FNB has launched a Wills functionality on the FNB App, which will allow its FNB and RMB Private Bank customers to set up wills faster and at no cost.
“It’s estimated that as many as 75% of South Africans who pass away don’t have a valid will in place,” says Sizwe Nxedlana, CEO of FNB Private Segment. “The launch of FNB’s Wills on App solution addresses this need and empowers our customers to draft and set up their will efficiently. We believe that a will is the first step in generational wealth creation and the necessary building block that will contribute to the customer’s financial journey.
Aneesa Razack, CEO of FNB Fiduciary, says: “In recent years, FNB has invested massively into digitising its integrated financial services and solutions and putting them quite literally at the fingertips of our customers via our FNB App and FNB Online Banking platforms. Wills on App is an example of how this commitment to our platform journey is making it easy and uncomplicated for anyone to be a successful money manager.”
Through the Wills on App functionality, customers will be offered a step-by-step process that guides the user throughout the Will drafting process.
“To simplify the process, Wills on App draws on customer’s financial information that already exists on the FNB/RMB Private Bank App through the nav» functionality to pre-populate certain sections,” says Razack. “It also allows the individual to make changes to that information if they hold assets or financial products outside of the bank This includes special requests or instructions as part of the process, which will be included in the will that is produced via the FNB Wills on App process.”
On completion of the Wills on App process, the user has the option to receive a comprehensive liquidity assessment, which provides an estimate of the costs that will be involved in wrapping up their estate, based on their new and valid will, should they pass away.
“Wills on App even offers suggestions on how customers can achieve this liquidity, via savings, sale of certain assets, taking out additional life cover, or other options,” sats Razack.
“In our dealings with clients, we have found that more than 50% of people don’t have sufficient liquidity, or cash in their estate to cover all the costs involved in administering it when they pass away. This can be extremely stressful especially if you haven’t made adequate provision to cover the costs involved in administering your deceased estate and executing the wishes stated in your will, then the loved ones you leave behind could actually find themselves in a difficult financial situation.”
By offering the Wills on App user the option to view these estimated costs by tapping on a button at the end of the process, they have an opportunity to make sure that they build enough liquidity into their estate to cover the estate costs, asset transfer fees and other liabilities.
Through the process, customers are left with a signed, valid will, which can be updated or changed over time, ensuring that it aligns with their last wishes.
Wills on App puts the individual in total control of the process.
“Designing and implementing simple and innovative solutions has been a key focus for the bank,” says Razack. “While the digital process of drafting a will is simple, convenient, and easy to use, a consultant is available to assist during the process for any of your estate planning and will set up questions. Perceptions of wills need to change, as it forms an important part of your legacy planning. It’s never too late to get a valid will. as it is one of the most important documents that you will own.”