Why have a Will
and
Estate plan?
More than 70% of South Africans die without a valid will in place and 90% don’t plan for the unexpected costs of dying. We know that life gets busy. Still, your will is one of the most important documents you will ever draft, and all we need is an hour of your time.
If you don't have a Will
The distribution of your Estate is according to South African law. People who you may not have wanted to benefit from your Estate may inherit on your Estate.
Your Partner may be left with nothing if you are not married or your Will is not updated from a previous marriage.
Your Children’s inheritance could pass to the Government Guardian’s Fund or appointed Guardian rather than to a Trust that will ensure your wishes for them are carried out.
Family feuds often occur when family members argue over the distribution of your Estate when final wishes are not clearly documented in a Will.
Winding up your Estate can take years – without a Will appointing a professional Executor, the government is essentially in control of the process.
If you don't have an Estate Plan
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 and if you don’t have this money available the Executor is entitled to auction off your assets to pay his fees.
When you pass away, your bank accounts could be frozen and your family could have limited access to money for immediate expenses.
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.
Estates can take months, if not years, to wrap up and families mistakenly assume their Estate will pay the monthly ongoing expenses such as lights, rent, groceries, etc. but the funds are often tied up until the Estate is finalised.
Most people leave their entire Estate to their Spouse, but if both of you pass away and your Children inherit everything then Capital Gains Tax and other legal fees are triggered.
Let us contact you!
Food for thought ...
Let’s put the cost of dying into perspective. An Executor can charge a fee of up to 3.5% of the Estate value. Should you have an estate of R 1 million, the Executor fee can be R 35,000.
Depending on your age and the value of your Estate, a low monthly premium can cover all legal expenses. In addition, you will be making provision for cash being available to the ones you leave behind for immediate expenses.
