We live in an era where the world has become a very small place, owing to advancements in communication technology. Our ‘oneness’ as a collective has further been solidified by the establishment of the United Nations (UN) in 1945.
 
Worldwide, November is Disability Awareness Month. This year, the UN proclaimed the international theme as: “Removing barriers to create an inclusive and accessible society for all.”
 
South Africa celebrates Disability Rights Awareness Month between 03 November and 03 December. This month affords individuals and institutions the opportunity to remove barriers and to improve the quality of life of people with disabilities through concrete action. Persons with disabilities include those who have long-term physical, mental, intellectual, or sensory impairments, who live with various barriers that may hinder them from their full and effective participation in society on an equal basis with others.

 

SEE THE PERSON
Not the disability
 

UPCOMING EDITION: Celebrating the festive season

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In our newsletters, we have repeatedly emphasized the importance of having a Will if you are 16 years or older. Similar to the importance of planning and drafting of a Will, so is the decision about the nomination of an executor. This person/entity must, after all, handle all of the affairs of the deceased in a professional and ethical manner to execute the wishes of the deceased.
 
Therefore, we wish to highlight the importance of nominating an independent executor to administer an estate. This decision will play a crucial role in ensuring your loved ones’ peace of mine.
 
When doing estate planning, many people seem focused on saving, a sentiment that has increased during the last few years. All avenues are investigated to save money, but the executor’s fee should not be one of these avenues. Nominating the right executor will surely contribute to anyone’s peace of mind, especially if it is a professional entity like Legatus Trust who are an experienced company with a good reputation. It is best to make provision for the executor’s fee on the gross assets of the estate, as this will spare your loved ones unnecessary drama, frustration, conflict, ill feelings, wasted time, and confusion. By nominating Legatus Trust as an executor with a proven track record, you are investing in the well-being of your loved ones. It can even be said that you are buying peace of mind by taking such a step.
 
An executor’s fee is regulated by law at 3,5% + VAT on the gross assets of an estate. It is a wise decision to, in conjunction with your financial advisor, plan to make provision for all other additional costs, such as cash handling fees, transfer duty on fixed properties or timeshare, funeral expenses, money due to the Master of the High Court, medical expenses, etc. An important point to remember, is that the executor’s fee must be available in cash. Another way to provide for these expenses, and also the cheapest way, is to take out a life insurance policy to cover the costs.
 
Based on experience, people also do not realise the extent of the duties of an executor. These require a lot of time, effort, numerous communications with various entities, and endless follow ups. This do not include any delays encountered when waiting for feedback from outside service providers and state departments, which form an integral part of the administration process. Simply put, the executor essentially takes over the deceased’s administration. Any estate can present quite a few surprises and/or administrative challenges, and, unfortunately, most do. To the layman it may seem as if the winding up of an estate is quite straightforward, especially if they think that every aspect was covered and provided for in the Will. Unfortunately, even an entry-level estate can present its own set of problems. That is why the nomination of Legatus Trust, an independent firm as your executor should rather be seen as an investment in future family relations and peaceful co-existence.
 
In the event of nominating a family member or friend as your executor, bear in mind that this could be a very stressful task for them. Being an executor could be overwhelming at times, especially when emotions are running high while trying to make peace with the loss of the deceased. This can lead to family disputes and quarrels, especially where, for instance, one sibling is the nominated executor and communication with other siblings is not running smoothly.
 
Legatus Trust’s administrators are experienced and qualified in their specialised fields, and we always endeavour to provide exceptional service, despite any hurdles or complications encountered along the way. There are numerous factors that can cause delays in the administration process, which Legatus Trust do not have control over. This includes the dependence on outside service providers, for instance delays at the Master’s office, feedback from financial institutions, hold-ups at SARS, etc.

A Will is a wonderful document in which people can express their love or affection for certain individuals, as well as leave legacies for which they will be remembered.
 
However, a Will has also over the years been used as a tool by some to express their dissatisfaction, even hatred, for others, or to spite those that they felt have wronged them in some way.
 
This was the legacy of Annie Langabeer to her brother-in-law. Annie bequeathed him two shillings and sixpence to “buy a rope” to hang himself.