WILLS & ESTATES
Legal fees & other costs
Many people are entirely unaware of the legal fees and costs associated with dying . Along with the heartache caused by the loss of a loved one comes a variety of additional burdens in the form of legal fees and expenses that your loved ones must take care of .
“ Your Will outlines what you want to happen when you pass away — Trusts can help with the structuring and management thereof .”
A few of these unexpected costs include Executor Fees , Conveyancing Attorney Fees , Testamentary Trust Fees , Masters Fees , Inheritance Tax and other immediate expenses , such as the costs associated with arranging a funeral .
It ’ s one thing having your Will in place , but equally important is ensuring there is a plan or at least enough liquidity in your Estate to cover these legal fees . Understanding these fees and costs at death can help you prepare for them and ensure that they are covered , and that the burden on your loved ones is alleviated .
Death is never easy for those left behind , but you can remove the additional burden on your loved ones by covering these fees through specialised insurance cover .
Life Cover
Most people know what Life Cover is and how it works , but too many people don ’ t think about the consequences of being underinsured .
When you pass away , your debts and monthly financial commitments such as bonds , loans , school fees and insurance don ’ t die with you , but they still need to be covered .
116 OCT 2022 SA Real Estate Investor Magazine