Death is never easy for those left behind but you can remove the additional burden on your loved ones by eliminating unexpected costs and ensuring your legacy lives on.
We spend all our time trying to create wealth and building our legacies for our loved ones, and yet so few people dedicate any time to estate planning that creates clarity and certainty for when we’re gone.
Del Financial Services, in partnership with Sanlam Legacy, part of the Capital Legacy Group, can ensure that your estate planning is well looked after. Below we will take a look at the potential problems and costs related to not having a will and a lack of comprehensive estate planning, and then what our partnership with Sanlam Legacy can offer you.
You forfeit the opportunity to decide who inherits what and your estate is distributed according to South African intestate succession law. This means people who you may not have wanted to benefit from your estate may well inherit.
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.
Without a will appointing a professional executor, the government is essentially in control of the process, and winding up your estate can take years.
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.
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. If you don't cater for this, the inheritance is entrusted to the Government's Guardian’s Fund, which falls under the administration of the Master of the High Court. They will control the finances and your children's inheritance will be paid out when they turn 18.
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.
Taxes – When you pass away, depending on who inherits your estate, Capital Gains Tax and other legal fees, like transfer fees, are triggered reducing the inheritance meant for your family.
An expert consultant will meet with you, either at home or work, during or after hours, to discuss your will and estate planning needs.
You will receive a draft will within 48 hours for signing and Sanlam legacy will arrange for its collection and safekeeping. There is no charge for drafting, updating or safekeeping of your will.
The consultant will use the approximate costs of your assets to make you aware of fees applicable to your estate when you pass.
Our expert consultants will calculate your real costs of dying and how best to plan for these costs. You will be offered a unique Legacy Plan solution, if required, starting from R 105.87pm, to indemnify your estate of the fees identified.
You will be assigned a personal estate consultant to oversee the wrapping up of your estate.
The estate will be administered by in-house professionals.
A trust will be created for your children and spouse.
If you take the Legacy Plan, there will be up to 100% cover for fees and other costs.
Capital Legacy Group's unique, first-to-market Sanlam Legacy 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. The below video outlines the benefits offered:
All of this is offered to you without having to leave your house. Speak to your Del Financial Services broker and they will arrange for a Capital Legacy Group consultant to contact you to set up a no obligation appointment.
You can find brochures and information on estates on this page.