EXECUTOR FEES

This is the industry standard fee the Executor or other experts helping to wind up your estate will charge you. You will only be charged a maximum of 3.5% of your estate plus VAT. For instance, an R 2 million estate will pay R 80, 750 in fees.

CONVEYANCING ATTORNEY FEES

When a property needs to be transferred, the conveyancing attorney will charge this fee. A house valued at R 200, 000 that is transferred to a Beneficiary will cost the Estate R 30, 000 in fees.

TESTAMENTARY TRUST FEES

This is the fee that the Trustees charge to manage the Trust that you establish in your Will, which is typically used to manage the funds you leave to your minor children. The Trust is established for an average fee of 1.15% of the net asset value, and the yearly fee for Trust administration is 1.6%. Example: With assets worth R1.5 million over a 15-year period, the whole cost is R 377, 250.

MASTERS FEES

The cost associated with the High Court Master performing their duties in relation to your estate’s administration.

CORRESPONDENCE FEES

Costs for communicating with the Master of the High Court.

CLEARANCE FEES

Getting a clearance certificate from the local council or municipality is one of the criteria for transferring ownership of a property. Only if the rates and taxes are paid in full in advance will this be given. Some places demand payments made up to six months in advance.

ADVERTISEMENT COSTS

Both a local newspaper and the Government Gazette must publish two adverts. The cost can vary from R1, 000 to R 1, 500 depending on the publication selected.

INHERITANCE TAX

The Executor must decide if Capital Gains Tax (CGT) or Estate Duty is due at death in addition to paying any unpaid taxes from the Estate before it may be closed.

ONGOING SHORT-TERM BILLS

Despite the fact that bank accounts are frozen, payments must still be made for expenses including medical assistance, school fees, auto insurance, water, lights, and rates.

OTHER IMMEDIATE EXPENSES

Funeral planning fees, such as catering, travel, and other outlays. The legacy you want to leave behind will be diminished by these costs. Spare your family the burden. Keep your legacy safe.