements like tax efficiency and estate planning, ensuring a holistic approach to wealth management. Don't miss out on this enlightening discussion that promises to clarify the complexities of fund management and its benefits for your financial future.

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Ian Jones from Fundhouse joins us for a compelling conversation that challenges the gloomy perspectives often associated with South Africa's economy. Discover an optimistic outlook as Ian shares his insights on how advancements in mitigating load shedding and strategic partnerships by Transnet could pave the way for promising economic opportunities. With an eye on the future, we also discuss the potential for economic growth and foreign investment that hinges on the stability of the government of national unity. 

Shifting gears, we explore the strategic considerations for South African companies contemplating the deployment of their cash reserves, as we weigh the benefits of local versus offshore investments. Ian provides a nuanced analysis of South Africa's role within the BRICS alliance, shedding light on the possibilities and limitations inherent in this international partnership. The conversation paints a picture of optimism, grounded in realism, for those looking to understand the complex dynamics of investing in South Africa during times of political and economic transformation.

From the speculative nature of cryptocurrencies to the dominant role of the U.S. dollar amidst global uncertainties, our discussion expands to a global economic perspective. We cover the geopolitical tensions impacting financial markets and highlight the importance of strategic thinking in navigating today’s volatile landscape. Whether you’re pondering the future of global currencies or considering the risks of crypto, this episode offers valuable insights into the complexities of the current economic environment and provides guidance for cautious yet confident investing.

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The episode delves into the concept of the Ideal Week, emphasizing how intentional planning can help listeners achieve a balanced life. We share practical insights on setting yearly goals, managing time effectively, and improving financial awareness to create a fulfilling and purposeful life.

• Exploring the Ideal Week concept for better life balance 
• Importance of setting yearly goals before planning weekly activities 
• Scheduling family time as a top priority 
• Effective budgeting strategies, including the envelope method 
• The value of reflection and adjustment for continual improvement 
• Adapting your Ideal Week to personal values and life circumstances

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Ever wondered how shifting your mindset could transform your financial reality? Join us for a compelling conversation with personal coach Mike Williams, where we unravel the psychological intricacies of the mindset-money connection. You'll learn how the wealthy harness a mindset of abundance, in stark contrast to those who are often preoccupied with scarcity. With insights from historical figures like J. Paul Getty, we discuss the relentless pursuit of wealth and how society's metrics influence our sense of financial well-being. Mike offers transformative perspectives that challenge conventional wisdom and pave the way for financial freedom.

In another engaging chapter, we tackle the significance of self-worth and service in achieving genuine satisfaction and success. Inspired by the journeys of industry giants like Steve Jobs and Bill Gates, we explore how valuing yourself and creating value for others can be more fulfilling than merely chasing money. Discover the art of providing exceptional service by addressing both the transactional and emotional needs of clients, transforming them into advocates for your work. Passion and purpose become your guiding lights as we emphasize that true success emerges from adding meaningful value to the world. Tune in to discover how you can redefine your path to success through mindset, self-value, and service.

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Unlock the secrets to mastering both your financial and personal well-being with insights from Craig Finch and Bronwyn Waner. Craig shares his tried-and-true approach to maintaining health through daily goals in stretching, weight training, and hydration, acknowledging the challenge of staying consistent. Meanwhile, Bronwyn introduces the game-changing concept of a "conscious spending plan," a fresh take on managing finances that shifts away from the typical reactive budgeting approach. Together, they highlight the power of authenticity and self-awareness in achieving a balanced and fulfilling life.

Ever wondered how to shape a positive money mindset that can be passed down to future generations? Our conversation delves into the impact of language on children's financial perceptions, advocating for an approach that fosters hope rather than scarcity. From practical strategies to teaching money management through the "seven relationships with money" to embracing the present moment with gratitude, this episode offers a treasure trove of wisdom. Join us as we explore how to live authentically and make the most of each day, while aligning financial goals with genuine happiness and long-term well-being.

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Unlock the secrets to mastering your mindset and commitment to pave a path to personal and financial triumph! Join us in this insightful episode of Know Your Money, as we promise to transform your approach to promises and goals with the expert guidance of Mike Williams. Together, we tackle the intricate dance between mindset and habit formation, unveiling strategies that reprogram your thinking for consistent success. Discover the nuances of emotional investment and accountability, and learn how these elements can turn mere resolutions into lifelong habits. 

We also lay bare the art of promise-keeping, diving into the core motivations that drive our personal goals and New Year’s resolutions. Through evocative visualization and emotional connections, we demonstrate the value of trust as a currency in relationships, both personal and professional. Listen as we share heartfelt gratitude for Mark's incredible insights into personal and financial growth, and underscore the importance of maintaining integrity in your commitments. Don't miss our call to action—subscribe to our podcast for more enlightening discussions and check out our website for additional resources tailored to fuel your journey toward transformation.

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