- Mar 13, 2008
What is the cost of having your Will administrated by FNB?
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Thanks, if I get a moment this afternoon I will see if I can pop round and hear what the procedure is.It's been five years so don't recall to well. But they supplied the documents. Once completed and witnessed you let them know and a courier collects. That reminds me I need to renew it this year.
It's potentially a significant amount of money that your family could lose out onRemember the executors fee is 4% incl VAT on gross estate value.
If you have R1M in assets and R1M in debt, your gross estate is R1M and the fee will be R40000.
Gross estate includes life insurance policies unless beneficiaries are nominated, excludes retirement funds.
If you nominate a family member/friend as executor in your will, they will be able to negotiate a significantly lower fee if a professional executor is required, or go the diy route and save the whole fee.It's potentially a significant amount of money that your family could lose out on