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An integral part of any holistic financial plan is your Last Will and Testament. This ensures your loved ones are well looked after upon your passing and that they can move on without dealing with the stress that winding up an estate can cause.
Therefore, Investonline has recently partnered with Capital Legacy as our preferred provider of Wills and Estate Administration.
An introduction to Capital Legacy
Capital Legacy offers an exclusive range of services designed to provide you with seamless and comprehensive support for your estate planning needs. Their unique offering includes:
Hassle-Free Will Services:
- They take care of every aspect of your Will, from initial drafting to unlimited amendments, ensuring that your wishes are accurately recorded.
- Your will is securely stored in their safe custody, giving you peace of mind and easy access whenever needed.
- To make the process even more convenient for you, they arrange for the pickup of your Will through trusted CCD couriers, at no cost to you.
Legacy Protection Plan:
- Their tailor-made plan is designed to provide you with exceptional protection for your legacy, covering a variety of estate costs such as 100% of legal costs and executor’s fees.
Immediate Liquidity:
- In times of loss, we understand the importance of financial support. Capital Legacy provides an immediate liquidity feature that ensures a prompt cash pay-out within 48 hours of receiving the death certificate (on all 100% indemnification plans).
Capital Legacy has grown to be one of SA’s leading provider of wills:
Capital Legacy’s services
Wills
Your Will is probably one of the most important documents you will ever sign and yet too many people put off doing this important task. Capital Legacy helps over 10,000 people every month get their Wills in order by making the process easier and hassle free. One of their 200 expert Consultants will meet with you, either face to face or virtually, at a time and place that is convenient for you. They will then send you your Will within 48 hours for signing and arrange for the collection thereof to ensure safekeeping.
Estate Administration
Their Estate Administrators and Estate Consultants will guide your Family and loved ones through the entire Estate Administration process, alleviating the pressure they might be experiencing at such a difficult time. Their Estates are wound up 9 -12 months quicker than industry norms.
Trusts
They offer Trust solutions that have a very clear purpose, to fulfil their wishes. These purpose driven Trusts meet the unique needs of Beneficiaries through proven methods. They offer Children’s Trusts™, Provider’s Trusts™ and Widow’s Trusts™ to protect the ones you love.
Succession Planning
Succession Planning is an end-to-end solution offering all the specialist services under one roof and through one dedicated Succession Planner. It’s an optional service that offers planning for large Estates including Living Trust structures, offshore assets, and tax planning.
The process to draft or amend a Will
What are the normal costs associated with the winding up of an estate?
Executor fees
This is the industry standard fee charged by the Executor or assisting professional to wind-up your estate. A maximum of 3.5% + VAT of your estate will be charged. Example: an estate worth R 3 million will pay R 120 750 in fees.
Inheritance tax
Not only will all outstanding taxes have to be paid from the Estate before it may be finalised, but the Executor will have to determine whether Capital Gains Tax (CGT) or Estate Duty is payable at death.
Conveyancing attorney fees
This is the fee charged by the conveyancing attorney when property needs to be transferred. Example: A home worth R 1 850 000 being transferred to a beneficiary will cost R 30 544 in fees to the estate.
Testamentary trust fees
This is the fee charged by the Trustees to administer the Trust you create in terms of your will, normally to look after the money you leave to your minor children. On average, 1.15% of the nett asset value is charged to establish the Trust, and 1.6% is charged annually for the ongoing administration of the Trust. Example: The total cost with R 1.5 million in assets over 15 years is R 377 250.
Master’s fees
The fee paid to the Master of the high court regarding their fulfilment of their role in the administration of your Estate.
Correspondence fees
Fees associated with corresponding with the Master of the High Court.
Clearance fees
One of the requirements to transfer a property is obtaining a clearance certificate from the city council or municipality. This will only be issued if rates and taxes are paid in advance. Some arears require up to 6 months paid in advance.
Advertisement costs
Two advertisements need to be placed in a local newspaper and the Government Gazette. The costs can vary between R 1000 and R 1500 depending on the publication selected.
Ongoing short-term bills
Bills such as medical aid, school fees, car insurance, water, lights, rates etc. still need to be paid even though bank accounts can be frozen.
Other immediate expenses
Costs associated with arranging a funeral such as catering, travel and other expenses. These fees eat away at the legacy you plan to leave behind.
Conclusion
Investonline encourages clients to review their Wills and ensure that their affairs are in order to deliver their desired financial wishes and plan for estate costs and taxes on death.
Please contact your Client Portfolio Manager or CLICK HERE to request a meeting with a Testamentary Consultant who can assist you further.
