11 . MAINTENANCE OF ASSETS
Any costs incurred in maintaining an asset will have to be borne by the Estate . Examples are for gardening services to maintain gardens , plumbers , or electricians if a house is one of the assets .
12 . INHERITANCE TAX
Not only will all outstanding taxes have to be paid from the Estate before it may be finalised , but the Executor will have to determine whether Capital Gains Tax ( CGT ) or Estate Duty is payable at death . The first R3,5 million in Estate Duties are exempt from tax .
13 . ONGOING SHORT- TERM BILLS
Bills such as medical aid , school fees , car insurance , water , lights , rates , etc . still need to be paid even though bank accounts are frozen . Even though these are not legal fees related to winding up the estate , it is prudent to make provision for these costs to ensure your family ’ s lives are not completely disrupted .
14 . OTHER IMMEDIATE EXPENSES
There are many more costs that escalates yearly such as the costs for arranging the funeral , catering , and travel .
These fees eat away at the legacy you plan to leave behind . Do not burden your family . Protect your legacy . Contact Capital Legacy and get covered now !
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SA Real Estate Investor Magazine DECEMBER 2022 / JANUARY 2023 113