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
Is it compulsory for Muslims to draft a will?
Yes, it is compulsory. Islamic law is currently not recognised in South Africa and if there is no Islamic will, or any will for that matter, the Intestate Succession Act would govern the administration of the estate. The Prophet Mohammed, may peace be upon him, stated that it is unlawful for a Muslim to let three nights go by without drafting a will. This underscores the importance of a will in the Islamic faith. If you live in a country that does not recognise Islamic inheritance law, then the aforementioned hadith would be even more relevant to you.
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.
What is accidental (implied or tacit) revocation of wills?
The simplest method of revoking a will is by validly executing a further will or codicil. A clear way of doing this is by including a revocation clause in the later will. For example, at the outset of the new will, it could simply state: 'I revoke all former wills and testamentary dispositions and declare this to be my last will and testament.' This simple clause will revoke all previous wills and codicils. But it might present problems when acquiring foreign assets in countries that do not have freedom of testation. As we have in South Africa, this simply means that the testator may leave his estate to whomever they want to. In some countries, e.g. France, the principle of forced heirship applies. Under these laws children are prioritised over spouses. Why should this be a problem? Let's assume a South African buys a property in France. He then draws up another last will and testament to leave the property in France and his properties in South Africa to his wife. But the property in France might end up going to his children, because France’s laws prioritise children over spouses. How could this happen? Simply because the last will and testament is subject to the laws of the country where the asset is situated. That part of the testator’s will is therefore accidentally revoked.
At what age can or should you draft a will?
You may draft a will if you are aged 16 years or older.
How do I get nominated as executor of an estate?
There are two ways for this to be done:The deceased would have nominated you in their last will and testatment as the executor of their estate.If the deceased died without a will or did not name an executor in their will, the nominated beneficiaries could name you as executor of the deceased estate.
Who inherits when there is no will, in South Africa?
If you do not have a legal, valid will the law will govern how your assets are distributed. The executor of your estate will have to ensure that your estate is divided in line with the Intestate Succession Act with consideration of the Maintenance of Surviving Spouses Act and Children’s Act, if applicable. Your estate will be divided per stirpes and by representation. Questions related to this question:What happens to the part of my estate that my children stand to inherit, if I have no will?What happens if parents die without a will?
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