Financial experts stress that one of the most important yet often overlooked steps following a terminal diagnosis is informing your financial adviser. According to Greg Bradfield, a wealth manager at Alexforbes, most financial plans are built on the assumption of longevity that individuals will enjoy long retirements, see children become independent, and allow investments time to grow. A terminal illness, however, collapses those timelines abruptly, shifting priorities from growth to protection and transfer.
Bradfield explains that structures designed for decades of financial planning must be reshaped to safeguard dependents and ensure assets are distributed effectively. By alerting an adviser early, individuals can adjust estate plans, insurance policies, and investment strategies to reflect the shortened horizon. This proactive step can ease the administrative and financial burden on loved ones, who otherwise may face complex decisions after a funeral without clear guidance.
In South Africa, where many households rely on a single breadwinner, the impact of not updating financial plans can be particularly severe. Advisers can help ensure that pensions, savings, and insurance benefits are directed appropriately, offering stability during a difficult time. While emotionally challenging, timely disclosure provides families with clarity and security when they need it most.
