FNB Wills

TheSlinger

TheSlinger

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I did manage to find an older thread where a fourmite asked if it was a good idea or not to use a bank such as FNB, although it was from 2012 (http://mybroadband.co.za/vb/showthread.php/431427-FNB-Wills)

However i would like to find out if anyone has actually done this?
Are there additional costs involved, when say changing something due to a marriage or death etc?
Considering that the only reason i actually consider getting it in the first place (or a will in general, since there isn't much to put in it) would be for the ebucks reward points, what's the consensus, good or bad?
 
I did it online. They charge me R100 a year.

Worth it as it gets me more ebucks reward level points.
 
Go to an attorney. Banks don't care you just another number. Cases where documents not submitted to a bank and the surviving spouse is left with no money while its still be administered and the electricity is cut off.
 
Personally I wouldn't do it through the bank. Their charges seem a bit excessive to me.
Just draft your own will, make three copies and put it in three different safe places.
After your death you can direct your family to use whoever they want, an administrator brokerage, a chartered accountant, or anyone who knows the process.
It's not that hard.
 
There is no real cost in making or changing the will.

The big cost is when they steal most of your money when you die. Don't do it.
 
Garyvdh said:
Personally I wouldn't do it through the bank. Their charges seem a bit excessive to me.
Just draft your own will, make three copies and put it in three different safe places.
After your death you can direct your family to use whoever they want, an administrator brokerage, a chartered accountant, or anyone who knows the process.
It's not that hard.
Click to expand...

This ^. perfect advice. using a financial institution is really the worst idea possible. In fact, appointing any company/firm that you don't have a personal relationship with is just silly. Would you really trust strangers with your life's hard earned assets??
 
SauRoNZA said:
There is no real cost in making or changing the will.

The big cost is when they steal most of your money when you die. Don't do it.
Click to expand...

What about termination cost? I couldn't find any specific t&c's.
 
TheSlinger said:
What about termination cost? I couldn't find any specific t&c's.
Click to expand...

Not sure.

But in reality I don't see how there would be any. You simply get a new will somewhere else with a different executor and that overrides the existing one.

Then stop paying the annual fee?
 
Garyvdh said:
Personally I wouldn't do it through the bank. Their charges seem a bit excessive to me.
Just draft your own will, make three copies and put it in three different safe places.
After your death you can direct your family to use whoever they want, an administrator brokerage, a chartered accountant, or anyone who knows the process.
It's not that hard.
Click to expand...

How the fook will you be doing that when you're ded? :p
 
Do it. Use the online service to generate the will and have FNB keep it.

Bear in mind that, in the event of your death, FNB will charge the highest executorship fee that it can. Lawyers might charge a lower fee.

However... you can also subsequently draw up another will later on and give that to a lawyer or family member. You can then have this new will supersede the one given to FNB.
 
OP - There is nothing wrong having a will with FNB - the problem is when you appoint them as your executor. In this case they (or even an attorney) will charge you the full 3.99% (including VAT) executor fee on the gross value of your estate.

It is better to appoint a family member as executor, they will then be a in position to negotiate this fee with the bank or attorneys they choose to help wind up the estate. Banks and attorneys will almost always charge the maximum amount of 3.99% (3.5% ex VAT) unless negotiated upfront and stated in your will or by naming a family member as executor (they can negotiate fees with banks/attorneys after your death.)

You should be able to change your will on your own or stop your will storage without charge or hassle.

Raphael123 said:
Go to an attorney. Banks don't care you just another number. Cases where documents not submitted to a bank and the surviving spouse is left with no money while its still be administered and the electricity is cut off.
Click to expand...

Same thing happens with attorneys. In some cases it may be better to deal with banks as you can complain to someone (in the banking hierarchy) if things don't move fast enough, whereas if you are dealing with a small firm, you don't have much avenues to complain about lack of service.

Garyvdh said:
Just draft your own will, make three copies and put it in three different safe places.
Click to expand...

OP be careful with this one - there are certain requirements that need to be met when drafting your own will for it to be valid and legally binding upon your death. If these requirements are not complied with, it may be considered invalid and you could end up dying intestate (without a valid will).
 
Thanks for the good thoughts desiganp. I think I'll have to contact FNB and query a few things, Ideally i would prefer to make spouse co-executor if i am to go through them. At the end of the day though, i bet any professional entity that acts as executor will charge the max they can...
 
I'll second the vote for "do your own will". The banks will take the maximum fee possible. Imagine if you're worth R10m and the bank takes R400k from you for doing practically nothing. See an lawyer if you need to, but don't make them the executor. Find a trusted family member to do that part.
 
Yip, need to have a trust worthy executor & ideally lawyer in family to handle it as inexpensively as possible. Banks & law firms love charging the max along with sars
 
There is an excellent article in Fair Lady (April 2015) about the drawing up of a will.
They offer a template supplied by www.financialplanningsouthafrica.com

In fact go direclty to this website and take it from there.

Also take some good advice and draw up a Living Will. This you'll find at funeralguide.co.za
 
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Isn't there one week a year in SA where they have something like "wills week" where attourneys will draw up wills free of charge? I'm sure I read about it last year.
 
patrick said:
I'll second the vote for "do your own will". The banks will take the maximum fee possible. Imagine if you're worth R10m and the bank takes R400k from you for doing practically nothing. See an lawyer if you need to, but don't make them the executor. Find a trusted family member to do that part.
Click to expand...

Agreed - don't appoint FNB as executor. Appoint a trusted family member/friend. This person will then be able to either act as executor at no charge if the estate is simple enough, or negotiate a reasonable fee with a professional. The fee can be less than 0.5% if the estate fairly simple.

Remember the fee is charged on the gross value of the estate- before debt is deducted.
So even a very simple estate with a house valued at R2m and an outstanding bond of R2m (ie zero net value) will result in executor fees of R80000 if the maximum 3.99% is charged. This could result in an insolvent estate, where the house gets sold for peanuts at auction.
 
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