Your Last Will
LET US TAKE CARE OF THE ESTATE ADMINISTRATION SO THAT YOU ARE FREE TO TAKE CARE OF YOUR FAMILY
WHY CAPITAL LEGACY FOR ESTATE ADMINISTRATION
Capital Legacy offers professional, compassionate and burden-free Estate Administration that alleviates all the pressure our families experience when a loved one passes away. Our Estates are wound up much quicker than the industry standard, with distributions within 6-8 months.
Our advanced system ensures that beneficiaries receive regular feedback on progress. Our Administrators and Relationship Managers take ownership of all tasks and work together with the families to ensure continuous and efficient communication.
Our three prong approach allows Administrators and Relationship Managers to work together to ensure continuous and efficient communication with all our clients.
All our clients to have access to two dedicated individuals who will be available on their direct lines, so no call centre experiences.
Each of our clients will have access to their devoted Relationship Managers reachable on their cell phones.
Once we meet with our clients we alleviate all pressure and take ownership of all tasks that need to be attended to, allowing our clients to focus on themselves and on their families.
WE CAN HELP YOU IF A LOVED ONE HAS PASSED AWAY AND:
They did not leave a valid Will
They left a valid Will and nominated you as the Executor / Executrix
They left a valid Will and someone you know personally has been nominated as an Executor / Executrix.
The Real Cost of Dying
The frightening realization of what it costs your loved ones when you pass away.
Find out how much it costs to die and how these costs can be indemnified
EFFICIENT, COMPASSIONATE & BURDEN FREE ESTATE ADMINISTRATION
OUR PROCESS OF ESTATE ADMINISTRATION
MEET WITH OUR CLIENTS
OBTAIN A LETTER OF EXECUTORSHIP
PLACEMENT OF ADVERTISEMENTS IN NEWSPAPERS
DRAFT THE LIQUIDATION AND DISTRIBUTION ACCOUNT
MEET CLIENTS TO DISCUSS THE LIQUIDATION AND DISTRIBUTION ACCOUNT
LIQUIDATION AND DISTRIBUTION ACCEPTANCE REQUIRED FROM THE MASTER OF THE HIGH COURT
AWAITING TAXES, TRANSFERS AND COLLECTIONS
FREQUENTLY ASKED QUESTIONS
The best way to ensure that after your death your assets are distributed accordingly to your wishes and instructions is to draw up a Will. This gives you the opportunity to appoint an Executor to deal with your assets. If you die without a valid Will, your family might suffer inconvenience and even severe hardship.
Where a person dies without leaving a valid Will, the Estate will distribute in accordance with the Intestate Succession Act. The Estate will, in such circumstances, distribute to the surviving Spouse or the surviving Spouse and Children of the deceased and Grandchildren. Where there are no descendants, the Parents will inherit and in their absence, the Brothers and Sisters will inherit.
The Master of the High Court is a government department, forming part of the Ministry of Justice, which is empowered in terms of the law to oversee the administration of deceased Estates, Trusts, Curatorships and related matters.
Although the Will nominates you as Executor you will not be able to act on behalf of the Estate until the death of the deceased has been reported to the Master of the High Court and Letters of Executorship have been granted by the Master in your favour. Letters of Executorship is a formal document which states that the Executor named therein has been formally appointed by the Master and from the date on which it is issued the Executor is legally empowered to act. It is possible to go to the Master’s Office yourself to report the Estate but with certain fairly limited exceptions the Master will require, before issuing Letters of Executorship, that you nominate a professional Estate Administrator to attend to the administration of the Estate on your behalf.
South African law, in the form of the Administration of Estates Act, prescribes a formal process which must be followed in so far as the administration of a deceased Estate is concerned, the main purpose of which is to protect the rights of heirs and of creditors, including the South African Revenue Service. Among other things an Executor has to place statutory advertisements in the newspaper and to lodge an account with the Master in a certain format containing specific information. Your professional Estate Administrator will attend to this on your behalf and in an average uncomplicated Estate the process should be completed in 6 – 8 months. For various reasons some Estates are more complex and take longer.
Currently your Estate has to have a net worth of over R3,5m before you are liable to pay Estate Duty which is charged at the rate of 20% of the amount by which such net worth exceeds R3,5m. For example if your net Estate is valued at R4,5m and is liable for Estate duty you will pay R200 000, being 20% of R1m (R4,5 – R3,5m = R1m). Whether or not your Estate will be dutiable depends mainly on who inherits although certain classes of assets are also exempt from Estate Duty in terms of the Estate Duty Act. If a married person bequeaths all of his assets to his or her Spouse no Estate Duty will be payable in the Estate of the first dying Spouse. There are other ways of minimising Estate Duty which can be fully explained to you by the person assisting you with Estate planning and the preparation of your Will.
The death of an individual is regarded as a disposal of his or her assets for the purpose of Capital Gains Tax. If you are married and you bequeath all of your assets to your Spouse there will be no Capital Gains Tax payable on your death if your spouse survives you. In all other cases your Estate is potentially liable for Capital Gains Tax and your Executor will have to disclose any Capital Gains Tax to the South African Revenue Services as part of your income for the financial year in which your death occurs.
Nominating an executor in your Will is an important decision to make as the role carries a big responsibility. You may want to appoint your spouse or close family member, but this is in most cases not a good idea as your spouse or loved one may be emotionally strained and not ready to take on the responsibility of approaching the court and making the necessary financial decisions.
Appointing Capital Legacy as Executor allows you to enjoy efficient, burden-free and compassionate estate administration.