Will drafted by Bank

Darklegion18

Active Member
Joined
Apr 15, 2017
Messages
47
I received an email from my bank to get my will drafted for free (if they are nominated the executor). I have never done one. So is there anything I should be careful about? What do you advise?
 

WAslayer

Executive Member
Joined
May 13, 2011
Messages
7,261
Most places will draft your will for free..

What you need to look at is, the costs the bank may deduct from the estate as payment for keeping the will safe and execution thereof etc.. that's where the catch comes in most times..

Recently had my will done by Capital Legacy, which has some good value add options to cover costs associated with winding up of estate, fees, transfer fees if property is to be transferred to heir etc..
 

muisnes

Senior Member
Joined
Mar 27, 2018
Messages
509
I would not have the bank do it. They will take the maximum fees they legally can: 3.5% (and VAT) of the gross value of the estate and 6% (and VAT) of all income received after your death.

My dad died in 2016 and nominated his conveyancing attorney as executor. Max fees all the way, including on the transfer of properties to heirs. Also an additional fee for "managing" the CC he was sole member of. The estate is still to be finalized while fees keep on coming.

My mom died 2019 and I was named executor. I negotiated a lower fee with an attorney for handling the estate, and discounts on the transfer of properties and kept on pushing them. The estate was finalized a couple of months ago.

With a bit of reading on the internet it is quite easy to draft a simple will yourself. And if you're looking at a complicated will you should approach a legal expert who will not profit from the will to draft it for you.
 

123Eish

Senior Member
Joined
Feb 21, 2010
Messages
653
I also need to do this.

Is it better to have a Will with Capital Legacy or I see Discovery has a similar product. Seems like an insurance product for estate fees and winding up, haven't fully read up on it.

A bank called me the other day to draft a will, they stated their fees are 3.99% and that they can half it if my estate is 10mil which it is not. Ton of cash if your estate is say 1-2mil.

Is it better to draft a will, once off cost using an attorney that will not be named an executor. I then name an executor that is responsible and not a beneficiary such as 2 trustworthy people say an uncle/aunt and then have the executor find an attorney, and then negotiate the fees upon my death?

Curious to hear what people's thoughts are.
 

Pineapple Smurf

Pineapple Beer Connoisseur
Joined
Aug 2, 2016
Messages
39,845
Yeah banks do Wills for free
They make money when you die from your Will
Thats when they charge for it
As far as I know
 

krycor

Honorary Master
Joined
Aug 4, 2005
Messages
18,538
I would not have the bank do it. They will take the maximum fees they legally can: 3.5% (and VAT) of the gross value of the estate and 6% (and VAT) of all income received after your death.

My dad died in 2016 and nominated his conveyancing attorney as executor. Max fees all the way, including on the transfer of properties to heirs. Also an additional fee for "managing" the CC he was sole member of. The estate is still to be finalized while fees keep on coming.

My mom died 2019 and I was named executor. I negotiated a lower fee with an attorney for handling the estate, and discounts on the transfer of properties and kept on pushing them. The estate was finalized a couple of months ago.

With a bit of reading on the internet it is quite easy to draft a simple will yourself. And if you're looking at a complicated will you should approach a legal expert who will not profit from the will to draft it for you.

Just remember to get it notarized? And an affidavit.

But yes.. there is no such a thing as a free lunch. This is why Indian families have a doctor, lawyer, engineer in family haha .. it’s funny but true.
 

3Gee

Expert Member
Joined
Jul 16, 2005
Messages
2,951
I also need to do this.

Is it better to have a Will with Capital Legacy or I see Discovery has a similar product. Seems like an insurance product for estate fees and winding up, haven't fully read up on it.

A bank called me the other day to draft a will, they stated their fees are 3.99% and that they can half it if my estate is 10mil which it is not. Ton of cash if your estate is say 1-2mil.

Is it better to draft a will, once off cost using an attorney that will not be named an executor. I then name an executor that is responsible and not a beneficiary such as 2 trustworthy people say an uncle/aunt and then have the executor find an attorney, and then negotiate the fees upon my death?

Curious to hear what people's thoughts are.

Following
 

Ecco

Executive Member
Joined
Jun 4, 2007
Messages
8,177
I also need to do this.

Is it better to have a Will with Capital Legacy or I see Discovery has a similar product. Seems like an insurance product for estate fees and winding up, haven't fully read up on it.

A bank called me the other day to draft a will, they stated their fees are 3.99% and that they can half it if my estate is 10mil which it is not. Ton of cash if your estate is say 1-2mil.

Is it better to draft a will, once off cost using an attorney that will not be named an executor. I then name an executor that is responsible and not a beneficiary such as 2 trustworthy people say an uncle/aunt and then have the executor find an attorney, and then negotiate the fees upon my death?

Curious to hear what people's thoughts are.

Interested to hear about Discoverys product in this space. What is it called?
 

123Eish

Senior Member
Joined
Feb 21, 2010
Messages
653
Interested to hear about Discoverys product in this space. What is it called?
Think it's called Discovery Estate Preserver. I haven't read up on it in detail, just read some info on the website.
 

scudsucker

Executive Member
Joined
Oct 16, 2006
Messages
8,769
I received an email from my bank to get my will drafted for free (if they are nominated the executor). I have never done one. So is there anything I should be careful about? What do you advise?
Choose the child you love the most to get the bulk of your possessions.

Kind of think that is all.
 
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muisnes

Senior Member
Joined
Mar 27, 2018
Messages
509
Just remember to get it notarized? And an affidavit.

But yes.. there is no such a thing as a free lunch. This is why Indian families have a doctor, lawyer, engineer in family haha .. it’s funny but true.
Not in an Indian family so we are short a doctor, but there are a couple of lawyers :laugh:

AFAIK there is no need for an affidavit or to have a will notarized in SA law. As long as the testator includes a clause revoking previous wills and signs every page in front of 2 witnesses, who may not be beneficiaries or executors of the will, and who also signs/initial every page you should be OK. That is assuming there are no illegal clauses in the will (like you asking an heir to kill your enemies before receiving a share).

If you have assets offshore I would advise getting an opinion from a legal expert as I remember hearing you might need separate wills for each legal jurisdiction.
 
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Dean01

Senior Member
Joined
Mar 24, 2011
Messages
621
Received a similar email from standard bank. There fee is 3.5%. For those who looked elsewhere, what is a fair fee?
 
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