THE REAL COST OF DYING
Along with the heartache of death comes a variety of additional burdens in the form of legal fees and expenses which have to be taken care of by your loved ones. Understanding these legal fees and expenses can help you prepare for them and ensure that these costs are covered and the burden on your loved ones is alleviated.
With our innovative Legacy Protection Plan™ you can cover all your legal fees and other expenses associated with dying from as little as R78.44 per month.
WHAT ARE THE COSTS OF DYING?
WITHOUT A LEGACY PROTECTION PLAN™ FROM CAPITAL LEGACY, THESE ARE SOME OF THE FEES YOUR FAMILY WILL NEED TO COVER WHEN YOU PASS AWAY.
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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 R3 Million will pay R120 750 in fees.
CONVEYANCING ATTORNEY FEES
This is the fee charged by the Conveyancing Attorney when property needs to be transferred. Example: A home worth R1 850 000 being transferred to a Beneficiary will cost R30 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 net 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 R1.5 Million in assets over 15 years is R377 250.
MASTERS FEES
The fee paid to the Master of the High Court regarding their fulfillment 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 be issued only if the rates and taxes are paid in advance. Some areas require up to 6 months paid in advance.
ADVERTISEMENT COSTS
Two advertisements have to be placed in a local newspaper and the Government Gazette. The costs can vary between R1 000 and R1 500 depending on the publication selected.
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.
ONGOING SHORT-TERM BILLS
Bills such as medical aid, schools fees, car insurance, water, lights, rates, etc. still need to be paid even though bank accounts are 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. Don't burden your family. Protect your legacy. Get covered now!
THE LEGACY PROTECTION PLAN™
Our unique, first-to-market Legacy Protection Plan™ is a complete solution that accompanies your Will and covers you and your loved ones from the inevitable legal fees associated with dying. What’s more, the Legacy Protection Plan™ also offers you and your loved ones protection from various other expenses that arise when you pass away.
Over the years, we've seen how traumatic the Estate Administration process can be for families that may not have effectively planned for the financial costs of dying, causing massive delays and often financial ruin for the Estate.
We have all the legal, professional and insurance expertise under one roof which allows us to quickly and efficiently execute an Estate without delays and burdensome processes.
Our average Estate Administration turnaround time is only 6 - 9 months compared to the industry which can see Estates take years to conclude. This means we can execute an Estate at costs well below the industry norm, allowing us to pass this cost saving back to you in the form of low premiums and higher benefits.
Many people fail to set aside funding to cover the legal fees and expenses associated with winding up an Estate causing a burden on the family left behind. To alleviate this burden, the Legacy Protection Plan™ ensures dedicated provision for all the costs associated with dying.