Within a Will there should be a person nominated to wind up the estate and ensure that all funds, property(ies) and gifts are disbursed to the listed beneficiaries. The process can be very complex and may involve dealing with attorneys, conveyancers for property transfers, trustees for any minor children, as well as the Masters offices and SARS.
Capital Legacy offers a professional, compassionate and burden-free estate administration service that alleviates the stress and hassle families experience when a loved one passes away. Estates are wound up quickly and effectively with transparency every step of the way.
The three-step approach allows administrators and relationship managers to work together to ensure continuous and efficient communication with you, the client.
An advanced system ensures that beneficiaries receive regular feedback on progress. administrators and relationship managers take ownership of all tasks and work together with the family to ensure continuous and efficient communication every step of the way.
A meeting is arranged with you to discuss the process and how everything works, including the service provided
A letter of executorship is obtained
Advertisements are placed in newspapers (a legal requirement)
A liquidation and distribution account is set up (in order to pay off any outstanding dets)
A meeting is held with you to discuss the liquidation and distribution account ahead of disbursing funds
You are kept posted as the processes related to taxes, transfers and collections are completed
Final distributions of moneys, gifts and property transfers
The best way to ensure that after your death your assets are distributed accordingly to your wishes and instructions is to draw up a Will. This gives you the opportunity to appoint an Executor to deal with your assets. If you die without a valid Will, your family might suffer inconvenience and even severe hardship.
Where a person dies without leaving a valid Will, the Estate will distribute in accordance with the Intestate Succession Act. The Estate will, in such circumstances, distribute to the surviving spouse or the surviving spouse and children of the deceased and grandchildren. Where there are no descendants, the parents will inherit and in their absence, the brothers and sisters will inherit.
The death of an individual is regarded as a disposal of his or her assets for the purpose of Capital Gains Tax. If you are married and you bequeath all of your assets to your spouse there will be no Capital Gains Tax payable on your death if your spouse survives you. In all other cases your Estate is potentially liable for Capital Gains Tax and your Executor will have to disclose any Capital Gains Tax to the South African Revenue Services as part of your income for the financial year in which your death occurs.
Nominating an executor in your Will is an important decision to make as the role carries a big responsibility. You may want to appoint your spouse or close family member, but this is in most cases not a good idea as your spouse or loved one may be emotionally strained and not ready to take on the responsibility of approaching the court and making the necessary financial decisions.
Appointing Capital Legacy as Executor allows you to enjoy efficient, burden-free and compassionate estate administration.