Capital Legacy Indemnity Plan - One of our financial partners.
Channel: Financial Juice
Date: 2020-05-03

Capital Legacy Protection Plan.

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.

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 fulfilment 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.