Capital Legacy - Will and Cover - Claims Process

[W@P]

Sorry bud, hoping for all the best for you and your family

Thank you

 

[W@P]

Bit of an update. Just got back from my Mom's sister's funeral. This is the 3rd funeral out of 4 siblings in the last 2 years. Life is cruel.

We got notified that the final Liquidation and Distribution account has been examined by the Master of the court now in January 2023. It was handed in at the court in January 2023 as well.

This is the comms we received from Capital Legacy.

We confirm that the final Liquidation and Distribution account has been examined by the Master and permission has been granted to advertise the accounts. For your records, please find the account attached.

The accounts will now be advertised and open for inspection for 21 days in the local newspaper, Government Gazette and local magistrate's court.

We will then proceed to finalise all taxes, transfers, and collections before distributing the estate.

So it seems things are progressing well. 16 March 2023 will one year since she passed.
FYI the executor's remuneration came to R159k which will be covered by the Capital Legacy plan.
And then there are also R31k transfer costs of one property that were in her name that is now transferred to the family trust. Also covered by the Capital Legacy plan.

All in all the immediate payout we received from CL together with the above-mentioned costs that were covered by CL comes to around R270k which was sort of mahala. Total premiums paid to date were peanuts.


And in other news. Looks like Sanlam will be joining forces with Capital Legacy.

 

[nicroets]

We got notified that the final Liquidation and Distribution account has been examined by the Master of the court now in January 2023. It was handed in at the court in January 2023 as well.

So it seems things are progressing well. 16 March 2023 will one year since she passed.

I'm glad it went so fast.

My dad also died in March. Nearly 11 months has passed and the executor, a chartered with over 20 years experience, has still not received his appointment letter!

Meanwhile my sister and I can't sell his house. That's a R20k lost for every month of delay (if you add up the time and costs to keep it ready for sale plus the opportunity cost of the capital that stuck)

The Master of the High Court of North Gauteng is supposed to look out for our best interest (the heirs). But right now they are just dead weight in the process!

 

[W@P]

I'm glad it went so fast.

My dad also died in March. Nearly 11 months has passed and the executor, a chartered with over 20 years experience, has still not received his appointment letter!

Meanwhile my sister and I can't sell his house. That's a R20k lost for every month of delay (if you add up the time and costs to keep it ready for sale plus the opportunity cost of the capital that stuck)

The Master of the High Court of North Gauteng is supposed to look out for our best interest (the heirs). But right now they are just dead weight in the process!

Sorry for your loss. Really sorry for the situation that you are in. According to my experience so far with CL I would gladly pay those premiums for many years to come knowing that there is someone that will sort out everything that is needed and cover costs.

I hope you get some movement soon.

 

[nicroets]

Sorry for your loss. Really sorry for the situation that you are in. According to my experience so far with CL I would gladly pay those premiums for many years to come knowing that there is someone that will sort out everything that is needed and cover costs.

Perhaps CL is more clued up that our chartered accountant on the requirements of the Master of the High Court. Or perhaps you were just lucky that the estate got transferred to South Gauteng instead of North Gauteng. (Rumor is that South Gauteng is much faster than North Gauteng). Or perhaps CL are aware of this difference and have intentionally set up an office in South Gauteng in order to funnel estates there.

At least the executor isn't a bank:

Banks also to blame for major delays in finalisation of deceased estates

Seem to lack the appetite to offer decent client service.

www.moneyweb.co.za

It seems like the best long term solution is for the elderly to restructure their assets so that it can always be managed properly: For example my dad had partners in his company and they can now continue to run it. His shares in unit trusts and listed companies are also performing okay.

Another example: My mom's flat is in my sister's name (funded by a loan from parent to child). If my mom dies, my sister can immediately sell it.

 

[W@P]

Perhaps CL is more clued up that our chartered accountant on the requirements of the Master of the High Court. Or perhaps you were just lucky that the estate got transferred to South Gauteng instead of North Gauteng. (Rumor is that South Gauteng is much faster than North Gauteng). Or perhaps CL are aware of this difference and have intentionally set up an office in South Gauteng in order to funnel estates there.

At least the executor isn't a bank:

Banks also to blame for major delays in finalisation of deceased estates

Seem to lack the appetite to offer decent client service.

www.moneyweb.co.za

It seems like the best long term solution is for the elderly to restructure their assets so that it can always be managed properly: For example my dad had partners in his company and they can now continue to run it. His shares in unit trusts and listed companies are also performing okay.

Another example: My mom's flat is in my sister's name (funded by a loan from parent to child). If my mom dies, my sister can immediately sell it.

