Legal Will and Deceased Estate Administration in South Africa

Life Insurance vs Membership Fee

LIFE INSURANCE AGE RATED PREMIUMS	VS	MYPROTECTOR MEMBERSHIP PREMIUMS

Premium escalations make it unaffordable over time		No premium escalations means more affordability over time
The goal is to increase your assets for future generations and not to downsize as you get older. This also increases your estate value and therefore the costs of estate administration		Membership services include all the necessary estate administration services, which leaves your full asset values for future generations to inherit, so upsizing won't cost you
If your estate value increases, you would have a shortfall in the policy and may need more cover		Your premiums aren't subjected to estate values so they remain affordable
If your estate value decreases, your premiums stay high and are therefore over priced		Your premiums aren't subjected to estate values so they remain affordable
Policy covers one person's death and not children's death		We also protect your children up to age 21 yrs old
Policies only pay out on the insured's death and your surviving partner needs to take out their own policy, making it more expensive later in life - if not impossible		Our couples policy continues to protect both peoples' deceased estates no matter when either passes away
If policy paid into estate, it will increase estate attorney fees		No estate attorney fees are needed
Insurer will impose loadings (eg: smoker) etc		No loadings imposed
The elderly might not be accepted		High acceptance age limit of 70 yrs old
Not accepted due to being previously declined, hazardous activities & occupations		No exclusions for any of these (T's & C's applicable)
Not accepted due to income limitations		Small membership fee makes it affordable for more people
Policy payout can be delayed and would effect the deceased estate processes		Our services are immediate and not restricted to delays
Life cover offers flexibility to provide for all deceased estate risks		We offer a full services suite to eliminate the gaps
Life insurers only offer financial support		Memberships offer additional services to be more comprehensive
If you cancel or lapse your policy, it may require you to take out a new policy that includes new loadings and health assessments if you want to redo it		We offer premium freeze and cost cap solutions to help members with their financial payment difficulties

No costs with MyProtector

Leave more for your loved ones to inherit with our estate administration membership, provided by a team of qualified estate administrators, executors and conveyancing attorneys.

Why become a member?
	Zero Cost Executor Attorney Fees
	Zero Cost Conveyancing Attorney Fees
	Zero Cost Estate Administration Fees
	Zero Cost Legal Will Document Services
	Added Financial Co-Payment Value

What's best for you?

The following are costs relating to deceased estate administration:

'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 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 Conveyancing attorney based on the total value of the property and a transfer duty tax is charged to transfer the property into a non-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.

Our mission is to make sure your legacy is protected.

So what if you don't get your legal affairs in order?

1 - Heirs won't get their full inheritance because your plans are not up-to-date or in-line with the high court procedures
2 - Your heirs will be subject to the courts decision as to any inheritance which might not land up being what you would have wanted
3 - Deceased estate carries too much debt so your assets have to be sold by law, leaving your family with less to inherit
4 - Unnecessary Tax, Estate Duty, Capital Gains and VAT are paid which will reduce your estate value, leaving much less for your loved ones
5 - Children are not considered so the courts decide their future, thus placing them under enormous pressure to survive this world
6 - Your executor is not monitored so they could drag their heels, which costs your estate and leaves your family struggling to survive while they wait
7 - It could take your family a long time to find out that you have died, if no formal emergency strategy is in place for each family member
8 - Family members are thrown into chaos when a death occurs and everything gets confusing as they try to administer your affairs
9 - Your life is forgotten about and future generations will never know about you, leaving future generations guessing about who you were

These are the unavoidable issues that you need to plan for and nobody gets away with them.