Capital Legacy - Will and Cover - Claims Process

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I thought it would be of some use to others if I document the process of Capital Legacy administrating the will and estate of my Mother who passed away recently. I might miss a detail or two here or there so bear with me. Feel free to ask any questions I will try and answer as best I can. I also have the Unlimited protection plan with CL.

She had the Gold Legacy Protection Plan plan cover with CL and her will was with them as well.
At the time of her death she was paying R382 for the monthly premium. Policy commenced in June 2018. I'm sure there has been a premium increase in this time. She was 64 years of age.
Below are the plan benefits.

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She passed away on 16 March 2022 and the Immediate Liquidity Benefit paid out the R89k within a week to the nominated beneficiary. No questions asked.

We had a teams meeting with the estate administrator on 5 Apr 2022 and he completed some documents that was needed. After this they began the process to get the courts to appoint an executor and for them to receive the appointment letter. We submitted all the needed documents that had to have original signatures of my father to CL on 28 April 2022. They do not accept digitally signed documents. They arranged a courier to come and collect the docs.

So far it has been a pleasent experience. Obviously they do not have control over the timeframe of the process as there are 3rd parties involved like the courts and the banks.

Will update as the time goes on.
 
R382 per month for a will? That’s pretty steep, no? Does it include some kind of insurance as well?
 
3WA said:
R382 per month for a will? That’s pretty steep, no? Does it include some kind of insurance as well?
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Well there was a payout so it's more than just a will, probably funeral and life cover as well.
 
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Whats interesting is that the liquidity benefit was paid out, that's normally a sum of the premiums paid. Not sure what the R760k benefit is unless that's the cost of the estate? But estate costs are capped at 3% max so that's that's HUGE provision if so and does it mean there are no estate deductions?

Curious.
 
3WA said:
R382 per month for a will? That’s pretty steep, no? Does it include some kind of insurance as well?
Click to expand...
Here are some of the costs they cover.

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Found this in the T's & C's.

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Thanks for sharing the above - any progress updates?
 
Not related to Capital Legacy, but her Life Insurance paid out within a few weeks. Her Annuity was paid out to the nominated beneficiaries within 3 months. This was a bit more tricky as there were huge tax implications if the amounts were paid out in cash lump sums.

I and my father were both 50/50 beneficiaries of her annuity. Up to x amount in cash only attracted a certain % in tax deductions. So what we did was take the minimum cash amount with the least tax implications, then i opened a living annuity that pays out monthly where the balance was transferred into. That monthly pay-out is being paid out directly to my own annuity. This was the best option with paying the least amount of tax.

Will follow up on where Capital Legacy stands atm.
 
Thanks for this info. Please keep the thread updated with your experience as considering using Capital Legacy. They seems more efficient than the banks and insurace companies. My FIL estate is being handled by Old Mutual fiduciary. Been over a year with minimal progress and they extremely painful to deal with.
 
So apparently it's a bit of a mess dealing with the Master of the Court in Nelspruit. We live in MP so it has to go through Nelspruit. CL sent us a document that needed to be signed, a waiver of jurisdiction to the master of JHB.

So there is still no executor letter.
 
Master of Nelspruit gave consent to the Master of South Gauteng to assume jurisdiction of the estate on 2 Aug 2022.

The next step that should happen is the Letters of Executorship. At least there's some movement.
 
Thanks for keeping us update on how things pan out. Really appreciate it!
 
The executor's letter was issued on 23 Aug 2022. Now there should be some movement. There are properties that need to be transferred from my mother's name to the family trust etc.
 
Wanjox said:
Any more updates on how it's going ....
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Not sure at this stage. Life throws some BIG challenges to one. My father has become very sick, mentally. The pressure of everything got to him and he misses my mother to death. Literally. The strong man I used to know is vanishing in front of my eyes. Just a vessel.

So he is being admitted to a psychiatric hospital on Monday, he will survive and he will get through this. This is just a hurdle. :crying:
 
Sorry bud, hoping for all the best for you and your family
 
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