Yes, I would stay away from that. Will his shares be sold upon the unwinding of the estate? Was it held in his personal capacity or does it belong to a trust? The majority of our shares belong to the family trust. So that just keeps on going if anything should happen.

 

[nicroets]

The executor told me and my sister that we can choose if we want the shares or the cash. If he sells it, he won't make the effort to optimize the price and reduce the brokerage.

So I'm inclined to let him sell the unit trusts.

But ask him to send the listed shares to my own stockbroking account. It's a low cost online broker.

With the private company, I'm waiting for the executors letter. Then I will meet with the other shareholders and negotiate a deal where one or two persons buy out the rest. The executor is completely okay with it.

Transferring shares from an estate to the heir(s) is fairly cheap: 0.25% tax on the fair value. There's no CGT.

 

[maumau]

@W@P, how's your Dad?

 

[W@P]

@W@P, how's your Dad?

He's ok, still breathing but not himself yet. Still very little focus and confusion and loss of memory. He's busy changing his meds according to what the psychiatrist suggested. He got an upcoming appointment with her later in the month. Hopefully, we can make some changes and try to get him back to his old self.

Unfortunately with this kind of meds it takes time to drop one for another and it takes time again to see what effects the new one has. Dis maar kak. It's been months now and he's still "nowhere".

 

[maumau]

He's ok, still breathing but not himself yet. Still very little focus and confusion and loss of memory. He's busy changing his meds according to what the psychiatrist suggested. He got an upcoming appointment with her later in the month. Hopefully, we can make some changes and try to get him back to his old self.

Unfortunately with this kind of meds it takes time to drop one for another and it takes time again to see what effects the new one has. Dis maar kak. It's been months now and he's still "nowhere".

Sorry to hear that I have read that manic episodes affect the brain, not sure about the depression part.

Is he still in hospital?

 

[W@P]

Sorry to hear that I have read that manic episodes affect the brain, not sure about the depression part.

Is he still in hospital?

No, he is at home. He has had depression for a very long time and it was under control with his meds, until my mother passed and they had to adjust the meds. I hope we can get a "recipe" that works soon. It's awful to see him this way.

Saturday at the funeral. I could just see all the emotions and feelings coming back again. For me as well. It's the eldest sister of the 3 sisters that passed. She also helped clean out all my Mother's cupboards at all their homes. And now she's gone too. Leaving just one sister behind.

Life has a way of dealing one's cards I guess.

 

[maumau]

No, he is at home. He has had depression for a very long time and it was under control with his meds, until my mother passed and they had to adjust the meds. I hope we can get a "recipe" that works soon. It's awful to see him this way.

Saturday at the funeral. I could just see all the emotions and feelings coming back again. For me as well. It's the eldest sister of the 3 sisters that passed. She also helped clean out all my Mother's cupboards at all their homes. And now she's gone too. Leaving just one sister behind.

Life has a way of dealing one's cards I guess.

That's terribly sad.

The pro of having him home is that you can be with him, the con is that it's not really your Dad.

Horrible to hear about the family deaths too, sterkte W@P, life is indeed cruel.

 

[Pho3nix]

@W@P how is everything going?

 

[W@P]

@W@P how is everything going?

It is going better. I don't want to talk to soon but it looks like we found the culprit that was making my dad so sick. Someone mentioned how sick one of their family members got while using Stilnox. Depressed etc. So I said to my dad hey why don't we change the stilnox you are using for something else. And low and behold. Changes started happening. It's been roughly a month now that he is off it and he already shows signs of life.

He agreed to go away with me and the kids for a weekend without hesitation. This is kind of a big thing for him. So he is taking small steps to become social again. And face the world. He phoned me the other day to tell me he is taking a 200km round trip to run an errand in another town. I was shocked. I kind of took over a lot of his responsibilities to keep the boat floating so to speak.

Like I said I don't want to talk too soon but things are going better.

Regarding my mother's estate. Everything is concluded, done, finished, end of story, etc.
Took roughly 17 months from start to finish. All things considered, it was a rather pleasant experience dealing with this whole thing.

All I can say is to get your affairs in order ASAP.
There is no reason why anyone left behind when you pass on should have to deal with a cluster fsck of an estate and try to sort it out. It can break people.

Get your wills sorted and updated and make sure there are provided for those left behind. However you can and what is within your means.

 

[maumau]

Sooo pleased you're Dad's improved and what a horror the culprit might've been Stilnox

Stilnox is a no-no in our family since it was prescribed to my mom and she started hallucinating.

 

[W@P]

Not sure where to put this. But following @wingnut771 thread of a tribute to his father with links to songs that were special to him and his dad who passed away. I thought of putting a link here to a song that cuts pretty deep for me personally regarding my mother who passed away.