Secure your family’s future

Estate planning is a process that takes place while you are alive, by arranging the management and administration of your deceased estate when you pass away. It ensures your loved ones are protected and your wishes are honoured. Estate administration is the process that kicks in when you pass away, and includes winding-up your estate and distributing your assets.

Understanding estate planning

Estate planning encompasses more than just drafting a will. It’s a comprehensive approach to managing your assets and ensuring your family’s financial security. By engaging in estate planning services, you can cover unforeseen costs, reduce the burden of inheritance tax, and streamline estate administration for your beneficiaries.

Why you need estate planning services

• Drafting a will: A will is a fundamental document in estate planning. It outlines how your assets will be distributed after your death. Without a will, South African law will determine how your estate is divided, which might not align with your wishes. Drafting a will with the help of estate planning services, ensures that your desires are clearly articulated and legally binding.
• Cover unforeseen costs: Estate planning helps you prepare for the unexpected expenses that arise after your death. This includes costs related to funeral arrangements, estate administration, and any debts or liabilities you may leave behind. By planning ahead and doing your estate planning with care, you can ensure these costs don’t become a significant financial burden on your family.
• Minimise inheritance tax: Also known as estate duty in South Africa, inheritance tax is levied on the value of your estate when you pass away. Estate planning is a very valuable tool to minimise this tax burden, ensuring more of your assets go to your loved ones rather than to the government by way of tax. This can be achieved through strategic asset allocation, making use of available exemptions and deductions, gifting and charitable giving.

Estate planning services

Estate planning services provide professional guidance to help you navigate the complexities of South African estate law. These services include:

• Drafting a will: Professional will drafting ensures your last will and testament is clear, in line with your values and wishes, and legally valid. It reduces the risk of disputes among heirs or delays in finalising your estate, and ensures your wishes are carried out.
• Trusts and guardianships: Setting up trusts and nominating preferred guardians for minor children are vital components of estate planning. Trusts can protect your assets and provide for your family, while guardianships ensure your children are cared for by someone you trust and raised in line with your values.
• Estate administration: This involves the management and finalisation of your deceased estate. Professional estate administration services will handle this process efficiently, ensuring all legal requirements are met and your beneficiaries receive their inheritance without unnecessary delays. When drafting your will with Capital Legacy, you can also appoint their team of specialist in-house executors to take care of your estate administration. They have an outstanding track record of wrapping up estates in significantly shorter timeframes than the industry standard.

Key considerations in estate planning

• Assets: Before drafting your will, it is a good idea to make a list of your assets, including property, bank accounts, investments, and personal belongings. This inventory helps in drafting a will and ensures nothing of value is overlooked.
• Beneficiaries: When you draft your will, be sure to designate beneficiaries for your assets. This reduces the likelihood of disputes and delays, and ensures your possessions go to the intended recipients.
• Reviews: Estate planning is not a one-time task. You should review your will at least once a year, along with any other estate planning documents, to ensure it still reflects changes your personal circumstances and latest life events, such as marriage, divorce, the birth or adoption of a child, property purchases, investments, and significant changes in asset values.

Estate planning is a crucial step in securing your future and providing for your family’s well-being. By making use of professional estate planning services, you can draft a will that clearly outlines your wishes, cover unforeseen costs, and minimise the impact of inheritance tax. Effective estate administration ensures your estate will be managed smoothly, reducing the stress on your loved ones during a very difficult time in their lives.

Professional estate planning services ensure your estate will be handled according to your wishes, providing peace of mind for you and your family. Start your estate planning today to protect your legacy and secure your family’s future.