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
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 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
How much tax do you pay on a deceased estate?
When someone passes away there are four types of tax that come into play when dealing with their deceased estate: [1] Income Tax for the deceased individual (personal tax); [2] Capital Gains Tax; [3] Estate Duty; [4] Donations Tax (if applicable to the specific estate).Income Tax (personal tax)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 returns are outstanding the executor must request the relevant tax certificates/IRP5s from the respective institutions and send it onto the tax practitioner to submit to SARS.The estate will be charged income tax on any and all income, including dividends received, rental income or interest accrued, during the estate administration process.There are two types of assessments that must be carried out: [1] pre-date of death assessment (all income and deductions applicable to the deceased up to date of death); [2] post-date of death assessment (all income and deductions in the estate after date of death).NB: If the deceased was a pensioner at the time of death or even a few years prior, tax returns must still be completed and submitted to SARS so that SARS can advise the executor that taxes are in order and issue a Tax Compliance Certificate (TCC) for the estate.Capital Gains TaxWhen someone passes away, the deceased 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, payable to SARS.If the executor of the estate sells property or receives property into the estate, these assets will attract Capital Gains Tax.Certain assets in a deceased estate are excluded from Capital Gains Tax. These include assets for personal use (with certain exceptions); assets inherited by the surviving spouse; proceeds from life cover; interests in pension, provident or retirement annuity funds.At death, there is a once-off exclusion of R300 000, so 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 attract the applicable tax depending on the deceased’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 for each donation.Donations tax is not levied on an individual’s income, but on the capital transferred, usually in the form of assets.There are two parties involved in a donation: [1] the donor (person who makes the donation); [2] the donee (person who receives the donation).The donor is liable for payment of donation tax. If the donor fails to pay this 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, see below) are subject to donations tax of 20% on the value of the donation, applicable to donations made on or after 1 October 2001.These 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 (RSA). This is only applicable if the donor acquired the property before becoming a resident of the RSA; through inheritance from someone who at the date of their death was not resident in the RSA; or by using funds from the sale of the property and replacing it with other properties.Exempt organisations include government, provincial administrations, municipalities, etc.
Can a non-Muslim relative inherit? For example, a non-Muslim wife?
No, but they can be allocated a bequest in an Islamic will, provided that the sum of all bequests does not exceed one-third of the estate. Alternatively, they can be nominated as beneficiaries of the MyCover™ extender on the Tazkiya™ Family Takaful.
How long does it take to distribute a will?
The process of estate administration is governed by the Administration of Estates Act. It is difficult to give a specific indication of time because every will and its estate has to do with the personal circumstances of the deceased. We always aim to finalise an estate within nine months. Unfortunately, we cannot guarantee that it will be completed so quickly, because more complex estates can take longer. However, we are doing everything in our power to remove administrative roadblocks and finalise each estate as soon as possible.
Do I need a will if I have few or no assets?
Even if you do not own property, a vehicle or other large assets, something like your Current Account is considered an asset and will therefore form part of your estate when you pass away. However, a will is more than a legal document that sets out how your assets should be distributed. You can use your will to make your final wishes clear, e.g. whether you want to be buried or cremated, whether you are an organ donor, or to nominate your chosen guardian(s) for your minor child(ren), if applicable. Also remember that your personal and financial circumstances could change over time, so it is a good idea to review your will at least once a year. The bottom line is that everyone aged 16 or older should have a will, no matter how much or how little they own. It is one of the most important documents you will ever put your signature to.
What are the implications of the European Succession Regulation no. 650/2012 (BRUSSELS IV) concerning estates?
Many countries in Europe, such as France, Spain, Germany, and Italy restrict freedom of testation through their forced heirship rules, which can potentially provide statutory or fixed shares to certain family members. This means that in some cases, a South African with assets in certain European countries may be restricted as to whom they can leave their assets to. However, where a South African owns assets located in the European Union (the UK, Ireland, and Denmark excluded), the European Succession Regulation No 650/2012 (also known as Brussels IV) presents a useful planning opportunity. It enables a person to elect for the law of their nationality to apply to the succession of their assets. This can, potentially, be a way to avoid the forced heirship rules and, for a South African national, ensure that South African law applies to the succession of their European assets. Both the EU citizen and the non-EU citizen may choose the law of their country or nationality to apply to their estate. The default position is that the governing law of the state in which the deceased was habitually resident at their death will be used for the distribution of their estate.
Can a property remain in a deceased person's name?
No, if the registered owner of immovable property has passed away, the property will need to be transferred to another person – usually a family member. Assets in the name of the deceased will have to be transferred to the heirs of the estate to be able to close off the estate and obtain the filing slip from the Master of the High Court, according to the Deceased Administration Act. The Master of the High Court appoints an executor to administer the deceased estate. The executor is the only person who is lawfully authorised and therefore allowed to deal with the assets of the deceased. This is done to ensure the orderly winding up of the financial affairs of the deceased, and the protection of the financial interests of heirs and beneficiaries. Immovable property can be sold by the executor of the deceased estate directly to a third-party purchaser, with the beneficiaries' consent. The executor will be required to sign the Offer to Purchase/Sale Agreement on behalf of the deceased estate, and eventually the transfer documents. The Conveyancer will need to obtain a Section 42 (2) Administration of Estates Act Certificate from the Master of the High Court where the estate was reported, to certify that the Master has no objection to the transfer. The costs of the transfer, including transfer duty, would usually be payable by the purchaser. The estate would carry the costs of obtaining rates and levy clearance certificates that are valid until after registration. The estate would also carry the costs of canceling any home loan(s) registered over the property.
Not to brag, but we're kinda good at what we do.
Don't take our word for it though...