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:
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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
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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 105.87 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
What happens to my house if I die without a will?
Regardless of whether you have a will or not, your estate will still need to be administered upon your passing away and therefore will be in the control of an executor. However, when you pass away without having drawn up a valid will, your assets will be distributed to your heirs based on the Intestate Succession Act no 81 of 1987. Therefore, if your house is portioned into a few inheritances then the executor of your estate has the authority to sell it and distribute the proceeds to the various heirs or he/she may sell it in order to cover the taxes and fees due, should there be little liquidity in your estate. However, your descendants may decide amongst themselves how to distribute their joint inheritance. If they decide to co-own the house, the house will be transferred into all their names.
How much tax do you pay on a deceased estate?
When someone passes away it is important to remember that there are four types of taxes that come into play when dealing with the estate: 1.) Income Tax for the deceased individual (Personal Taxes); 2.) Capital Gains Tax; 3.) Estate Duty Tax; and 4.) Donations Tax (if applicable to the specific Estate).Income Tax (Personal Taxes)The executor of the estate has a duty to make sure that all tax returns of the deceased are up to date with the South African Revenue Services (SARS).If any tax years are outstanding the executor will then have to request the relevant tax certificates/IRP5s from the respective institutions and then send it onto the tax practitioner to have them submitted and uploaded at SARS.The estate will be charged Income Tax on any and all income, whether it is for dividends received, rental income or interest accrued during the estate administration process.There are two types of assessments that must be carried out: firstly, a pre-date assessment (all income and deductions that were applicable to the deceased up to their date of death); and secondly, a post-date of death assessment (all income and deductions in the estate from after date of death).B: If the deceased was a pensioner at the time of death or even a few years prior to date of death, the tax returns should still be completed and submitted to SARS in order for SARS to advise the executor that the taxes are in order and therefore provide the executor with a Tax Compliance Certificate (TCC) for the estate.Capital Gains TaxWhen someone passes away, the deceased individual is deemed to have disposed of their assets. This is because there has been a “change of ownership” as the assets will now be inherited by the heir/s in the estate.This deemed “change of ownership” attracts Capital Gains Tax for the estate and is payable to SARS.If the executor of the estate sells property or receives property into the estate then these assets will attract Capital Gains Tax.However, it is important to note that certain assets in a deceased estate are excluded from Capital Gains Tax. These include: assets for personal use (there are certain exceptions); assets inherited by the surviving spouse; the proceeds from life assurance policies; and interests in pension, provident or retirement annuity funds.At death, there is a once-off exclusion of R300 000 which means that R300 000 of the gain or loss will not attract any tax on capital gains made.Any amount over and above R300 000 will have an inclusion rate of 40% and this amount will then attract the applicable tax as per the deceased individual’s marginal rate.Estate DutyEstate Duty is determined based on the gross value of the Estate.Each individual is granted a rebate of R3.5 million and Estate Duty is therefore only taxed on the value of the estate over R3.5 million.Estate Duty is levied at 20% on the first R30 million and then 25% on the value above R30 million.In terms of Section 4(q) of the Estate Duty Act – the Estate Duty liability in respect of the assets inherited by the surviving spouse is postponed. This means that it is deemed that the deceased individual disposed of the assets on the day of his/her death but the liability for the tax is postponed until the death of the surviving spouse.Donations TaxDonations Tax does not form part of the calculation of an individual’s Income Tax liability and the Donations Tax calculation is done separately on each occasion that a donation is made.Donations Tax is not levied on an individual’s income but on the capital transferred which is usually in the form of assets.There are two parties involved in a donation, i.e. the donor (the person who makes the donation) and the donee (the person who received the donation).The donor is liable for the payment of the donation tax. If the donor fails to pay his tax within the prescribed period (normally by the end of the month following the month in which the donation took effect or for a period as the Commissioner may allow,) the donor and the donee are jointly and severally liable for the Donations Tax.Donations (taking into account certain exemptions as discussed below) are subject to donations tax levied at a rate of 20% on the value of the donation and applicable to donations made on or after 1 October 2001.The following donations are exempt from Donations Tax:Donations between spouses.Donations that are made and materialise only when the donor dies. For example, if a person has a life-threatening job.Donations which the donee will only receive the benefit of upon the death of the donor.Donations that are cancelled within six months of taking effect.Traditional councils, traditional communities and certain tribes.Property located outside the Republic of South Africa. This is only applicable if the donor: acquired the property before becoming a resident of the Republic; or through inheritance from someone who at the date of his/her death was not resident in the Republic; or by using funds from the sale of the property and replacing it with other properties.Exempt organisations such as: government; provincial administrations; municipalities; etc.
Who must be covered in a last will and testament?
The importance of having a valid will in place cannot be overstated. A carefully crafted 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, who exactly must 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. As the wills people, it makes sense for Capital Legacy 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 Capital Legacy.
What is freedom of testation?
Freedom of testation is a law that allows a testator (or testatrix) to bequeath assets in a will as they please. South Africa observes freedom of testation, so a person can leave his or her assets to whoever they like.
What are the benefits of education insurance?
There is money securely ring-fenced to take care of your children's educational needs if you pass away, become severely ill or impaired. EduCare™ is dedicated cover to ensure their continued education and care, should something happen to you.EduCare™ helps cover school fees, personal care needs, stationery, sporting equipment, food, transport and tertiary education. Over and above the core cover, EduCare™ also includes the following additional benefits:● The LifeStarter Benefit™ pays out as a cash lump sum when your child turns 18, on the 1st day of their birthday month. This amount is selected by you in the initial calculation.● The Global Bursary Benefit™ pays up to R5 million in university fees if one or all of your children get accepted into one of the 50 Oxford Global top universities.● The Achiever Benefit™ pays out a once-off cash lump sum of R150 000, per child, if they qualify for National Colours. ● Medical studies benefit – if any of your children covered choose to study to be a Medical Doctor, up to R100 000 will be paid to the institution per annum, for 3 years, after successfully completing their 4th year of their Bachelor of Medicine degree.● Estate duty benefit – any estate duty created by taking out EduCare™ will be covered up to R1 million.
How do I prove I am the executor of an estate?
You can prove you are the Executor of an Estate by using the Letter of Executorship/Authority, as granted by the Master of the High Court. There are two manners through which someone can be nominated to become an Executor: The deceased could nominate you in their Last Will and Testament as the Executor of his/her Estate. If a deceased individual does not have a Last Will and Testament or has not nominated an Executor, the nominated Beneficiaries could nominate someone to become the Executor.
Not to brag, but we're kinda good at what we do.
Don't take our word for it though...