Will?

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HavocXphere

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Evening guys

Someone recently suggested I should draw up a will. What are the procedures/requirements surrounding this? Is a simple signed document kept in a safe place sufficient or must it be registered somehow?

Its going to be a straightforward deal (Everything goes to 1 person), so there isn't really any need for heavy lawyering.

Thanks
 
bwana

bwana

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IIRC banks are happy to draw up wills as long as you lodge them there - could be mistaken though.
 
H

HavocXphere

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bwana said:
IIRC banks are happy to draw up wills as long as you lodge them there - could be mistaken though.
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I doubt the bank I'm with offers will services. Would that involve a monthly fee for safekeeping or is it a once-off cost?
 
rpm

rpm

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Your bank will indeed do it for you, for a small annual fee. I think FNB may actually have an online services – not sure.

It is a simple process, but you will need the ID numbers (or at least birth dates I think) of the people you want to include in your will.
 
H

HavocXphere

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hmm...seems the FNB service doesn't cost anything...if you name FNB as executor.

Thanks guys
 
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ld13

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If you want you could wait for National Wills Week and get an expert lawyer in your area to draft your will for free. :D
Otherwise most banks will gladly draft your will for you ... as they automatically put themselves down as the executor of said will the last time I saw a bank-drafted will. Not sure about the fees involved with this.
In the mean while buy a will at CNA.

Do not let whoever ends up drafting your will put themselves down as the executor! Rather put down some level-headed family member (after consulting with them of course) and then when something happens, R.I.P, get them to go around to get quotes from the different banks/lawyers to take over as executor. This way [-]you[/-] your wife etc might end up getting more out of the ordeal.
 
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Humberto

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You can buy a will template at places like CNA and Waltons.

Your will has to be signed by two witnesses who must appear at the same time. You also need to take down their ID numbers and I think copies of their IDs. The witnesses may not be beneficiaries of the will.

You must name an executor. The executor is entitled to an executor's commission which, as a percentage of the estate value, can be quite substantial, hence why many places will handle your will for free provided you name them as executor.
 
H

HavocXphere

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ld13 said:
If you want you could wait for National Wills Week and get an expert lawyer in your area to draft your will for free. :D
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Ah nice. I think I might just do that. I don't plan on dying between now & September, so should work. Thanks.

Not particularly worried about the executor since it'll likely get amended / replaced in a couple of year anyway - so the current executor won't see a cent unless I die in a car crash or something. But yes I hear you.

Humberto said:
The witnesses may not be beneficiaries of the will.
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Interesting - didn't know that.

Thanks all.
 
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ld13

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MickeyD said:
Last I heard the commission can be up to 6% of the estate (VAY inclusive).
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Up to 3.5% max (that most auto-executors will take in any case) and then up to ~6% on eg. any income accrued/generated while executing the will.
 
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lucifir

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ld13 said:
Up to 3.5% max (that most auto-executors will take in any case) and then up to ~6% on eg. any income accrued/generated while executing the will.
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is there any way to bypass this fee?? or executors that do not charge that much??
 
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ld13

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lucifir said:
is there any way to bypass this fee?? or executors that do not charge that much??
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Nope. Unless you start donating R100 000 per year to a trust or eg. your children to shrink the size of your estate. The recommended way of reducing the percentage fee would be to appoint a family member as the executor. Then once you jump off that cliff get said family member to get competitive quotes from the banks and different lawyers. This way the lawyer(s) might be willing to eg. rather accept 2% above the maximum allowable 3.5% because at least he is still getting R100 000 in his pocket for a R5Mil estate.

Edit: Just to add, I have seen circumstances where the executor (clued-up wife and/or friend etc) had agreed to wave any executor remuneration beforehand and it was written into the will as such and they merely hired a 3rd party lawyer to draft the necessary documentation and dot the i's and cross the t's and the estate paid the lawyer his hourly professional fees for this service as and when needed.
 
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Freshy-ZN

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Executors are allowed to charge. Max of 3,5% commission.....PLUS VAT so that's an effective 3,99%.
Best is to negotiate a percentage upfront. Using a family member is viable if you have a simple estate but more often than not even that family member will have to get professionals in which will attract fees anyway.
 
MickeyD

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Freshy-ZN said:
Executors are allowed to charge. Max of 3,5% commission.....PLUS VAT so that's an effective 3,99%.
Best is to negotiate a percentage upfront. Using a family member is viable if you have a simple estate but more often than not even that family member will have to get professionals in which will attract fees anyway.
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+6% of any income generated while they are executing the will....
 
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