Myprotector Modern Legal Wills, Trusts & Estates

The key to your success is a customised plan.

Get a FREE assessment, and based on your results we’ll show you where you need to focus your financial lifestyle for maximum success and how much more money you can save for your loved ones when you pass away.

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How it works?

	Who is MyProtector? MyProtector is breaking new ground in South Africa by hooking you up with a cutting-edge LegalTech platform. It's all about independence, personalisation, and security, tailor-made for your planning needs. Now, you can craft your financial lifestyle and estate plans, all neatly organised in one online hub. Your future, your plans, all in one place! 🚀 What sets us apart? We offer our members a full suite of financial & estate planning services under one digital roof. As a member, you get to prepare a solid financial foundation for yourself and your family so you can build the lifestyle you love without having to worry about the practicalities. We also don't charge our members any executor fees, conveyancing fees, or the other expensive estate administration costs to wind-up your deceased estate when you pass away. What does that do? It eliminates legal and financial complications, ensuring that your partner and loved ones receive an even greater inheritance.

DID YOU KNOW!

When you die, there are costs that your estate or loved ones have to pay in cash before they can legally inherit anything, these include:

'Late estate' bank account	The executor needs to open this bank account for the purposes of winding-up the estate.
Executor fees	In terms of current legislation the executor’s fee is 3.5% of the gross value of the estate assets plus 15 % VAT. That is 4.02% in total of the total value of the estate assets as on date of death. In terms of current legislation the executor’s fee is 6% on income earned by the estate after date of death plus 15% VAT. That is 6.9% in total on income earned by the estate after date of death.
Conveyancing attorney fees	This fee is charged by a conyeyancing attorney based on the total value of the property and a transfer duty tax is charged to transfer the property into the beneficiary's name.
Bond cancellation costs	Should the executor need to cancel a bond, then there is a fee involved.
Testamentary trustee fees	This fee creates and manages the trust every year. Admin of trust = 1.5% on average
Masters fees	The fee that is charged by the Master of the high court for deceased estate purposes.
Advertising fees	2 adverts are placed in the local newspaper and the government gazette.
Creditors against the estate	This could be new bond costs, bad debt, card accounts, overdrafts, and interests etc
Income TAX or capital gains	An assessment would be done to determine what this cost might be, if any.
Rates and tax arrears	The clearance certificate will only be issued if the rates and taxes are paid in advance. The period that has to be paid in advance varies from area to area but is normally about six months. This amount may not be readily available and needs to be planned for in advance.
Other costs	These would be funeral fees, medical bills, paying utilities etc.

There are more, but they depend on your personal circumstances which an attorney can advise you on through the FREE assessment.

Understand the importance of FINANCIAL & ESTATE planning

Online resources for financial education offer general knowledge, but they may not account for the intricacies of your individual financial situation, making personalised advice a valuable complement.

The need for financial planning and estate administration is not limited by age or gender, as these services can benefit a broad spectrum of individuals. Financial planning and estate administration are relevant to people across various life stages, and the decision to engage in these activities is influenced more by an individual's financial situation and goals rather than age or gender.

About Financial Planning:

1. **Goal Achievement:**
Financial planning helps you define and prioritise your financial goals, whether it's buying a home, saving for retirement, paying for education, or starting a business. It provides a roadmap for achieving these goals.

2. **Budgeting and Saving:**
Financial planning encourages budgeting and saving. It helps you allocate your income efficiently, save for the future, and avoid living beyond your means.

3. **Risk Management:**
Planning includes risk assessment and mitigation. This involves having insurance (health, life, property) to protect against unforeseen events and managing investment risks through diversification.

4. **Retirement Planning:**
Planning for retirement is a significant aspect of financial planning. It ensures you have adequate funds to maintain your desired lifestyle in retirement. This may involve setting up retirement accounts, such as RA's.

5. **Tax Efficiency:**
Financial planning can help you legally minimise your tax liability by taking advantage of tax-advantaged accounts, deductions, and credits.

6. **Debt Management:**
It helps you manage and reduce debts strategically, so they don't become a burden. This includes strategies for paying down high-interest debt and leveraging low-interest debt for investment opportunities.

7. **Investment Strategy:**
Financial planning assists in creating an investment strategy that aligns with your risk tolerance and financial goals. It helps you make informed decisions about where to invest your money.

8. **Emergency Fund:**
Planning emphasizes the importance of having an emergency fund to cover unexpected expenses or job loss without derailing your financial stability.

About Estate Planning:

1. **Asset Distribution:**
Estate planning ensures that your assets are distributed according to your wishes after your passing. This can help prevent family disputes and ensure your loved ones are taken care of.

2. **Minimising Estate Taxes:**
Proper estate planning can help minimise the tax burden on your estate, which can preserve more of your assets for your heirs.

3. **Guardianship for Dependents:**
If you have minor children or dependents with special needs, estate planning allows you to appoint guardians who will take care of them in case you are unable to do so. This also applies to adults who are financially dependent on you.

4. **Healthcare Decisions:**
Estate planning includes the creation of advance directives and living wills, which specify your healthcare preferences in case you become unable to make decisions.

5. **Avoiding Probate:**
Certain estate planning tools, such as trusts, can help your heirs avoid the time-consuming and potentially costly probate process.

6. **Business Succession:**
For business owners, estate planning can outline a smooth transition of ownership and management of the business to the next generation or a chosen successor.

7. **Protection of Assets:**
Estate planning can include mechanisms to protect assets from creditors and legal challenges, ensuring your legacy is preserved.

8. **Charitable Giving:**
If you have charitable intentions, estate planning can facilitate donations to your chosen charities and causes.

In summary, both financial and estate planning are essential for personal and financial well-being. Financial planning helps you manage your resources, achieve financial goals, and protect your financial future. Estate planning ensures your assets are distributed according to your wishes, minimises the tax burden on your estate, and provides for your loved ones even after your passing. It's advisable to consult with financial and legal professionals to create a comprehensive plan that addresses your unique circumstances and goals.