Best place for a Will & Testament

Espee

Espee

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My mother has her will with Capital Legacy and she's paying around R600 for her 'package'. It apparently includes a R90,000 payout if she is to pass away. They would also act as executor and get 3.5% of the gross estate value.

Can anyone please give me some advice on where the best place is to keep a will and what to do the day something happens and I cannot act as executor?
 
Sticky note is cool, here's mine:
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Espee said:
Seems legit
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It is.

But this is more legitter, per Legalwise:

> Your Will should be kept in a place that is safe and where it can be easily found after your death. If your Will was drafted by a professional, your Will may be kept at their premises for safe keeping.
> Inform a reliable person/s where the Will is kept.
> Update your Will regularly.

Wills should be free, not R600, and as for 3.5% of the estate I'd tell them GFY.

I fully recommend DIY, form and process here
 
RonSwanson said:
But this is more legitter, per Legalwise:

> Your Will should be kept in a place that is safe and where it can be easily found after your death. If your Will was drafted by a professional, your Will may be kept at their premises for safe keeping.
> Inform a reliable person/s where the Will is kept.
> Update your Will regularly.

Wills should be free, not R600, and as for 3.5% of the estate I'd tell them GFY.

I fully recommend DIY, form and process here
Click to expand...

Thanks
 
Espee said:
My mother has her will with Capital Legacy and she's paying around R600 for her 'package'. It apparently includes a R90,000 payout if she is to pass away. They would also act as executor and get 3.5% of the gross estate value.

Can anyone please give me some advice on where the best place is to keep a will and what to do the day something happens and I cannot act as executor?
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I have my will with capital legacy.. I am not trying to sell them, just passing along what I learnt from the process in signing up..

The package your mother is paying is completely optional and you should be able to have that cancelled.. However, the package will include coverage for various costs associated with execution of the will and may even include covering of any legal fees for transfer of property your mother owns etc.. so the monthly fee may be worth it in the long run, in terms of covering all those costs.. check the paper work and contract etc to see exactly what is covered..

When she initially signed up, they would have asked for all information relating to her assets and they would have based the costs of the monthly fee on that information.. if she has gotten rid of some of these assets, you should be able to call them up and ask them to re-evaluate based on the new circumstances..
 
Espee said:
My mother has her will with Capital Legacy and she's paying around R600 for her 'package'. It apparently includes a R90,000 payout if she is to pass away. They would also act as executor and get 3.5% of the gross estate value.

Can anyone please give me some advice on where the best place is to keep a will and what to do the day something happens and I cannot act as executor?
Click to expand...
wait. Is this R600 per month ?
 
WAslayer said:
I have my will with capital legacy.. I am not trying to sell them, just passing along what I learnt from the process in signing up..

The package your mother is paying is completely optional and you should be able to have that cancelled.. However, the package will include coverage for various costs associated with execution of the will and may even include covering of any legal fees for transfer of property your mother owns etc.. so the monthly fee may be worth it in the long run, in terms of covering all those costs.. check the paper work and contract etc to see exactly what is covered..

When she initially signed up, they would have asked for all information relating to her assets and they would have based the costs of the monthly fee on that information.. if she has gotten rid of some of these assets, you should be able to call them up and ask them to re-evaluate based on the new circumstances..
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That's how I understand it as well. Just wandering if those benefits are worth paying R600 every month.
 
Espee said:
That's how I understand it as well. Just wandering if those benefits are worth paying R600 every month.
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You would have to go look at what estate costs etc are going to end up being when the day comes, to determine that..
 
WAslayer said:
You would have to go look at what estate costs etc are going to end up being when the day comes, to determine that..
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Does that package cover "estate costs" ? I doubt it.

It is just a monthly contribution to the R95k payout I think. Also check if they did not take out a small life insurance policy on your mom's name?
 
MightyQuin said:
Does that package cover "estate costs" ? I doubt it.

It is just a monthly contribution to the R95k payout I think. Also check if they did not take out a small life insurance policy on your mom's name?
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It does yes, well, at least in my case.. isn't clear which benefit OP mother pays for, which may be different to mine as they offer different packages..
 
My advice is that it depends on the value of your Mums estate. If it's a large estate, with different types of assets, go see a lawyer that specializes in deceased estates. It makes a huge difference when that day comes.

As to the executor, remove anyone that's not part of your family. 3.5% can be a large amount. The lawyer will also advise your mum to insert a clause that excludes the executor from having to provide security in order to wind up the estate.

If it's a smallish and simple estate, go the diy route. Make sure you have the clause referred to above if you are becoming the executor.

@RonSwanson gave a good website that has nice precedent type wills.
 
AFAIK with Capital Legacy you can take out insurance to cover the executor's fees.
 
Espee said:
My mother has her will with Capital Legacy and she's paying around R600 for her 'package'. It apparently includes a R90,000 payout if she is to pass away. They would also act as executor and get 3.5% of the gross estate value.

Can anyone please give me some advice on where the best place is to keep a will and what to do the day something happens and I cannot act as executor?
Click to expand...
I'll gladly let FNB take their 3.5% not letting a friend or family member deal with the admin.

They also charge no monthly fee. 600 a month is just crazy!
 
Snyper564 said:
I'll gladly let FNB take their 3.5% not letting a friend or family member deal with the admin.

They also charge no monthly fee. 600 a month is just crazy!
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My will and testament are also with Capital Legacy. Not sure what I'm paying atm. I asked them for my portfolio schedule this morning to see exactly what I get for that monthly payment. It's something that one just ignores and forgets about.

Will see what they come up with. Was a long time ago that I signed up.
 
Snyper564 said:
I'll gladly let FNB take their 3.5% not letting a friend or family member deal with the admin.

They also charge no monthly fee. 600 a month is just crazy!
Click to expand...
The executor doesn't have to deal with the admin. You can also appoint an administrator in the will which is separate to the executor. Out of the executors fee, they can pay the administrator fees to wind up the estate, transfer fees, cancellation costs etc. But these costs also form part of the liabilities to the Liquid and Distribution account which has to be lodged and approved by the Master of the High Court, so it can also be catered for by the estate.

My advice is always to appoint someone trustworthy as the executor, and if you know of attorneys that you've dealt with before, appoint them as the administrators.
 
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