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.
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? *
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 111.70 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.
Frequently asked questions
What are the duties of an executor of an estate?
The main duties of the executor of an estate are:Controlling, protecting and transferring the deceased's assets, in line with their last will and testament or the Intestate Succession Act;Taking care of all the legislative requirements;Settling all outstanding debts and paying all administration expenses;Ensuring that the final Income Tax returns are lodged and all taxes are paid; andDistribution of final balances in the estate.The entire deceased administration process is supervised and validated by the Master of the High Court, who also performs a judicial function by dealing with any objection(s) lodged against the Liquidation and Distribution (L&D) account or any contestation(s) made against a will.
Do I pay Executor’s fees on MyCover™?
No. Because MyCover™ is an extender benefit of the Legacy Protection Plan™, all your executor fees are indemnified regardless of who the nominated beneficiary is. If your life cover from another provider pays to an individual, it wouldn’t attract executor’s fees. However, life cover from other providers that pay to your estate or a trust will attract executor’s fees which can be charged at 3.5% plus VAT.
What are the benefits of a trust?
Trusts are powerful and versatile ways to safeguard your assets and ensure the seamless distribution of wealth according to your wishes. There are different types of trust options available, each with its own benefits. From living trusts that offer the opportunity for asset management during your lifetime, to testamentary trusts that come into effect upon your passing, understanding the different types is essential to optimise your estate planning and providing for your loved ones.Asset protection and managementProtecting and managing your assets through trusts offers significant benefits if you want to secure your wealth and minimise estate tax liabilities. One major benefit is that you can keep the value of your assets in your personal estate steady while still letting them grow.Tax planning and reductionTrusts provide opportunities for estate duty reduction. In South Africa, assets held in a trust are not considered part of the deceased individual’s estate, potentially reducing the estate duty liability. Through careful estate planning, individuals can ensure that their assets are transferred to beneficiaries while minimising tax implications. Certain types of trusts qualify for specific tax benefits, deductions, or exemptions.For example, one of the advantages of a testamentary trusts is that it can be structured to optimise tax planning. These trusts have their own tax rates, which can be advantageous for income distribution among beneficiaries.Protecting beneficiaries with special needsTrusts play a crucial role in protecting beneficiaries with special needs. If you have a child or dependent who is unable to manage their financial affairs due to a disability, you can establish a Special Trust Type A. This is designed for parents who want to ensure the care and financial well-being of their special needs child upon the parent’s passing. NB. Special Trust Type A should be registered exclusively for the welfare of a beneficiary who has a permanent mental or physical disability.One way to protect the inheritance of a dependent with special needs is with a provider’s trust. This holds all the assets in your estate and allocates them to care for your special needs dependent. Appointing professional trustees or trusted individuals ensures proper management and adherence to your wishes.When establishing a special trust, it is essential to consider the fees associated with trusteeship. Some institutions charge upfront fees, but Capital Legacy, for example, offers a more affordable option with an annual fee of 0.75% on the capital.Control over inheritance distributionBy having a valid will in place, individuals can designate specific beneficiaries, determine the assets they will receive, and impose conditions or requirements for inheritance. However, trusts offer even greater control and flexibility, where individuals can dictate when and how assets should be distributed to beneficiaries. Trustees can be appointed to manage and distribute assets according to the testator’s instructions, ensuring that the distribution aligns with their intentions.Contact us to receive expert advice on the all the advantages a trust, and which type would best suit your needs.
Why should I have an Islamic will?
A will conveys your final wishes in a legally binding way, including how your estate must be divided. The benefit of having an Islamic will is that your estate will be administered according to Islamic law, providing for your Islamic heirs and religious responsibilities, however you still retain the freedom to appoint an executor of your choice to attend to the deceased estate administration process.
How long does it take to finalise a deceased estate?
There is no set time scale as every estate differs depending on the personal circumstances of the deceased. We endeavour to finalise deceased estates in about nine months. However, we cannot guarantee this timeframe as complex estates may take longer. In some instances, an estate cannot be reported to the office of the Master of the High Court due to factors such as missing or unsigned documents, or cause of death. Then the Master will not issue the Letters of Executorship (LoE) or Letter of Authority (LoA) and the deceased estate cannot be administered until one is issued. This is just one example of a potential administrative roadblock, but our dedicated team does everything they can to address these issues and move the process forward.
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.
Not to brag, but we're kinda good at what we do.
Don't take our word for it though...