Your Legacy Starts with the Right Vision
There is no substitute for proper planning.
Why its vital to have your financial affairs in order at all times
Having your affairs in order is critical to the smooth administration of your estate when you pass away. Too many people do not realise how important this is and do not place priority on having a clear and comprehensive Will in place.
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In such a situation you are deemed to have passed away "Intestate". This triggers a convoluted and lengthly process of administrative work to finalise your Estate.
Life after you have left
Making sure that the ones you love in this life are taken care of is one of the most important things you can do for them.
We draft Wills for everyone, what ever they have. Our Wills are custom drafted to cater for all your unique testamentary needs and wishes.
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Wherever you have assets, here in South Africa or anywhere else in the World, we ensure your Will is drafted in accordance with the relevant law, to protect all your assets, regardless of where they are.
Whatever type of trust you wish to set up, our Wills ensure that your legacy is protected for the ones you love through powerful purpose-driven Trusts.
Do you know?
Around 75% of all South Africans pass away without leaving a compliant Will in place. This has far-reaching and often devastating consequnces for those left behind.
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Drafting a Will is, in reality, an uncomplicated process that is not time consuming.
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Most people don't think about or plan for the expenses associated with passing away, things like Executors, Conveyencing and Trust fees. Not making provision for these expenses can have a disastrous effect on the legacy you wish to leave behind.
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Having a Trust in place for the things you wish to leave to your children, especially minors, ensures that their inheritance does not end up being in the hands of the Government Guardian's Fund or a legal guardian.
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Even with proper planning, winding up Estates can take months, even years to finalise. At Amity Administrators we make every endeavour to finalize Estates as quickly and efficiently as possible, usually within 6-9 months.
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When you pass away your Bank Accounts are all frozen denying your family access to money that will be needed to deal with the immediate costs of your death. It is important to make provision for thi by way of a Policy that pays out immediately upon death.
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Your Will is invalid if it is incorrectly signed or is not witnessed properly by two independent people. Having an invalid Will is as bad as dying 'intestate' - having no Will.
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No witness to your Will can be a Beneficiary to your Will and may be rejected by The Master of the High Court.
Passing Away can be very costly to those left behind
There are many fees and costs that are associated with your death, some of them you may not even be aware of, like;
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Advertisement Costs
By law, two advertisements have to be placed, one in a local newspaper and another in the Government Gazette. The costs can be as much as R 2,000.00 depending on the chosen publication.
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Clearance Fees
In order to transfer a property a clearance certificate from the city council or municipality is required. This will only be issued if the rates and taxes are paid in advance and depending on where the property is located can be up to 6 months paid in advance.
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Conveyencing Fees
If there is a property in your Estate it will need to be transferred to the nominated beneficiary by a Conveyancing Attorney which means a home worth R 1 850 000 will attract R 30 544 in fees to the Estate.
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Correspondence Fees
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These are fees associated with corresponding with the relevant Master of the High Court.
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Executors fees
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These are set by the Masters Office. A maximum of 3.5% + VAT of the value of your Estate can be charged by the Executor or assisting professional to wind-up your Estate which means that if your Estate is worth R 5 Million it will attract over R 200,000 in fees.
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Inheritance Tax
In addition to all outstanding taxes that have to be paid from the Estate before it may be finalised, the Executor will have to determine and report whether Capital Gains Tax or Estate Duty is payable at death.
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Masters Fees
These fees are paid to the Master of the High Court in accordance with the fulfilment of its role in the administration of your Estate.
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Ongoing Short-Term Bills
Monthly costs like Armed Response, Car Insurance, Leases, Medical Aid, School Fees, Rates and Utilities Bills still need to be paid even though bank accounts are frozen.
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Other Immediate Costs
The cost of a Funeral and costs associated with it like the casket, catering, cremation fees, printing, travel, undertakers and venue fees add up quickly and may decrease the value of the legacy you plan to leave behind.
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Testamentary Trust Fees
Trustees appointed to administer a Trust created to look after the inheritance you leave to your minor Children. Administration fees are usually around 1.15% of the net asset value to establish the Trust and a further 1.6% charged annually for the ongoing administration. This means that a Trust with R1.5 Million in assets over 15 years will amount to R 377,250.00