INDEMNITY COVER
these bills can rack up to hundreds of thousands of rands .
Even with a funeral cover and life cover , some estates don ’ t have enough liquidity to cover all the costs , and so the Executor of your Estate may have to sell some of your assets to pay for the winding up of your Estate . This has a devastating ripple effect on family members who may end up not inheriting what was intended , and children and spouses having to change their standard of living completely . Before starting Capital Legacy , Alex saw cases where Executors had to auction off cars and homes , leaving families destitute and having to start from scratch .
This led to pioneering insurance to cover these legal fees and costs at death with the creation of the Legacy Protection Plan™ .
“ The Estates I encountered often didn ’ t have enough liquidity to pay off the debts and cover the fees and costs involved in winding up the Estate . I found that family members were in the dark as to the process and costs they would need to cover and often properties and other assets would need to be auctioned off to cover these costs which naturally meant that the legacy the clients had intended to leave behind didn ’ t materialise ”, says Capital Legacy CEO and founder , Alex Simeonides .
3 Examples of Legal Fees at Death
1 . Executor Fees
The industry standard fee charged by the executor or assisting professional to wind up your estate will be a maximum of 3.5 % + VAT of the value of your
118 FEB 2023 SA Real Estate Investor Magazine