WATCH | What comes after Father’s Day? How to build a legacy that lasts

Father’s Day has come and gone. You enjoyed being pampered, received amazing gifts or another pair of socks and spent quality time with loved ones.

But, as a father, deputy father, or father figure, what legacy are you building for your family to make sure that they are taken care of long after you’re gone?

The most recent Sanlam Legacy Wills Survey shows that most parents don’t have a holistic financial plan in place.

Sanlam Trust chief executive Adv Sankie Morata points to the survey’s findings, saying they should be “a reminder that love is not only expressed in what we do for our families today”.

“Father’s Day is often filled with small gestures of gratitude, like a phone call, a handmade card, and the predictable pair of socks or biltong… [Love] is [also] reflected in the plans we make for their future,“ says Morata.

It starts with one question: If I were no longer here, would the people I love know what my wishes were?

—  Adv Sankie Morata, CEO of the Sanlam Trust

“For many fathers, paternal figures, and providers, it starts with one question: if I were no longer here, would the people I love know what my wishes were? And would the plan I leave behind protect them with as little delay and stress as possible?” he says.

“The 2025 Sanlam Legacy Wills Survey found that while most parents provide for their children through funeral cover (54%) and life insurance (49%), only 33% have a will. A will brings those provisions together, setting out who should care for minor children, how assets should be distributed, and how funds can be protected.

“Many people still confuse a product with a plan. People think that when we have an insurance policy or funeral cover, we’ve done our financial planning. But financial planning is holistic. It must include retirement planning, savings, estate planning, and risk planning. For fathers and providers, that holistic plan can begin with checking your will, your beneficiary nominations, and your insurance cover.”

Momentum Financial Planning financial adviser, Ross McMillan, says when we think about what makes a great father, we tend to focus on the visible.

However, McMillan says there’s a far deeper meaning worth celebrating — a father’s long-term planning.

“True financial security is not about preparing for a worst-case scenario; it’s an active, living extension of a father’s commitment to his family’s ongoing happiness, dignity, and future opportunities. It’s about building a stable foundation today so that your family’s dreams have the structural freedom to flourish tomorrow,” says McMillan.

“Too often, financial planning and advice are perceived as an expense to be avoided rather than a service that can create lasting value. However, when reframed through the lens of family continuity, a well-structured portfolio is actually an expression of deliberate care and responsibility. It’s a partner that preserves the lifestyle, warmth, and stability you work so hard to provide every day.”

Morata says a “will sits at the heart of every estate plan, but it only works if it reflects your life as it is now, not as it was when you signed it”.

“Review your will at least once a year, and when major life changes happen. When circumstances change, like a newborn, a divorce, or a death in the family, then your will must be revised. The same applies when your finances change, for example, due to the acquisition or sale of a business or an asset,” he says.

“The risks are high for those who put it off. The survey shows that 66% of South Africans still don’t have a will. Without one, an estate is wound up according to the Intestate Succession Act, which divides assets by using a fixed legal formula rather than following personal last wishes. This can cause delays, uncertainty and animosity as families wait, often for years, for the estate to be finalised.

“An up-to-date will is only one part of the picture. The beneficiaries named on your life policies, investments and retirement funds should also reflect your current circumstances,” Morata warns.

“If your beneficiary nominations aren’t up to date, you could end up with the wrong people inheriting, possibly individuals you’d never intended should benefit.”

McMillan says fathers should structure their financial plan as a dynamic process so it “can withstand economic shifts while aligning with your family’s growth.

“It requires regular refinement, a clear understanding of shifting needs, and a strategic view of the future. This is why partnering with a professional financial adviser is invaluable. An adviser does not just consider policies; they look at your unique family dynamic and help you co-create a tailored financial roadmap. They take the complexity out of the process, helping you balance the financial demands of today with the long-term security required for tomorrow,” he says.

Morata adds that retirement funds work differently.

“This catches many families off guard. Retirement fund death benefits don’t form part of a deceased estate. They’re governed by the Pension Funds Act, and the fund’s trustees ultimately decide how they’re paid, based on your financial dependants. Your nomination form guides that decision, which is why it’s important to keep it current,” he says.

McMillan and Morata share tips on what you should focus on:

Income protection:

McMillan: Your ability to earn an income is the engine that drives your family’s daily life. Protecting this income stream helps ensure that, should an unexpected health setback or injury temporarily prevent you from working, essential household expenses such as groceries, bond repayments, and school fees can continue to be met.

Morata: Don’t overlook disability and income protection. Life is not guaranteed. If you’re disabled and can’t work, is your cover still adequate to provide for your family?

Life cover:

Morata: Make sure your life cover can replace the income you provide and that its growth outstrips inflation so its value doesn’t erode over time.

Estate planning:

Morata: Estate planning is about making sure the people you care for are not left trying to find their way through grief, paperwork, and uncertainty without a clear plan. Fathers must create legacies of love and instil confidence in the people they brought into this world. If you’re taken early and can’t play that role, let your financial plan and your estate plan do it for you.