Estate Planning

Introduction:

Estate planning is a very important aspect in every individual’s life. It doesn’t matter how big or how small your estate is, you need to plan.

We offer you an all inclusive service. From planning your estate to drafting your last will and testament to administration of the estate. In doing so we take a personal interest in your affairs and develop a relationship of trust.

The planning of your estate and drafting of your will is a very sensitive and personal issue, we respect that.

Planning is very important:

Your estate, the unwinding thereof according to your last will, needs to be practical and executable. We will help you through the process by giving professional and practical advice.

Ensure that the administration of your estate does not become a nightmare after you are gone.

Allow us to help you.

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additional services

ADMINISTRATION

LAST WILL & TESTAMENTS

INVESTMENTS

FAQs

When should I set up a Testament?

As soon as you have any assets in your name, get married or have children.

When do I pay Estate Tax?

If the total amount of your assets exceed R3.5 Million. R7 Million if you are married.

Who can be an Executor of an Estate?

Any person who can administer the estate, for example, qualified accountants.

Can my Accountant be my Executor?

Yes most certainly, accountants who are more up to date with your financial position and structure and know the “financial” implications like Income tax, Estate duty, Transfer Duty, Securities Transfer Tax & SARS regulations. The best decision would be to use an accountant.

What is a Testamentary Trust?

This is a Trust only formed upon death and is stipulated in your testament.

What are the Executor fees on a Deceased Estate?

The fee chargeable is 3.5% plus VAT on total asset value, which is prescribed by the Deceased Estate Act. This fee can be negotiated with the executor you appoint when you draft your testament.

What does a Testament cost?

When done by EA Group, no initial fee will be charged at all. Only consultation fee.

How long is my Testament valid?

Once a Testament is set up and signed it will stay valid until death, no expiry date or up to the date that you change your testament.

How often should my Testament be updated?

As soon as bigger financial changes have taken place, you get married/divorced, one of your heirs/people mentioned in your testament die or children is born, then an appointment must be set up with your accountant. If no major changes have taken place in your life, then a review of your testament can be done every 2 years at least.

Do life insurance policies ceded to beneficiaries get included in my Estate when calculating my Executor fees and Estate Tax?

No, there are no executor fees calculated on the Life insurance policies which are ceded, as they do not flow through your estate itself. The Life insurance policies are noted when administering the estate, but no fees are incurred by the executor.