Top 5 Important Costs Of Dying

  1. TAXES – it common that an individual leaves his/her estate to his/her surviving spouse. However, if both husband and wife pass away and the children of the union inherit the estate, they will be burdened with expenses such as capital gains tax and other legal fees. It would be more prudent to create a trust to administer ones estate while one is still alive, thereby facilitating a smooth transition for your grieving beneficiaries.

 

  1. IMMEDIATE EXPENSES – your liquid funds, such as bank accounts and cash safety deposit boxes, immediately form part of your deceased estate upon your passing, as such your family and heirs may not have immediate access to funds from your estate for costs such as the funeral, groceries, travel and other costs. We can provide you with advice to best navigate this pitfall, thereby ensuring your loved ones are best prepared to cope in the event of your passing.

 

  1. MONTHLY LIVING EXPENSES – it is very commons that deceased estates, take prolonged periods before they are finalized. This leaves family members in a precarious situation especially where the deceased was the sole or main breadwinner. We are at your disposal to advise you on how best to avoid leaving your family in this undesirable position.

 

  1. TESTAMENTARY TRUST FEES – in the event that you are leaving your estate to minor children, it would be desirable that there be a trust created upon your demise, to make sure that the assets are administered according to your wishes. We provide advice how to best navigate the expenses associated with the creation of trusts in a way that ensures that they do not erode your heirs inheritance.

 

  1. EXECUTOR FEES – one of the largest expenses in regard to the administration of a deceased person’s estate is that of professional executors fees. The executors fees are 4%, in terms of statutory instrument 50 of 2017, of the gross value of the estate. This 4% could translate to a substantial amount and should it not be paid, the executor could potentially sell off some of the assets to cover the cost.