policy when I die

[upup]

Hi, 2 people I knew pass on. Their children got the property, but cannot afford the taxes for getting it on their name. I do have a funeral policy. I was wondering if I must not take out a policy, which will pay out cash and that money can pay for funeral and all the legal things. But, I do have a wife , don't know who will go first. She only have a funeral policy.

 

[EmmanuelGoldstein]

Hi, 2 people I knew pass on. Their children got the property, but cannot afford the taxes for getting it on their name. I do have a funeral policy. I was wondering if I must not take out a policy, which will pay out cash and that money can pay for funeral and all the legal things. But, I do have a wife , don't know who will go first. She only have a funeral policy.

ChatGPT will answer all da questions vir jou

 

[Shi]

There is no one size fit all solution here.

One idea is to have an emergency fund that can cover funeral costs if need be.

Another is to include the transfer of property in the will.

 

[SauRoNZA]

Doesn’t the transfer of the property still fall under the estate expenses?

 

[W@P]

Doesn’t the transfer of the property still fall under the state expenses?

No way, brother, not as far as I know.

Capital Legacy transferred a property from my late mother's name to the family trust, and THEY covered the costs. Otherwise, I assume it would be recovered from the estate.

 

[Speedster]

Hi, 2 people I knew pass on. Their children got the property, but cannot afford the taxes for getting it on their name. I do have a funeral policy. I was wondering if I must not take out a policy, which will pay out cash and that money can pay for funeral and all the legal things. But, I do have a wife , don't know who will go first. She only have a funeral policy.

Between chatgpt and a financial planner you'll be able to sit this out. And yes, this is one of the reasons life insurance exists.

 

[Smiggles]

Doesn’t the transfer of the property still fall under the state expenses?

No we had to pay but rainy day fund worked.

 

[SauRoNZA]

No way, brother, not as far as I know.

Capital Legacy transferred a property from my late mother's name to the family trust, and THEY covered the costs. Otherwise, I assume it would be recovered from the estate.

Sorry my phone ****ed that up.

State was supposed to be “estate”.

And that’s exactly what I would expect yes for it to be recovered from the estate, the person inheriting **** should never have costs.

 

[Tim_vb]

its often recommended that estates are split by % to each beneficiary to avoid issues except if the property i being left to the surviving spouse in which case its exempt from transfer and estate duty but convincing fees are still applicable

 

[W@P]

Sorry my phone ****ed that up.

State was supposed to be “estate”.

And that’s exactly what I would expect yes for it to be recovered from the estate, the person inheriting **** should never have costs.

All good.

It's still "costing" the heirs when the estate has to cover it. Just not out of their own pockets.

With my father's estate, I recently got the draft L&D account. The estate duty is "costing" me a good couple of bar.
Absolute BS.

 

[Progenix Oj101]

2 people I knew pass on

This becomes a Group Policy. Try gpedit.msc

 

[SauRoNZA]

All good.

It's still "costing" the heirs when the estate has to cover it. Just not out of their own pockets.

With my father's estate, I recently got the draft L&D account. The estate duty is "costing" me a good couple of bar.
Absolute BS.

Yup this is why I’m the executor of my father in law’s estate which I’m still waiting on the executorship letter for but at least it will cost nothing when it finally comes through.

 

[W@P]

Yup this is why I’m the executor of my father in law’s estate which I’m still waiting on the executorship letter for but at least it will cost nothing when it finally comes through.

Have you worked out his estate duty roughly?

 

[SauRoNZA]

Have you worked out his estate duty roughly?

Will tackle that with my lawyer @bokka1 when the bloody letter finally arrives.

But I think in this case it should maybe just maybe be below the thresholds since the larger part was wrapped up in an RA.

 

[supersunbird]

Sorry my phone ****ed that up.

State was supposed to be “estate”.

And that’s exactly what I would expect yes for it to be recovered from the estate, the person inheriting **** should never have costs.

So if the estate doesn't have cash, then who pays?

 

[Fulcrum29]

So if the estate doesn't have cash, then who pays?

The first question should be whether there is a will. Then there is the question of the executor and the court. Securing the assets, and finally the question of determining whether the estate has sufficient funds to satisfy its tax liabilities. Insolvency, liquidations...

It is its own legal entity. Obviously, there is a lot more to the above.

I am currently having this discussion at home.

 

[SauRoNZA]

So if the estate doesn't have cash, then who pays?

Yeah I guess there are such circumstances, which may be applicable here.

Should still be fairly uncommon I would think.

 

[bokka1]

So if the estate doesn't have cash, then who pays?

The estate assets will have to be sold to cover the costs or the heirs will have to cover it.

How it works:

1. The residual heirs pay all the costs.

2. No estate duty payable on inheritances going to the surviving spouse.

3. No Transfer Duties payable on any inheritance transfer, only conveyancing costs.