This is the fee charged by the executor or assisting professional to wind up your estate.
A maximum of 3.5% + VAT of your gross estate will be charged.
Example: An estate worth R3 million will pay ±R120 750 in fees
This is the fee charged by the trustees to administer the trust you create in terms of your Will, normally to look after the money you leave to minors (children under the age of 18).
On average, 1.14% will initially be charged on Net assets and 1.6% will be charged annually.
Example: The total cost with R1.5 million in assets over 15 years is ±R367 000
This is the fee charged by the transferring attorney when property needs to be inherited.
The attorney charges according to the tariff as provided for by the S.A. Law Society, effectively a percentage of the value of the property(ies) being conveyed.
Example: A home worth R1 850 000 being transferred to a beneficiary will cost ±R16 750 in fees to the estate
You can take out a completely optional low-cost insurance product to cover the thousands of Rands in fees it takes to wind up deceased estates.
Read more about low-cost legacy protection policies here. Your consultant will also explain the options and benefits to you after taking your Will instructions. The cost is typically less than your monthly coffee bill.