SO WHAT ARE THE COSTS/EXPENSES IN MY ESTATE WHEN I DIE?
Before your Estate can be distributed as per your wishes, there are expenses that need to be paid first.
These are:
- Any and all outstanding debt needs to be settled;
- Executors fee’s of 3,5% PLUS VAT is payable on the GROSS value of the Estate;
- You might incur a Capital Gains Tax liability through the manner in which you have bequeath your Assets;
- Transfer Costs: Any property left to a beneficiary would have to be reregistered in the name of the beneficiary and there will be a cost involved. The biggest being due on the re-registration of the house, even if it was owned in life 50/50.
- Income Tax: Your tax standing with SARS has to be clean before the Estate can be wound up.
HOW DO THE BENEFITS ON THE INCOME AND ESTATE PROTECTOR WORK?
LIFE LUMP SUM
A once-off lump sum is paid to the Estate to cover the costs incurred when finalizing the estate;
LIFE INCOME BENEFIT
A monthly income is paid to the listed beneficiaries for a period of 24 months from the date of death of the insured.
LUMP SUM DISABILITY
A once-off lump sum is paid when you are permanently disabled. (Occupational disability for his/her own occupation is the inability to perform the duties done the day prior to becoming disabled)
TEMPORARY INCOME PROTECTOR
This benefit would pay a monthly income for a period of 24 months in the event of the Insured becoming disabled.
