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  1. #1
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    Default Wills and Estate planning

    With everything going on at the moment I realise that I need to update my will and estate planning.
    I am sure that there must be some very knowledgeable minds on this forum and advise shared would be beneficial to many others

    I am unsure if I should do my will myself, through a bank, insurance company, financial advisor or through a specialist company such as Capital legacy.

    I realise that a will can take time to wrap up and there are costs involved such as executor fees and conveyance fees on property. Would it be wise to take out a protection plan to cover these costs.

    My will, will be quite straight forward. I am married in community of property and have have no special bequests and everything will go to my wife. I am sure that I can draw up a simple will by myself. Do you have to nominate an executor or can my wife appoint someone when necessary?

  2. #2
    Moderator SSP's Avatar
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    Default Re: Wills and Estate planning

    Generally speaking insurance companies, banks, and financial advisors do a pretty poor job of this and tend to provide cookie cutter type wills.

    They usually do them for free, but then require that they are the executor and earn the statutory fee when they wind up the estate.

    You can draw a will by yourself but you then run the risk of the Master regarding it as invalid as a result of not doing it strictly by the book.

    You absolutely must appoint an executor in the will, otherwise there is little point in doing it in the first place. Who ever then takes up the appointment may then have to give security to the Master.

    There is no reason why your wife cannot be the executor. Typically the Master will require that she, as a lay-person, be assisted by a professional.

    The costs of administration and winding-up can be insured against.

    All of the above said, I suggest that you see an attorney to assist you. It should not cost a fortune to have a relatively basic will drawn, but it will be money well spent down the line if it avoids your wife having to deal will fall out for not doing it properly.
    Cattle die, kindred die, every man is mortal:
    But I know one thing that never dies,
    the glory of the great dead.
    Havamal

  3. #3
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    Default Re: Wills and Estate planning

    Quote Originally Posted by SSP View Post
    Generally speaking insurance companies, banks, and financial advisors do a pretty poor job of this and tend to provide cookie cutter type wills.

    They usually do them for free, but then require that they are the executor and earn the statutory fee when they wind up the estate.

    You can draw a will by yourself but you then run the risk of the Master regarding it as invalid as a result of not doing it strictly by the book.

    You absolutely must appoint an executor in the will, otherwise there is little point in doing it in the first place. Who ever then takes up the appointment may then have to give security to the Master.

    There is no reason why your wife cannot be the executor. Typically the Master will require that she, as a lay-person, be assisted by a professional.

    The costs of administration and winding-up can be insured against.

    All of the above said, I suggest that you see an attorney to assist you. It should not cost a fortune to have a relatively basic will drawn, but it will be money well spent down the line if it avoids your wife having to deal will fall out for not doing it properly.
    Agree, go and see someone (preferably an Attorney - one who actually works with estates and wills, or financial planner with required knowledge). If you draft the will incorrectly, not getting witnesses to sign, or worst, get any heir to witness the will (then they cannot inherit) it will be problematic, for them, not you, since you will not be there to sort it out...

  4. #4
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    Default Re: Wills and Estate planning

    My wife is in the trade for 20 years now.
    Please do not do it yourself or ask a bank or insurance broker etc to do it. Estate planning and a proper, executable will is very important, no matter how simple winding up your estate will be.
    Pay a professional to get it done properly, your wife will thank you for the rest of her days.....

  5. #5

    Default Re: Wills and Estate planning

    Speak to an attorney.

  6. #6

    Default Re: Wills and Estate planning

    Banks as stated mostly do free. But then want to handle the will. Where they will ask max fees they are entitled to.

    You should setup one with executor not one of them. Maybe your wife or kid or other family member. They can then take will and negotiate fees when needed. As some lawyers are willing in cases to ask for example fixed fee instead of percentage of estate. Which works out way cheaper.

    In some cases some lawyers as in my dads estate gave it to one of the studying lawyers. Not sure what you call them. And the agreement was that we still do some of the admin work as well. They then just charged us a fixed fee of R25000. Which was a pure bargain instead of paying percentage.

    Dont get yourself stuck or your family with example ABSA as executor. If there is not enough cash in estate. They will sell the house your wife lives in to cover the fees and give back whats left.

    Anyhow. Im with Solidarity. PAy my monthly fee. But as part of being a member they assist with Will setup and dont even ask to be executor.

    Also part of the small just over R100 a month I pay them. They give legal advice as well as off course assist with work issues.

    But also cover through Avbob your funeral costs.

    I believe this all for just over R100 a month is a bargain.

  7. #7
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    Default Re: Wills and Estate planning

    Quote Originally Posted by Just_Plain_Dan View Post
    My wife is in the trade for 20 years now.
    Please do not do it yourself or ask a bank or insurance broker etc to do it. Estate planning and a proper, executable will is very important, no matter how simple winding up your estate will be.
    Pay a professional to get it done properly, your wife will thank you for the rest of her days.....
    This is very true. Please make use of an estate professional. There are lots of pitfalls that can occur if your will is not drawn up correctly. DO NOT NOMINATE A LAWYER OR BANK AS THE EXECUTOR. Get proper advise. If you want, pm me and I can put you on the right track

  8. #8
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    Default Re: Wills and Estate planning

    Lots of good advice given already. Take note of it and get a professional with experience in wills involved.

  9. #9
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    Default Re: Wills and Estate planning

    Speaking from the other side: the mrs and I are reverends for 15 years. We pick up the pieces and see what is left over after all the quasi-dogooders are done with the widows. Much of this answer is based on the tears of those left without.

    DO NOT go to the bank or any other similar institution. Apart from unbelievably stupid personnel, they are in it for the money. They don't give a dented nickle's worth of money for your situation or your future.

    Go to an honest and capable chartered accountant, and have them draw up a proper will. Your wife gets to be executor with the option to get in any necessary type of help.

    In case of children, appoint at least two sets of godparents. You don't know who dies when of either Covid or anything else.

  10. #10
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    Default Re: Wills and Estate planning

    Quote Originally Posted by mikecollinge View Post
    This is very true. Please make use of an estate professional. There are lots of pitfalls that can occur if your will is not drawn up correctly. DO NOT NOMINATE A LAWYER OR BANK AS THE EXECUTOR. Get proper advise. If you want, pm me and I can put you on the right track
    The bank part I understand, but this wrong advice iro appointing attorneys... Traditionally this is a lawyers job, they get tested in attorney exams on wills and winding up. If there is a property that needs transfer...attorney (conveyancer) involved, I can make the list long... What I will say and I guess that is where your gripe lies, is that attorneys require payment of the executor fees, which I admit some may ask the full prescribed fee... but whoever is appointed may ask that fee, not just attorneys.

    @Gary-T - Whether you appoint attorney, bank, estate professional (person who only studies wills - attorney did the same course...) make sure you negotiate the executor fees and all other fees.

    What happens is the Executor is appointed, let say the convenient estate professional. This person asks the executor fee of 3.5% (excl VAT). But this person goes and appoints an auditor or an CA (more expensive), the property needs to be transferred (conveyancing fees) etc. etc. All these fees are taken from the estate.

    Bottom line, get someone you trust, whether attorney, family, financial planner, auditor etc. who is willing to talk on the fee, it is not necessary to make the executor rich at expense of heirs

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