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How much will my death cost my family?

Dying can be an expensive business. The thought of your loved ones having to manage complex financial demands in the midst of their grief is difficult. So, how can you make sure they aren’t left carrying undue weight and unexpected debts from your late estate? Information and planning are key.

First, you need to know what costs your family can expect to pay. These fall into three categories: immediate expenses, taxes, and estate fees.

Immediate expenses include things like a funeral, groceries, bills and school fees. Generally, these are payments that cannot wait until an estate is wrapped up (which unless properly planned for, can take years).

Taxes are those payable to SARS and include capital gains tax and the personal income tax. Taxes will need to be paid to SARS before the residual money from an estate gets paid to the beneficiaries.

Estate fees include outstanding debts, the executor fees, transfer fees and estate duty.

Once you know what all the expenses are that will need to be covered after you pass away, a clear plan for how to manage these can help give you and your family peace of mind.

SmartWill offers a full range of estate services, from drafting a will to executor services and insurance tailored to specifically cover the expenses that your estate will need to pay.

SmartCover is an affordable, underwritten insurance product that can be included for customers who are signed up with SmartWill. When filling in your information on the system, the SmartCalculators generate an accurate estimate of the fees that will need to be paid from your estate when you pass away. You can then take out SmartCover to cover that amount and know that your family won’t be left with enormous financial demands when you die.

Posted in Estate planning, If you die without a will, SmartCover on Dec 14, 2020

 

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"The process of updating my will was so overwhelming that I had snoozed the reminder on my to-do list since my my second child was born... and he is almost three. Then I found SmartWill.
The website is so intuitive and extremely simple. I found myself wondering whether it was too simplistic! The website guides you through an easy, step-by-step process that you can complete in your own time, in the comfort of your home. It takes an overwhelming task, and breaks it down into easy-to-answer questions. The cost is nominal, the quality is extraordinary. You don’t need to make an appointment with a lawyer, yet your will is reviewed by a lawyer. The whole process was so streamlined, I really can’t fault it. I strongly recommend that you just take the first step. The rest is easy." - Tanya Hanekom
"A will is always the lowest item on most people's daily priority list, but SmartWill helps make it as easy and seamless as possible. With the ability to dip in and out of the website when you have time to complete the details. With constant but not overbearing email reminders, and good advice from real people when you need it, the overall adds up to an excellent service for the price. Thanks SmartWill I can sleep a little easier now!" - Charles Edwards

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