It’s not an easy conversation, but death happens to us all.
Life is busy but your will is one of the most important documents you'll ever draft and all we need is an hour of your time.
Your will is important, so is planning for the costs of dying. Here's why:
/3
Meet Mark.
Mark is one of only 30% of South Africans who got his will in place in order to protect his family if he’s no longer around.
However...
Mark never thought about the fees his executor & trustees will charge, leaving his estate and beneficiaries with much less than he hoped for.
The Solution!
For as little as R 135 per month, our Legacy Protection Plan™
solves this and many other problems, should you pass away.
Don't be like Mark and leave problems when you want to leave a legacy!
Why do your will with Capital Legacy?
Because whichever way you look at it, we have the solution all under one roof
The Will
With access to a specialist consultant, free collection and safe-keeping, and unlimited amendments at no cost, our services provide an easy and stress-free way to secure your will.
Your Beneficiaries
Our services offer the option to create a trust for your loved ones, especially those with disabilities, and provide a personal estate consultant to guide you through the process.
Your Estate
Our services provide the flexibility of choosing any executor, the assurance of established in-house professionals administering the process, and the option of covering costs up to 100% upfront.
Your Trusts
We will take care of all the trusts required by your will to ensure your beneficiaries are protected and get the most of their inheritance.
Did you know…
Capital Legacy was the first to bring out an insurance policy integrated with your will that pays for the fees and costs when you pass away. It's called the Legacy Protection Plan™ and has revolutionised the industry, helping more than 300 000 South Africans since we launched in 2012.
Calculate your cost of dying
No hidden agendas with us... There are costs but NOT for the will itself, rather the executor & trustee fees should you choose to appoint us. We have a solution for these fees but first, let's quickly help you estimate these.
How much is your estate worth?
What is the value of your properties?
Do you have kids younger than 18? *
We recommend our LPP™
to cover your fees and costs of
from only
pm*
Tap here for more information
Why do I need the Legacy Protection Plan™?
This policy is the most cost effective way to provide funding to cover your estate legal costs. It can also prevent massive delays in administering your estate, saving your family trauma and at worst financial ruin.
Affordable premiums for any age, with BIG benefits
Has no cease-age and covers you for your entire life
Includes cash benefits to plug gaps that your other policies cannot
For as little as R 111.70 pm
Integrated benefits
With the Legacy Protection Plan™
Immediate Liquidity™
When you pass away, your family could have limited access to money. Ensure there is money available to cater for things such as funeral expenses, travel arrangements, groceries and other immediate expenses. This benefit pays within 48 hours giving rapid relief to your loved ones.
Estate Overheads Protector™
Estates take time to wrap up and there are costs that can become an additional burden to your family. This benefit is available in cash to the executor of the Estate, to help them pay for the costs relating to the Estate, such as Master's fees, correspondence fees, property clearance and advertising costs.
Estate Gap Cover™
If both you and your spouse should pass away, it can be a financial shock to your beneficiaries. It’s often too expensive to cover the costs associated with both spouses passing away simultaneously. Through this benefit, you can provide for inheritance taxes and other additional legal costs as well as the loss of monthly income.
Frequently asked questions
Is it compulsory for Muslims to draft a will?
Yes, it is compulsory. Islamic law is currently not recognised in South Africa and if there is no Islamic will, or any will for that matter, the Intestate Succession Act would govern the administration of the estate. The Prophet Mohammed, may peace be upon him, stated that it is unlawful for a Muslim to let three nights go by without drafting a will. This underscores the importance of a will in the Islamic faith. If you live in a country that does not recognise Islamic inheritance law, then the aforementioned hadith would be even more relevant to you.
Do you pay Capital Gains Tax on a deceased estate?
The executor of an estate is required to disclose and submit the Capital Gains Tax calculation together with proof of documentation to the South African Revenue Services (SARS) as part of the annual income for the financial year in which an individual passes away. SARS will then assess the calculation and the documentation, and confirm the amount of Capital Gain Tax due to be paid by the estate.
How do I ensure the estate is divided according to Islamic law?
In South Africa, you can make use of the Capital Legacy Tazkiya™ service to draft your Islamic will to ensure that it is Shari’ah compliant, legally binding and does not contradict South African law.
How would the Principle of Survivorship affect me if I have a joint foreign bank account or jointly own a property overseas?
Care should be taken when drafting a will for a South African who jointly owns a foreign bank account or investment account. If one joint owner passes away, the deceased’s share might not pass through their estate and may pass automatically to the surviving joint owner. This is known as the Principle of Survivorship. A caveat though, the Principle of Survivorship operates in the UK, Ireland, Jersey, Guernsey, the Isle of Man, and many other countries, but not all countries. For example, a husband who jointly has a bank account with his brother in the Isle of Man, should not make a gift in his will of his share in the bank account to his wife or anyone other than his brother. In circumstances where two or more people jointly own a property, the asset is held 100% in all names and this is called joint tenancy. When one of the owners passes away, the percentage holding of the other owner(s) increases. This differs from owning assets in tenancy in common, which has no right of survivorship and may be dealt with in terms of the testator’s last will and testament.
Who must be covered in a last will and testament?
The importance of having a valid will cannot be overstated. A carefully drafted will allows you to secure your family’s future, protect your assets and wishes, and plan for the unexpected. However, understanding who must be covered in a will involves careful consideration of legal requirements and familial relationships. When drafting your will, it’s essential to be specific about who you want to bequeath your assets to. Failing to be specific can lead to confusion and legal battles.For example, if you simply state that you want your assets to be distributed among your children, this could cause problems if you have stepchildren. Similarly, if you have specific wishes for how your assets should be distributed, such as a charity you want to support, you need to be clear about this in your will. So, what should be covered in a will?Immediate family membersIt is important to secure your family’s future when setting up your will. The primary beneficiaries, therefore, are typically immediate family members, including spouses, kids, and parents. Specifying the spouse’s share in the will can prevent future disputes. Kids are crucial beneficiaries who must be covered in a will. It’s important to note that you may not disinherit minor kids. Their well-being is always put first as far as last wills and testaments are concerned. Parents may also be included if they are financially dependent on you.Extended family membersExtended family members, such as siblings, grandparents and cousins, can be included in a will if you wish to allocate assets to them. It is essential to explicitly state their inclusion and the detailed distribution to protect your assets and to avoid infighting among relatives.Guardianship of minor childrenOne of the most important people who must be covered in a will is the guardian of minor kids. This nomination ensures that your wishes regarding the care and upbringing of your kids are honoured upon your passing. If you have minors, you will need to carefully consider who will be responsible for caring for them and their assets if you pass away.Charitable organisationsLeaving a portion of your estate to charitable organisations or causes can be a fulfilling way to leave a positive impact beyond your lifetime. Many people choose to support charities or community initiatives through their wills, aligning their legacy with their humanitarian ideals.Executor and trusteesOne crucial aspect of setting up a will is appointing an executor and trustees to protect your assets and carry out your wishes efficiently. The executor oversees the administration of the estate, while trustees may be assigned to manage trusts created for beneficiaries.Alternate beneficiariesTo plan for the unexpected, it’s vital to name alternate beneficiaries in your will. If a primary beneficiary predeceases the testator or is unable to inherit, the alternate beneficiary will assume that role.Knowing who must be covered in a will involves carefully considering all aspects of your life and relationships. We are wills and estates specialists, so it makes sense for us to draft your last will and testament and be your executor.For more information or to arrange your complimentary will consultation, speak to your financial advisor or contact us.
What happens if a person dies without a will in South Africa?
Estate planning is a crucial part of your personal finance journey, and at the heart of it lies your last will and testament. But what happens if a person dies without a will in South Africa? Without a will – or even with an invalid or outdated will – the law of intestate succession will apply, according to the Intestate Succession Act 81 of 1987. This means your estate will be divided according to a set formula, based on which relatives are alive at the time of your passing. If you die without a will and have no-one to inherit in terms of the Act, the money in your deceased estate will be placed in the government's Guardians Fund. If no heirs come forward to claim the money within 30 years, the funds will be forfeited to the state.With no will, there would also have been no appointment of an executor. The intestate heirs may nominate a person to be appointed as executor, however, the final decision lies with the Master of the High Court.One of the major consequences of dying without a will concerns guardianship for minor children. Your wishes might not be considered and the children might be placed in the care of someone you didn’t intend them to be placed with if you pass away without a will. Even the children’s inheritance will be at risk. You might have wanted to place the children’s inheritances into a trust, for example, to be paid out only when they reach age 25. However, without a will the inheritance will be paid into the government's Guardian Fund and could take years to pay out to the children.Apart from creating inheritance pitfalls, there are many other consequences of dying without a will. The importance of having a valid and updated will cannot be overestimated. This includes: Avoid family disputes: A well-drafted will can prevent family infighting and ensure that each beneficiary knows precisely what they will inherit. Efficient estate administration: Nominating an executor in your will streamlines the estate administration process and ensures that someone you trust manages your affairs upon your passing. You should also consider the peace of mind that a will gives you, and how it serves as a vital legacy for your loved ones, sparing them unnecessary worry and financial hardship in the future.We offer complimentary will-drafting consultations to help you create a comprehensive will tailored to your unique circumstances. Speak to your financial adviser or contact us to secure your legacy.
Not to brag, but we're kinda good at what we do.
Don't take our word for it though...