There are many expenses involved with the winding up of a deceased estate. Your Will sets out your bequests and wishes, but if there is no actual cash available in your estate, then your wishes may not be able to be fulfilled. The reason for this is that your assets may have to be sold to cover the expenses.
The other cash flow problem which may be faced is if you have a joint account or if you are married in community of property. Upon the death of one of the parties, the bank accounts are frozen. This can be disastrous for the other party as, for many months, there will be no funds with which to pay daily and monthly expenses, over and above the estate expenses.
There may be a number of taxes to be paid such as Income Tax, Capital Gains Tax and Estate Duty, which we have no option but to pay. But in addition to that, some of the expenses that your estate may have to pay are Executor’s fees at 3,5% plus VAT of the gross estate, Master’s fees, costs of advertising, professional fees for an Attorney or an Accountant, valuation fees and property transfer costs. It is for these expenses that you may want to consider the Estate Preservation Plan offered by Clientèle.
For a relatively small monthly premium, you will receive a Will drafted by MYERS Attorneys, an Executor Fee benefit, an Initial Expense benefit and an Estate Shortfall benefit. There is also an option to have a Monthly Expenses benefit and an Enhanced Liquidity benefit.
To view the brochure and to do a quick online quote for yourself, you can click on the following link :
If you would like more information about the Clientèle Estate Preservation Plan, please contact us and we will arrange for a PBA Financial Services Consultant to contact you.
For further information or assistance with regard to Wills or deceased estates, please contact Myers Attorneys on 011 346 2422 or email@example.com
You can also visit our website www.myersattorneys.co.za