Are you one of 70% of working South African's that don't have a will?
What Happens if you die without a will?
Intestate Succession Act
If you die without a will, your estate will be administered according to the Intestate Succession Act. The executor of your estate will be decided upon by the Master of the High Court, which may lead to a delay in the procedure, additional costs and frustration for your family.
Your Children
If the child is still a minor, the inheritance will be kept by the Guardian’s Fund which falls under the administration of the Master of the High Court. Their inheritance will be paid out when they turn 18.
Who inherits your estate?
The deceased does not have any control of who will inherit from his/her deceased estate if s/he dies without a Will. This might lead to instances where someone may inherit even if the deceased may have never wanted that persons to benefit from his/her deceased estate.
No Charge for will consult and drafting
A specialist from our trusted partners come out to your work or home at your convenience. There is no charge for the Will draft, changes or amendments to your Will, or for the collection and safekeeping of your Will.
what costs does your estate incur when you die?
So many people don't consider the costs that will be levied against their estate before being distributed to their loved ones. This means that without proper planning, your family will receive far less than you originally intended.
Executor Fees
You need a professional to wind up your Estate. Professionals cost money and executors can charge up to 3.5% + VAT of the value of your Estate in order to do the work. This could be hundreds of thousands of rands that people often don’t cater for.
Immediate expenses
When you pass away, your bank accounts could be frozen and your family could have limited access to money. There are many expenses to be taken care of in the days and weeks after a death. Funerals and catering for family and friends after the fact can be very costly.
Monthly Living Expenses
Estates can take months, if not years, to wrap up and families mistakenly assume their Estate will pay the monthly ongoing expenses. Many families have been left destitute with no way to maintain their current standard of living, waiting for estates to be wound up.
Testamentary Trust fees
If you are leaving an inheritance to minors, you need to set up a Trust upon your death in order for them to inherit your assets. Trust and ongoing Trustee fees can erode their inheritance.
Taxes
When you pass away, depending on who inherits your estate, Capital Gains Tax and other legal fees are triggered reducing the inheritance meant for your family.
Some of our trusted partners
