Death is not an issue we want to talk about but it is a reality that needs to be managed responsibly. One aspect is having a Last Will and Testament. A Will is the tool that will speak for you when you are no longer here, and ensure your last wishes for your loved ones are delivered upon.
Dying without a Will under South African law means that your assets will be distributed according to Intestate Succession. This means that your estate will be distributed according to a standard hierarchical plan that may conflict with what you intended upon your death. Intestate Succession favours children inheriting first. This is not necessarily unfavourable, however if they are minors, their money may be transferred to the governmental National Guardian Fund.
A valid Testament or Will is the solution. Obtaining a Will can however be an administrative, as well as a costly exercise. Therefore, obtaining a Will is an often procrastinated upon task for many that may have even involved a few unsuccessful attempts.
An almost always forgotten aspect is the legal costs associated with a deceased estate. These can easily run into hundreds of thousands of Rands! They come in the guise of executor, trustee and conveyance fees that deplete your loved ones’ inheritance by stealth.
The Legacy Protection Plan helps you mitigate these issues, enabled by our unique approach and benefits.