Retirement does not end family responsibilities – why a Will matters

For many South Africans, retirement marks a shift away from full-time work, but it does not necessarily bring an end to financial responsibilities towards children, grandchildren or other family members.

As these commitments continue, estate planning can help determine how financial support and assets should be managed if the person providing them is no longer there.

This comes after the First National Bank (FNB) highlights the role of a valid Will in documenting a person’s wishes and planning for those who may continue to depend on them financially, regardless of their age or the size of their estate.

Retirement is often planned around the individual’s own income, healthcare and living costs, but family obligations can remain part of the financial picture.

FNB Fiduciary Product Head Carin Meyer said a Will remains relevant to people who have assets or anyone they want to provide for.

‘You do not need a large investment portfolio for your wishes to matter. A home, savings or possessions may represent years of work and have considerable significance for the people you leave behind.’

The issue takes on added significance as some retirees continue supporting relatives after leaving the workplace.

FNB’s 2026 Retirement Insights Survey found that 74% of surveyed retirees said their cost of living in retirement was higher than anticipated, while 46% said healthcare costs had exceeded their expectations.

The survey also found that family responsibilities were among the unexpected financial pressures experienced by people over 60.

These figures do not measure whether respondents have valid Wills, but they illustrate why retirement income and estate planning can overlap when a household continues to carry financial commitments.

A Will is about more than who gets the house

FNB Fiduciary Product Head Carin Meyer says a Will remains relevant for anyone with assets or people they wish to provide for, regardless of age or income.
Picture: FNB/Supplied

Estate planning is not limited to deciding who inherits a property or savings.

A Will can set out how assets should be distributed and nominate an executor to administer the estate. Where there is no valid Will, intestate succession rules determine how the estate is distributed.

That distinction can become particularly important where there are minor children, a surviving partner, debts or assets that cannot easily be converted into cash.

Meyer noted that an estate can have substantial assets while still lacking enough accessible funds to settle liabilities and administration costs.

‘Estate planning should consider both who will inherit and how the estate will be administered. Reviewing liquidity and choosing an appropriate executor helps turn intentions into practical arrangements.’

For a retired homeowner supporting family from a monthly income, for example, leaving the property to those family members does not automatically replace the income that had previously been used to assist them.

The estate may also have debts, administration expenses or other obligations that need to be settled before beneficiaries receive their inheritance.

The financial circumstances surrounding retirement are not always fixed.

FNB’s 2026 research found that retirement plan ownership among South Africans under 60 had increased to 73%, compared with 60% in 2025.

However, the research also identified rising living costs, emergencies, healthcare expenses and family responsibilities as factors that can affect long-term financial preparation.

This means a retirement plan may need to account for more than accumulated savings.

Income requirements, healthcare, emergency funds, insurance, family support and estate arrangements can all affect how much capital a person ultimately has available and how it should be managed.

FNB’s own retirement planning guidance similarly identifies unforeseen expenses and ongoing day-to-day costs as considerations when calculating how much money may be needed after leaving the workforce.

Life events can make an old Will outdated

A Will is not necessarily a document that can be drafted once and then left untouched for decades.

FNB says the most common events prompting customers to draft or update a Will include marriage, the birth of a child, divorce and the death of a parent.

Among estates administered by the bank, FNB also identifies outdated beneficiary nominations, missing signatures and Wills that have not been reviewed following major life changes as common problems.

Renee Coughlan, who is a Product Portfolio Manager at FNB Wealth and Investments, said retirement should not automatically be viewed as the point at which family financial obligations disappear.

‘If you are helping to pay a grandchild’s school fees or supporting an adult child, those commitments affect your financial plan.’

She added that those arrangements should be considered alongside a person’s own retirement income and the needs of other dependants.

Estate planning is not only relevant to people approaching retirement.

For younger families, purchasing a home, having children or building a business can introduce questions about guardianship, inheritance and financial protection.

A couple with a young child, for instance, may need to consider who would care for the child if both parents die, how an inheritance should be managed while the child is still a minor, and whether existing life cover is sufficient.

Business owners may also need to consider what happens to their business interests, including succession arrangements and the potential effect on employees, business partners and family members.

A valid Will cannot remove the administrative process that follows a death, nor can it guarantee that beneficiaries receive assets immediately.

It can, however, provide documented instructions within the legal framework and help families understand how the deceased intended their estate to be handled.

For South Africans reviewing their estate plans, FNB provides Will drafting, executorship and estate administration services as part of its broader financial advice offering.

The bank encourages customers to consult an FNB adviser or use its website to draft or review a Will and consider whether the arrangements in place still reflect their current circumstances and the people who depend on them.

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**Picture: **FNB/Supplied

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