The Importance of having a Last Will and Testament

EVERYONE NEEDS A WILL. YOUR WILL IS PROBABLY THE MOST IMPORTANT DOCUMENT YOU’LL EVER SIGN..

Life can be unexpected. Don’t wait until it’s too late.Draft your Last Will & Testament and cover your legal fees at death. Too many people put off this important task until it’s too late, which can have devastating consequences for your loved ones. 

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TOP 5 CONSEQUENCES OF
NOT HAVING A WILL

  1. You forfeit the opportunity to decide who inherits what and your Estate is distributed according to South African law. This means people who you may not have wanted to benefit from your Estate may inherit your Estate.
  2. Your Partner may be left with nothing if you are not married or your Will is not updated from a previous marriage.
  3. 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.
  4. Family feuds often occur when family members argue over the distribution of your Estate when final wishes are not clearly documented in a Will.
  5. Winding up your Estate can take years – without a Will appointing a professional Executor, the government is essentially in control of the process.

TOP 5 IMPORTANT COSTS
OF DYING

  1. 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 and if you don’t have this money available the Executor is entitled to auction off your assets to pay his fees.
  2. Immediate expenses – When you pass away, your bank accounts could be frozen and your family could have limited access to money. You need to make sure you have money available for the funeral, travel, groceries and any other immediate expenses.
  3. 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. You may need cover for all these fees to ensure your Legacy is protected.
  4. 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 such as lights, rent, groceries, etc. but the funds are often tied up until the Estate is finalised. Make sure you have something in place that helps to cover these essential monthly bills.  
  5. Taxes – 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. This may leave your loved ones with the burden of these additional taxes and legal fees.
Don’t delay.  Contact Us Now
Use this secure link above and leave your contact details. We will contact you to Book a free consultation with us. Let us help you to draft your Final Will and Testament Professionally.
 
 Credits and Source: Capital Legacy. Capital Legacy (Pty) Ltd is an Authorised Financial Services Provider.