Why you need a Legacy Protection Plan?

Death is not an issue we want to talk about but it is a reality that needs to be managed responsibly. One aspect is having a Last Will and Testament. A Will is the tool that will speak for you when you are no longer here, and ensure your last wishes for your loved ones are delivered upon.

Dying without a Will under South African law means that your assets will be distributed according to Intestate Succession. This means that your estate will be distributed according to a standard hierarchical plan that may conflict with what you intended upon your death. Intestate Succession favors children inheriting first. This is not necessarily unfavorable, however if they are minors, their money may be transferred to the governmental National Guardian Fund.

A valid Testament or Will is the solution. Obtaining a Will can however be an administrative, as well as a costly exercise. Therefore, obtaining a Will is an often procrastinated upon task for many that may have even involved a few unsuccessful attempts.

An almost always forgotten aspect is the legal costs associated with a deceased estate. These can easily run into hundreds of thousands of Rands! They come in the guise of executor, trustee and conveyance fees that deplete your loved ones’ inheritance by stealth.

The Legacy Protection Plan helps you mitigate these issues, enabled by Capital Legacy's unique approach and benefits.

What is a Protection Plan?

The Legacy Protection Plan is driven by a nominal monthly premium, with no initial fees payable. It has four main benefit components as follows...

Last Will and Testament

Herein, a Capital Legacy consultant will draft your Testament according to your wishes. They will use Capital Legacy proprietary software that simplifies the process and enables them to tailor your draft Will within a few minutes of your request. We believe that a simple Will is a comprehensive Will. Your testamentary terms, conditions and format have all been vetted to ensure there are no legal conflicts and unnecessary delays in winding up the deceased estate.

Upon your acceptance, one of our team of professionals will contact you and arrange a convenient meeting to sign and witness your original Will, or amend as may be necessary. Thereafter, we will leave one valid copy with you and another in safe custody on your behalf.

Deceased Estate Benefit

Capital Legacy’s principal reason for existence is to effectively reduce the cost of deceased estate administration for their clients.

The principal costs of a deceased estate include the following;

Executor fees
Trustee remuneration
Conveyance Costs

Through the Legacy Protection Plan, you as the insured policyholder can fully recoup the cost of the above services when we are appointed as such in your last Will and Testament. Your intended legacy is therefore preserved, and not sacrificed to exorbitant legal fees in the event of your untimely death. Or in other words, all your life cover and assets will be for the benefit of your family and not your trustees and executors.

Immediate Liquidity Benefit

Immediately after the death of a loved one, particularly that of a breadwinner, a family may find themselves short of cash as bank accounts and access to credit are frozen. This is especially true for couples married in community of property or where there is only one household bank account.

To help alleviate this illiquidity, including the costs of burial or cremation, the Legacy Protection Plan has an Immediate Liquidity Benefit from which cash can be withdrawn within 48 hours of a claim, or anytime thereafter.

Allied Insurance Benefits

The Legacy Protection Plan acts as a platform from which you can access Capital Legacy's Allied Insurance Products at preferential rates.

These benefits include: