| The best way to insure your children’s education

During September, which was “wills month”, there was a focus on estate planning and drawing up your will, especially when children are involved. It is equally important to ensure there is enough money in your estate to provide for your child’s education and living expenses if you are no longer around.

This is a trust that is provided for in your will and you can nominate a trustee to manage the funds, and pay school fees and living expenses. It is important to note that life cover forms part of your estate for estate duty. If your estate, including the life cover, is more than R3.5 million, a 20% estate duty would be paid to the SA Revenue Service on the amount above that.There are several insurance companies that offer insurance specifically to cover education costs. These include Discovery global education protector, Liberty educator xtra and PPS education cover.

You can also select a plan that would pay for your child to attend an overseas university. However, these are limited to only a select number of universities, which include high-profile institutions such as Harvard, Yale, Brown, Oxford and Cambridge.

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